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…
Claims-made policies are the most common type of policy issued today. These policies allow insurance companies to issue more accurate rates, usually at a lower cost to the physician, based on the amount of exposure the insurer is covering. At one point, occurrence policies were the norm. However, as malpractice claims dramatically increased, insurance companies had a difficult time trying to predict how much to collect in premium to cover future payouts. That poses two…
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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