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Medical Malpractice Insurance Archives - Page 3 of 6 - Diederich Healthcare

March 04, 2014
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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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February 21, 2014
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Maryland Physicians: Now you can reduce your medical malpractice insurance rates and keep “A” rated coverage

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In the years leading up to 2014, malpractice insurance rates have steadily decreased.  While many factors play into the cause of this premium decline, the effect is undeniable – Maryland physicians can now obtain comparable coverage at significantly lower rates. In Baltimore, the most expensive practice location in the state, obstetricians can obtain coverage for $49,400.  At nearly half the cost of another leading admitted carrier with an AM Best “A” rating, this particular example…

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February 19, 2014
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2014 Medical Malpractice Payout Analysis

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The 2015 Medical Malpractice Payout Analysis has been released and is available here. 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…

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February 18, 2014
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Data Exposures & Cyber Liability In The Medical Practice

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Data compliance standards (HIPAA, HITECH and Gramm-Leach-Bliley Act) and the implementation of Electronic Health Records (EHR) requirements of the Affordable Care Act (ACA) require medical practices and healthcare organizations to not only utilize electronic data, but also ensure that the data is secure and methods are in place to report and recover any lost or stolen information. Any company that maintains private personal/financial information on customers/patients has the responsibility to protect that information. Any unauthorized…

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February 02, 2014
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The Affordable Care Act (ACA) and its effects on Healthcare Delivery – Part 3

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This article is part of a series: Part 1 Part 2   All of the factors addressed in Parts 1 and 2 of this article… increased patient population, increase in coverage benefits, change in practice/healthcare delivery models, changes in reimbursement models …contribute to intensified and newly created Medical Professional Liability (MPL) issues.  Current MPL litigation trends are showing a reduction in the frequency of claims, but an increase in severity of awards.  Large plaintiff verdicts…

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December 02, 2013
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Newly Admitted Carrier for New Jersey Physicians

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The New Jersey Department of Insurance has recently approved a newly admitted medical malpractice insurance carrier to provide coverage to New Jersey physicians effective immediately.    Coverage for this admitted carrier is now offered through Diederich Healthcare and is designed to provide quality affordable coverage to physicians practicing in New Jersey.  Although having provided malpractice insurance coverage since 2005, this recent expansion into New Jersey is consistent with their commitment to provide stable, long-term protection for…

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December 02, 2013
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Know the Factors that Affect Professional Liability Premiums

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As professional liability agents, one question we often are asked is, “how can I reduce my premium?”  Although this question might appear simple, premiums are directly correlated to multiple factors, including practice profiles, policy types and features, physician background, and even market conditions.  Diederich Healthcare employs a highly skilled staff that is able to navigate the market, armed with the practice profile, in order to provide physicians and their staff with tailored, cost-effective solutions regarding…

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December 02, 2013
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How can I lower my premium?

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Very often I am asked by physicians, office managers, hospital administrators, and group representatives, “How can I lower my premium?” It also regularly surprises me how many of these people are not taking full advantage of the available discounts. Most already know about the claims free discounts and group discounts.  Some even know about the board certification discount and the additional double board certification discount.  The most often overlooked discount is the Risk Management Discount….

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December 02, 2013
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Using a Broker/Agent and Choosing a Carrier for Medical Malpractice Insurance

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Choosing the best fit for your Medical Malpractice Insurance coverage is one of the most important decisions that a Physician will make for his/her medical practice.  There are many options available and they can vary greatly in policy coverage, form, and premium from Carrier to Carrier and State to State.  Items that should be addressed and examined on an annual basis include: Differences in insurance company structure and the regulations under which carriers operate “Admitted”…

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December 02, 2013
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Does price reflect quality of malpractice insurance?

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Medical malpractice insurance is a major expense for physicians in private practice.  Naturally, it makes sense to manage this expense to increase profit for your practice.  Though if you are a physician or practice manager who has doubted the quality of an insurance company based on the lower premiums they provide, you are not alone.  The last thing you should do is choose an insurance policy based solely on a low premium, only to find…

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