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2014-medmal-payout-analysis-featured

2014 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 2013 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. Interestingly, 2013 marked the first time since 2003 that there was an increase in the total medical malpractice payout amounts….

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Claims-made or Claims-PAID? The Difference Could Cost you Thousands.

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The majority of professional liability insurance policies today are written on a claims-made basis. That means you, the physician, are protected by the insurance company providing coverage at the time the claim is made against you. The other, less common form is an occurrence policy. This means you, the physician, are protected by the insurance company providing coverage at the time the incident occurs, regardless of when the claim is made. While these are the…

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What questions should you really be asking about insurance carriers?

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The primary reason for purchasing malpractice insurance is to protect yourself from a financial loss in the event of a claim being filed against you. Therefore, your number one concern should be whether or not an insurance company is capable of properly defending you. Questions to ask your broker about potential insurance carriers are: Is the carrier financially sound?   You can obtain NAIC reports from your broker to review each carrier’s financials from the previous…

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Switching coverage mid-policy period

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Perhaps you received a letter in the mail offering you cheaper coverage than what you currently have, but you are in the middle of your current policy period. Or maybe you just renewed with your current company and feel you may be stuck with that policy, even if you have found a better rate. Physicians and practice managers often have questions regarding switching their coverage mid-policy period. There are typically several questions and concerns that…

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Advantages for Physician Assistants to maintain their own Malpractice Insurance Policy

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With the number of Physician Assistants projected to grow 39% by the 2018, the need for individual Physician Assistant malpractice insurance coverage is growing exponentially as well.  While it is true that the supervising physician is responsible for the actions of their Physician Assistant, this does not absolve the Physician Assistant of individual liability should a malpractice claim arise.   In fact, when there is a medical malpractice settlement or judgment, the average indemnity payment for…

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Learning from the Past: Georgia leads the way in developing statewide patient safety initiatives

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Recently, MagMutual, a medical liability insurance company governed by the Medical Association of Georgia, has invested $50 million dollars in new patient safety initiatives. The investment came as a result of a net gain in MagMutual’s profits resulting from an overall reduction in claim activity against its insured’s since 2005. The company currently insures over 18,000 physicians in Georgia and will utilize all of their historical claim data to develop statistical analyses in an effort…

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The Agency Advantage: Utilizing your Professional Liability Agent for Maximum Premium Credits

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As a result of an increased number of lawsuits involving medical malpractice due to poor risk management practices, many professional liability carriers are now offering multiple opportunities for physicians to learn best practices while also earning credits toward their premium.  The training focuses on quality assurance through identifying risk, minimizing risk, and reducing the impact when losses occur.1   By implementing strategies for improving existing methods, both the physician and the carrier benefit by reducing the…

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Slot Policies for Groups with Part-Time Physicians

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In addition to full-time physicians, many group practices employ physicians that work part-time. When this is the case, arranging a slot policy for those physicians may be the most convenient and cost effective route. The way slot coverage works is on a “full-time equivalency” (FTE) basis. This means that the premium for the “slot” is based on how many hours, collectively, the part-time physicians will be working in a week. For example, if there are…

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The Top 5 Reasons Doctors Should Use a Malpractice Insurance Agent

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An experienced malpractice agent has access to multiple carriers – giving you multiple options and can save you a lot of money.  A good, experienced malpractice insurance agent will provide you with all of your available options at renewal every year along with his/her recommendations.  An experienced malpractice agent works on your behalf with the insurance carriers—to insure that your best interests are being served.  An experienced malpractice agent strives to have the best possible…

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How physicians can obtain cost-effective medical malpractice tail insurance

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Purchasing a tail insurance policy can prove to be a burden to healthcare providers when retiring, changing employers or under other circumstances which might require the termination of a claims-made policy.  Gone are the days when the only options were to “go bare” or purchase tail insurance for the significant premium offered by the incumbent carrier.   Diederich Healthcare equips physicians with multiple options for standalone tail insurance policies. Extended reporting period (better known as “tail”)…

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The secret of “slot coverage” every growing medical practice ought to know about

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Do you ever feel like your malpractice insurance policy overcharges for part-time medical providers sharing patients and hours with another provider?  Many group practices employ both full-time and part-time physicians.  When this is the case, arranging a slot policy for those physicians may be the most convenient and cost effective route for the practice’s medical professional liability insurance. The way slot coverage works is on a “full-time equivalency” (FTE) basis. This means that the premium…

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