How Much Does Medical Malpractice Insurance Cost?

Medical Malpractice Insurance costs tend to vary among states, specialties, & many other factors. Click here a get a full expert overview of these costs. [More]

Going Bare - Are Doctors Required to Have Malpractice Insurance?

Doctors choose to go without Medical Malpractice Insurance for a variety of reasons. Make sure you know the risks involved before deciding. [More]

How Stand-Alone Medical Malpractice Tail Policies Can Save Money

The medical malpractice insurance environment is always changing and it's hard to know if you're getting the best deal. Click here to learn more about how stand-alone medical malpractice tail policies could save you money. [More]

West Virginia and Florida Legislatures Take Steps to Address Primary Care Physician Shortage

Anticipated shortfall of primary care physicians in 2025 of between 12,500 to 31,100 unfilled vacancies. This shortfall is caused by a growing and aging population and increased participation in the U.S. healthcare system. While the number of medical school enrollments has increased by 6.2, the number of residency openings available for primary care physicians (including general and family practice, general internal medicine, general pediatrics, and geriatric medicine) has only increased by 1%. These openings represent only 14.5% of the residency positions offered. [More]

Medicare & Medicaid Costs and Increased Scrutiny

Almost two years ago in April 2014, the Centers for Medicare and Medicaid Services (CMS) released for the first time in 35 years data outlining provider reimbursements. A Wall Street Journal article noted at the time that the data released, which was from Calendar Year 2012, indicated the “top 1% of 825,000 individual medical providers accounted for 14% of the $77 billion in billing recorded in the data”. While this data is not new to the fraud investigators it certainly sheds a light for the public as to where the investigators might focus their efforts. [More]

What does it cost to defend a malpractice claim?

A question that comes up regularly is that of “defense” costs. Ask any person involved in an insurance claim that required a defense attorney how much the insurance company spent defending your case, and I doubt you will find anybody who knows know the true cost. [More]

Basics of Patient Compensation Funds By State

One question that come up with some regularity in working with our various independent physician and physician group insureds is, “We will soon begin practicing in a new state; what do we need to know?” In many cases, this new state is one of the eight states in the country that has established a Patient Compensation Fund (PCF), and providing our insureds with relevant, understandable information and assisting with the complex compliance and enrollment processes these funds entail is one of the most tangible benefits of working with an experienced and knowledgeable Gallagher insurance professional. [More]

When and Why to Shop for Malpractice Insurance

The question I get from my existing client base on a yearly basis is "why do we shop for malpractice insurance and when do we shop?" I’ve developed what I think is the best way to approach this question. [More]

The Doctors Company On Defending Against Malpractice Allegations in Highly Publicized Cases

The media and general public often empathize with the patient when allegations of malpractice are raised. For a physician, this predisposition can be terrifying because it automatically paints the doctor as at fault, even when best practices were clearly followed. This video, presented by The Doctors Company (TDC), discusses the malpractice suit leveled against a physician in Texas involving a patient who overdosed on prescription drugs shortly after being treated. [More]

The never-ending issues of “tail coverage”

If you’re a physician purchasing tail coverage or a physician who is changing the carrier you’re insured with, you should be reading this. Fully understanding how your tail coverage works and the intricacies behind it, from a coverage standpoint, should be fully understood by you or by the person helping you (your broker). I’ll give two examples about what I’m referring to and why it’s important. [More]

Premium wise, but finance foolish

“I can save you 30% off your insurance premium?” Have you heard this before? A competitor recently advised our client they could ‘save’ them over $200,000 on their annual premium by simply increasing their retention.

What was our answer? “Yes, that’s true, but ...” [More]

Buy up enhancements for regulatory audits and cyber

While you undoubtedly have some form of malpractice insurance already, it may be wise to reexamine and up your policy in a number of different areas, namely regulatory audits and cyber coverage. This is due to the fact that healthcare laws have gone through a sea change in recent years due to Obamacare, leaving certain healthcare providers vulnerable through the policies that they purchased before these laws were passed. Additions to this policy will cost the average physician around $1,500 to $1,700 per year, which is pennies on the dollar compared to the type of protection it provides and what it will cost you if you aren’t properly covered in these newly reformed areas. [More]

Choosing a MPL Carrier: Admited, Surplus, or RRG

If you are searching for the best medical malpractice insurance policies, you may be faced with terms like admitted and regulated coverage, Risk Retention Groups and surplus lines. What follows below is helpful information about the multiple forms of malpractice insurance available to you. [More]

Medical Malpractice Claims Trigger: Incident vs. Written Demand

One of the most overlooked aspects of a malpractice insurance policy is the claims-trigger, or what [More]

Medical Malpractice Discounts - Are you maximizing yours?

When searching the market for medical malpractice insurance, it is incredibly important to make sure you are receiving all of the discounts you deserve. There are multiple ways in which you can save, and without a broker, you will likely overlook these opportunities. There are many different discount opportunities that can vary from carrier to carrier. Some of the most common opportunities for savings include board certification, new doctor discounts, risk management credits, claims free history, part time, group discounts, and JCAHO. [More]

Medical Spa Insurance Overview

Medical Spas are unique businesses with unique insurance needs. When I speak with new MedSpa owners about insurance, they are sometimes surprised to hear that a typical spa’s “business owner’s policy” does not adequately cover their operations and the associated risk. [More]

Why shopping for tail coverage matters in today’s malpractice insurance marketplace

So you have to purchase “malpractice tail coverage”
The medical malpractice insurance marketplace continues to evolve as more regulations and government oversights place more pressure on traditional medical practices to evolve, join a larger group practice, or sell out to the local hospital system. Although this issue brings up a number of items to potentially dive into, the one I would like to focus on today is the question I most often receive from my clients: “What about my tail coverage?” With the changing healthcare landscape, insurance companies have begun to develop more “product offerings” to increase their revenue capturing opportunities. Not only are they looking to capture more revenue opportunities, but they are also beginning to think creatively rather than staying within the antiquated mindset that carriers have traditionally shown in the malpractice insurance marketplace. [More]

Further discussion on the effects of damage caps on malpractice claims in Florida

In my last blog post, I took a look at how the passage of tort reform in Florida has changed the number of paid claims for physicians in the state. In summary, analyzing the data provided by the National Practitioners Data Bank (NPDB) showed a clear decline in the number of paid claims against physicians in Florida. The information provided by the NPDB is some of the most comprehensive data we have on claims; however, the state of Florida also tracks malpractice claims and it would only be fair to review this data too. In the decision to overturn the cap on death cases, Justice Lewis references data from the annual report on medical malpractice closed claims and rate filings from the Florida Office of Insurance Regulation. [More]

Proper Planning of Physician Retirement & Medical Malpractice Insurance

As a physician approaches retirement, one of the most important items on the to-do list is to ensure adequate insurance coverage for any future malpractice claims that may arise after the practice doors are closed. Due to the “long tail” nature of malpractice claims, patients may bring a claim against their physician (or other healthcare provider) long after the date actual care took place. This is why you consider the risk of being sued months and even years after their practice is closed. [More]

The Data Behind Florida’s Supreme Court Decision

This will be the first installment in a series of blog posts that focus on state caps on malpractice insurance payments and the corresponding data. This is a hot topic in the industry right now, as the Florida Supreme Court recently overturned the cap in that state and there is a push to overturn MICRA in California, which has been used as the model in many other states, including Texas. This discussion will focus on Florida, since it is the most recent development; I will discuss other states in future posts. If there is a specific state that interests you, please email me and I’ll see if I can work it in to this series. [More]