Medical Professionals
Is your malpractice broker getting you the best possible coverage at the lowest possible cost?
Malpractice insurance is probably the last thing you want to deal with, but just like blood pressure medication, going without can lead to disaster. Today’s litigious society has created an environment where even if you are not at fault for a patience injury, you may come under scrutiny and be accused of malpractice. Such accusations cannot be taken lightly. Awards are often appear to be granted to plaintiffs without any regard to a Doctor’s negligence.
An analysis of physician claims by year closed shows that the median indemnity paid increased by more than 100% between 1996 and 2003. And, the median award for a medical professional liability claim increased from $500,000 in 1997 to $1,200,000 in 2003. More importantly, the plaintiffs “Win Rate” in medical professional liability claims has also increased during that time. Today’s medical malpractice crisis is more severe than at any other time since the insurance industry began offering this coverage.
The rising cost of claims against doctors and consequent increases in professional indemnity have had significant effects upon the practice of medicine. Today, doctors are forced to practice “Defensive Medicine” ordering tests that may be of questionable value with the sole purpose of “CYA”. Further, trends show some doctors are retiring early, not taking off-hours calls, refusing to perform certain procedures or types of medicine, increasing their fees to cover the costs of malpractice and moving to states where the litigation environment is more favorable and they can more readily obtain malpractice coverage.
There are things you can do though to reduce the cost of your malpractice insurance.
Begin by finding a malpractice insurance specialist. You need a broker who understands the medical malpractice exposure and can help you explain the positive aspects of your individual practice to the insurer. Your broker should also help you craft your application, once again showing the best aspects of your practice and highlighting your risk management efforts. Finally, you want to seek an insurer that supports you with risk management guidance. And, real risk management, not “Defensive Medicine”. You want a broker and insurer that help you understand risks and show you how to deal with them, not avoid them.
When selecting an insurance broker, you don’t need to find someone who was once a physician themselves, but it is to your benefit if you broker knows the differences in such matters as Angiography and Angioplasty or General, Spinal and Epidural Anesthesia and how such differences affect your premium. The best brokers will get to know you and your practice. They will look at the little details that make a difference in risk exposure and then communicate those positive aspects to the underwriter. This give underwriters justification for being more liberal with premium credits.
Just like when you drive down a familiar road prepared for the known hazards that await you, an insurer who explains the pitfalls on the malpractice highway prepares you to navigate such problems. In managing these matters, you reduce the chance that you will have a claim. As everyone knows, claims lead to increased premiums, so advice that helps you eliminate claims saves you money. An insurer committed to providing you with this type of information is also committed to your best interests.
Sign up for our Free Loss Control Newsletter
Keeping current on loss prevention techniques and risk management issues affecting medical professionals can help you stay claims free and the best way to save money on your malpractice liability insurance is to not have claims. Sign up today for our loss prevention newsletter written specifically for medical professionals. And remember, we never sell or give away your e-mail address to any third party.
