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…
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…
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…
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…
This article is part of a series: Part 1 Part 3 Millions of additional insureds seeking healthcare from the same population of practicing physicians who are receiving ever-reducing reimbursement rates will cause physician practices to change rapidly and dramatically. The formation of Accountable Care Organizations (ACO) appears to be the root of the response to newly created physician reimbursement models. An ACO is a “healthcare organization characterized by a payment and care delivery model…
Diederich Healthcare’s Medical Malpractice Insurance Professionals have released an educational series directed at physicians nation-wide. This series of informational articles focuses on topics that are relevant to the medical malpractice insurance landscape today. The series has a broad scope, with the following articles being made available: Change in 2014 – Oklahoma physicians can reduce practice costs with minimal effort Does price reflect quality of malpractice insurance? Transitioning From Occurrence to Claims-Made Using a Broker/Agent and…
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…
The scope and reach of physicians are expanding rapidly due to an increase in user-created content and online media in the digital age. Social media sites, such as Twitter and Facebook, internet-based applications, blogs, texting and emailing, media-sharing sites, and networking sites have all led to an increase in the communication between physicians and their patients, physicians and the public, and among physician colleagues. In fact, over 60% of physicians use some type of social…
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…
The Affordable Care Act of 2011 has changed the conventional model of healthcare delivery and payments in an effort to meet the “triple aim” of the IHI goals: Improve the general health of the defined population, enhance the patient care experience, and reduce the per-capita cost of care. Although the ACA will greatly increase patient care, physician access is still expected to be an issue due to increases in the newly insured and aging populations….
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