Archives for February, 2011

How to Prepare for Your Physician Malpractice Insurance Renewal

60 Days Before Renewal

  1. Request loss run reports or claims history reports from all previous medical liability insurance carriers for at least the last 5 to 10 years.  Note: This should be done even if you have never been sued or filed a malpractice claim as proof that you have never had a claim..
  2. Gather copies of all medical board orders, consent orders, investigative reviews, etc.
  3. Update your CV with any recent changes

30 Days Before Renewal

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Urgent Care Centers Medical Malpractice Insurance

Urgent Care Center

Urgent Care Centers are a rapidly expanding part of America’s health care equation. The first Urgent Care Center popped up in the US in the 1970’s and since then, have become widely popular all over the country. With more than 10,000 domestic Urgent Care/Walk In Clinics, patients have a simpler, more accessible venue for their unscheduled health and semi urgent needs. Urgent care clinics are not typically hard to find. Many of them are free standing buildings on busy roads or highly populated areas. There are also many urgent care clinics now available in strip malls.

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Choosing the Right Medical Malpractice Insurance Company

Physicians understand the importance of choosing the right medical malpractice insurance carrier, but they often don’t know where to start.  Of course you want to save money on premiums, but the medical liability insurance policy is much more than just a certificate of insurance to get you credentialed at the local hospital or medical center.  Hopefully you won’t ever need it, but if you do, it better be more than just a piece of paper.  At the time of a claim you need an insurance company that is going to back up what it says in its policy, respond quickly, and defend your reputation as a physician.  So where do you start?  Unfortunately most medical schools only give students and medical residents a brief overview of the principles of medical malpractice insurance, and once you’re practicing and running a busy office, going through the arduous process of getting quotes and comparing premiums and policy coverages is just too time consuming.

Why a Medical Malpractice Insurance Broker?

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The Economy and Plastic Surgery

Neon Plastic Surgery Sign

As the economy recovers and grows, the amount of surgeries for plastic surgery increases. Payment plans with plastic surgery and the economy slowly are picking back up, leading men and women finding more reasons to have plastic surgery procedures.

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Finding Medical Malpractice Insurance for Physicians, Hospitals & Clinics

Many doctors find it is somewhat difficult to find a medical liability insurance broker who is an expert in medical professional liability insurance and who devotes their days to the placement of medical malpractice risks.  In this business it is continuous hard work to keep our physicians and surgeons interests ahead of our own, and you will find there are many brokers that do not.

There are several ways for you to find an honest and reputable broker: [Read more →]

Statute of Limitations and Your Medical Malpractice Insurance

Physicians often wonder if they should continue to pay for full prior acts coverage going back more than a couple of years.  The statute of limitations for a medical malpractice claim in most states is two years from time of discovery. If the statute of limitations has run out, they reason, why pay for medical malpractice insurance coverage unnecessarily?  This same question is raised frequently when a doctor or group is considering whether or not to purchase Tail Coverage when cancelling a policy.  For several reasons physicians should always buy full prior acts coverage when available and purchase a tail when in a situation where prior acts coverage is not offered.

Of course buying coverage including full prior acts coverage back to your retroactive date is more expensive than buying a first-year policy, but it’s not as bad as you might think.  First, most medical liability insurance companies offer stepped up increases over 4 or 5 years, so the premium rate goes up gradually and not all at once.  A typical policy will offer a first year rate at 35% less than the rate for full prior acts, and then the premium steps up each year until it reaches the “mature” rate.  Usually the 4th or 5th year is considered a “mature” rate that will remain level whether your retroactive date is 5, 6 or even 20 years back. [Read more →]

California Does Have Options for Alternative Ways to Generate Revenue

Doctor trying to choose what options are available to him/her

While many of the physicians and surgeons of California are facing difficult economic times for their practices, like the rest of the country, they are constantly looking for avenues to make their medical practice more profitable.  These physicians are looking towards alternative types of “medical” care that generate revenues but their search ends when many of their standard medical malpractice insurance carriers have limitations on their coverage.  Many doctors are told that their new risks cannot be covered and some are told that their current carriers will exclude their actions for this exposure. Left with the prospect of NO COVERAGE, many simply abandon their search for adding these additional features to their practice. [Read more →]

Missouri Medical Malpractice Market – An Overview

“A good time to be buying coverage…” is a statement I often hear in the halls as I walk through the office. Missouri physician’s have been financially benefiting from a general “soft market” in medical malpractice insurance for the last few years, with many carriers, both long term and new to the market competing for new business.  At the heart of the Missouri soft market was the passing of tort reform. Missouri tort reform has prompted this soft market. The following provisions of the tort reform made the biggest impact on the Missouri soft market:

  1. Venue is limited to the place of first injury.
  2. Punitive damages are limited to the lesser of $500,000 or five time the actual damages.
  3. Benevolent gestures of sympathy are inadmissible as evidence of liability.
  4. Cap on non-economic damages of $350,000.

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Rising Cost of OB/GYN Medical Malpractice Insurance

The cost of OB/GYN medical malpractice insurance is rising rapidly with every passing year. Medical malpractice premiums have many factors that go into determining the premium; specialty, risk, location, part time, full time, and existing claims. But, one factor always stays the same – medical malpractice insurance for OB/GYN physicians will always have expensive premiums.  OB/GYN physicians also have the longest “tail” exposure and expensive tail coverage costs.
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