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2015 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 2014 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. 2014 marked the second consecutive year that malpractice payout amounts rose, creating a trend of increasing payout amounts. Diederich Healthcare…

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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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More Tail Malpractice Insurance Options Now Available

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Over the last several years, the need for tail malpractice insurance options has increased dramatically.   Even now, many physicians are unaware of how tail for your malpractice insurance policy works.  By obtaining tail coverage or sometimes called an extended reporting endorsement, you are able to report claims to the insurance carrier even after the underlying policy has been cancelled.  However, tail can be very expensive – usually twice your expiring premium with the incumbent carrier. …

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Telemedicine – an emerging field

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As technology advances at an ever-increasing rate in the 21st century, opportunities are opening up for healthcare professionals to expand their reach and treat more patients than ever before. With a growing market of mobile medical apps, it is possible for a physician to schedule an appointment, view a patient’s medical history, diagnose and treat an illness, remotely monitor the patient and conduct follow-ups all from a single convenient handheld device. Coupled with improved two-way…

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Top 10 Medical News and Reference Apps for Physicians

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It is no secret that healthcare professionals are feeling a time crunch now more than ever. An increasing amount of patients seeking care coupled with a federal mandate requiring conversion to electronic medical records (EMR) means that physicians have to find ways to see more patients while also spending more time performing data entry and other non-care-related tasks. Fifteen minutes has become the norm for primary care visits, and that number could continue to shrink….

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Keep calm and cover your tail

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For decades, the claims-made policy form has been the leading choice for physicians’ medical malpractice insurance. Most individual doctors, group practices, and hospitals will someday feel the sticker shock associated with an expensive tail quote from their insurance carrier. “The good news is that they now have choices,” says Diederich Healthcare CEO and Chairman Jeff Diederich. “Our team of experts proudly brings a multitude of options to the table.” Not only do healthcare providers now…

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2015 Medical Malpractice Payout Analysis Summary

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For the second consecutive year, medical malpractice payouts increased over 4% from the previous year.  After seeing a steady decline in medical malpractice payout amounts from 2003 through 2012, malpractice payouts started to rise in 2013 and continued to rise at a steady pace in 2014 – marking a trend of increased medical malpractice payouts in the United States. The National Practitioner Data Bank (NPDB) data in 2014 saw an increase of 4.4% in total…

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Back to Basics: Understanding Medical Liability Insurance Policies

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Most physicians are aware of the importance of obtaining high-quality, comprehensive medical liability insurance.  Although most states have basic minimum liability coverage requirements, some doctors do not understand the reasons that proper, individualized coverage is essential and how inadequate or sub-par policies can actually harm the physician, his or her practice, and tarnish professional reputations within the community.  In this article, we will examine differences between professional liability policy forms to better help physicians formulate…

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Beyond Medical Malpractice – Other Policies a Physician Practice Needs

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Most physicians will agree that their livelihood depends on the success of their practice.  Although professional liability insurance will protect the insured from errors and omissions in their day to day patient contact, there are additional insurance options that will also protect against loss from many other unforeseen acts that can be devastating to both the physician’s practice and their reputation.  For a healthcare provider, understanding the differences between coverages,  knowing what is needed for…

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