Whether it’s a change in employment, a move to a new state, or the sale of your practice, almost every doctor will someday need to evaluate malpractice insurance options. When these times are upon you, you may feel overwhelmed with making decisions in a time crunch. You still have patients to care for, a life outside of medicine, and now you need to solve your malpractice insurance problem. Fortunately, you are not alone. Read on…
Location- location, location, location, is what you think of regarding real estate prices. Did you know that location is also one of the primary factors in how much a physician pays in premium for malpractice insurance coverage? Because each State has their own unique laws regarding tort liability, premiums can vary greatly depending on the State and/or County you practice in. States that have passed meaningful Tort reform, such as California and Texas, have experienced…
On a daily basis, I receive inquires from physicians requesting quotes for their Professional Liability Insurance (malpractice). I am often asked, “Why is it that some malpractice insurance companies charge a premium that can be 25%-30% lower than my current policy?”. The assumption is that because some companies offer a more attractive premium, that the coverage is not as adequate or doesn’t provide the same benefits. However, this is usually not the case. In a…
The Medical Malpractice Insurance Market has changed drastically in the state of Florida. Over the last few years, the following changes have created the landscape we see today: Florida’s largest Medical Malpractice Insurer, First Professionals Insurance Company is acquired by The Doctors Company. Medicus Insurance Company enters the Florida market Florida Doctors Insurance Company changes their name to FD insurance to expand into Georgia Medicus Insurance Company is acquired Norcal Mutual Insurance Company FD Insurance…
Almost every month, I receive an email or call from a client that would like to inform me that their practice is growing. Their next question is almost always, “What do we need to do to add a physician to our policy?” Items to consider: Is your practice going to provide prior acts coverage? If your practice is going to match the new physician’s retroactive date, you are inheriting the risk of claim for this…
The information on your policy declarations page and certificate of insurance are the factors that determine who coverage is provided to, how much coverage is allotted and how far back it will extend into your prior acts period. You will see various sections on your certificate of insurance (COI) including: Producer (your agent), Insurer (insurance company providing coverage), Insured (you), Type of coverage (professional liability should be marked at the bottom), and description of coverage…
Over the last several years, the need for tail malpractice insurance options has increased dramatically. Even now, many physicians are unaware of how tail for your malpractice insurance policy works. By obtaining tail coverage or sometimes called an extended reporting endorsement, you are able to report claims to the insurance carrier even after the underlying policy has been cancelled. However, tail can be very expensive – usually twice your expiring premium with the incumbent carrier. …
As technology advances at an ever-increasing rate in the 21st century, opportunities are opening up for healthcare professionals to expand their reach and treat more patients than ever before. With a growing market of mobile medical apps, it is possible for a physician to schedule an appointment, view a patient’s medical history, diagnose and treat an illness, remotely monitor the patient and conduct follow-ups all from a single convenient handheld device. Coupled with improved two-way…
It is no secret that healthcare professionals are feeling a time crunch now more than ever. An increasing amount of patients seeking care coupled with a federal mandate requiring conversion to electronic medical records (EMR) means that physicians have to find ways to see more patients while also spending more time performing data entry and other non-care-related tasks. Fifteen minutes has become the norm for primary care visits, and that number could continue to shrink….
For decades, the claims-made policy form has been the leading choice for physicians’ medical malpractice insurance. Most individual doctors, group practices, and hospitals will someday feel the sticker shock associated with an expensive tail quote from their insurance carrier. “The good news is that they now have choices,” says Diederich Healthcare CEO and Chairman Jeff Diederich. “Our team of experts proudly brings a multitude of options to the table.” Not only do healthcare providers now…
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