If you wish to purchase a doctor’s medical malpractice insurance policy, you may wonder how premiums may vary. Does it matter where you practice? Does your particular medical specialty affect the cost? In this blog, we will explore the factors that impact your out-of-pocket expenses for this important protection.
The Cost of Doctor’s Malpractice Insurance Is Rising
Frankly, the cost of this vital protection increases, not just every now and then, but consistently year by year. In fact, the insurance market is much like anything else we purchase these days. It is impacted by inflation.
However, more than that, medical malpractice insurance costs healthcare providers in any specialty more simply because of the number of high payout claims and lawsuits filed annually in the United States. Also, when claims are severe, doctors and other practitioners must help pay the price.
A Healthcare Provider’s Location and Specialty Are Cost Factors
High medical malpractice claims and payouts to plaintiffs are just the beginning of understanding what affects premiums. Practice location also makes a substantial difference in what you may pay. Many places are deemed high-risk due to the higher concentration of lawsuits filed in those areas. That cost could be passed on to you or your employer (if you are in a group practice) via higher medical malpractice insurance prices.
Also, insurance underwriters consider whether a doctor delivers care in a densely populated urban setting or practices in the country. A greater patient load also means more potential for medical malpractice claims and litigation. In short, geographic location–including the state in which you treat patients–changes insurance premiums.
Your particular medical specialty is another factor to think about when it comes to how much you pay for malpractice insurance coverage. Doctors who specialize in high-risk fields, such as anesthesia and obstetrics, will have higher premiums than those who specialize in less risky practices, such as internal medicine and dermatology. Higher-risk procedures, along with a larger volume of any type of treatment–surgical or otherwise–raise insurance premiums.
Claims History Also Is a Cost Factor
If you have a history of prior malpractice claims, it can cause your insurance premium to increase. Even when a doctor or other healthcare provider is not found liable in a claim or lawsuit, just having that history makes insurance underwriters think you are at higher odds of being sued or may have another medical malpractice claim filed in the future.
As such, every physician should have risk management strategies in place. That means periodic review of procedures and office policies, regular staff training, participation in continuing education, membership in professional organizations, and keeping accurate electronic health records with cybersecurity precautions in place.
Review Your Medical Malpractice Insurance Coverage Annually
Just as the insurance market changes, so can your coverage needs. Perhaps you have changed practice locations, added a satellite office, or taken on a partner in your practice. These things can impact your medical malpractice insurance risk profile and costs.
So, at eQuoteMd, we recommend that our healthcare providers discuss their policies with us annually. This way, you will continue to get the protection you deserve at rates that fit your budget.
Doctor’s Liability Insurance in St. Louis, MO
At eQuoteMD, it is our business to obtain the best medical malpractice insurance policies–at the most affordable costs–for doctors across the nation. We work with healthcare providers in all 50 states and in every kind of specialty, offering them superior customer service and help in managing the risks their specialties, locations, and claims history can cause. Our brokers negotiate with insurance company underwriters to arrive at policies and premiums uniquely suited to our doctor’s budgets and practice characteristics.
eQuoteMD has more than 25 years of experience. We work exclusively with A++ list companies to ensure our clients have top-quality coverage options. We would be honored to leverage our knowledge to benefit you and your practice. Call us today!