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2016 Medical Malpractice Payout Analysis

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As a service to our clients and all physicians nation-wide, Diederich Healthcare has done an analysis of the medical malpractice payouts in 2015 as recorded by the National Practitioner Data Bank. Taking the data from the NPDB’s records, statistics were selected that will be both interesting and timely to doctors and all other medical professionals. 2015 marked the third consecutive year that malpractice payout amounts rose, continuing the trend of increasing payout amounts. Diederich Healthcare is a…

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Medical Malpractice Payout Totals Increased for Third Consecutive Year

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Diederich Healthcare, a division of Diederich Insurance Agency, LLC; has released their 2016 medical malpractice payout analysis, and the data shows that malpractice payouts increased for the third consecutive year in 2015.  Last year, payouts across the United States totaled $3.95 billion, an increase of 1.68% from 2014. New York remained at the top as the state with the highest medical malpractice payout total, a place that the state has held all five years that…

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Stand Alone Tail Policies Offer a Great Cost Savings for Physicians and Healthcare Groups

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The insurance market changes just as the needs of clients change. Several years ago, if a physician wanted to leave a group or close a practice and join another group, he would have very few options. His current claims-made policy would be cancelled and his incumbent insurance company would have to offer an extended reporting period, otherwise known as a “tail policy.” If his current policy had an annual cost of $20,000, the tail policy would range…

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Planning for an EHR implementation can save money and stress

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One of the biggest changes taking place in the world of healthcare is the transition from paper records to Electronic Health Records (EHR). According to the Centers for Medicare and Medicaid Services, more than $21 billion in incentive payments were made to healthcare providers between 2011 and 2015 for EHR implementation through the government’s Meaningful Use (MU) initiative. (1) The program was created to spur the adoption of health technology nationwide, and a late 2015…

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Doctors changing jobs – know your malpractice insurance options

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Whether it’s a change in employment, a move to a new state, or the sale of your practice, almost every doctor will someday need to evaluate malpractice insurance options.  When these times are upon you, you may feel overwhelmed with making decisions in a time crunch.  You still have patients to care for, a life outside of medicine, and now you need to solve your malpractice insurance problem.  Fortunately, you are not alone.  Read on…

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5 Primary Factors that affect a Physician’s Malpractice Insurance Premium

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Location- location, location, location, is what you think of regarding real estate prices. Did you know that location is also one of the primary factors in how much a physician pays in premium for malpractice insurance coverage? Because each State has their own unique laws regarding tort liability, premiums can vary greatly depending on the State and/or County you practice in.  States that have passed meaningful Tort reform, such as California and Texas, have experienced…

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Why do malpractice insurance costs differ between insurance companies?

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On a daily basis, I receive inquires from physicians requesting quotes for their Professional Liability Insurance (malpractice).  I am often asked, “Why is it that some malpractice insurance companies charge a premium that can be 25%-30% lower than my current policy?”.  The assumption is that because some companies offer a more attractive premium, that the coverage is not as adequate or doesn’t provide the same benefits.  However, this is usually not the case. In a…

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Medical Malpractice Insurance Market Conditions: Florida

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The Medical Malpractice Insurance Market has changed drastically in the state of Florida. Over the last few years, the following changes have created the landscape we see today: Florida’s largest Medical Malpractice Insurer, First Professionals Insurance Company is acquired by The Doctors Company. Medicus Insurance Company enters the Florida market Florida Doctors Insurance Company changes their name to FD insurance to expand into Georgia Medicus Insurance Company is acquired Norcal Mutual Insurance Company FD Insurance…

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What to Consider When Adding a Physician to Your Practice

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Almost every month, I receive an email or call from a client that would like to inform me that their practice is growing. Their next question is almost always, “What do we need to do to add a physician to our policy?” Items to consider: Is your practice going to provide prior acts coverage? If your practice is going to match the new physician’s retroactive date, you are inheriting the risk of claim for this…

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The Ins-and-Outs of your professional liability insurance policy

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The information on your policy declarations page and certificate of insurance are the factors that determine who coverage is provided to, how much coverage is allotted and how far back it will extend into your prior acts period. You will see various sections on your certificate of insurance (COI) including:  Producer (your agent), Insurer (insurance company providing coverage), Insured (you), Type of coverage (professional liability should be marked at the bottom), and description of coverage…

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