The Professional Management Consultants Association (PMCA) was formed in 1987 to aid in addressing professional liability and risk management concerns of accountants and health care consultants.
Members of two national organizations faced the prospect of operating without insurance protection and decided to do something about it. In addition to organizing PMCA the members also incorporated an insurance company designed to offer liability protection customized to address their specific needs.
Coverage for accounting services, tax preparation and advice, financial planning, retirement plan administration, health insurance billing & coding, marketing, practice valuations, partnership agreements, patient surveys, mergers & acquisitions advice, and many others are protected by the policy of insurance.
Claims are reviewed in detail and the causes and problems encountered in the defense are shared with the members through risk management/loss prevention seminars. The pitfalls of the profession are explained and advice is offered to enable the accountant/consultant to avoid liability problems in the future.
The original membership has expanded to include professionals that specialize in compliance consulting, dental practice transitions and operations, and in practice valuations & sales. The risk management programs, and insurance coverage were altered to accommodate our new members.