Medical Malpractice Insurance Expenses

Physicians and practice administrators need to prepare for the upcoming increase in Medical Malpractice Insurance premiums - if not immediately, certainly by the next renewal period. 

The market cycles in the malpractice insurance market are defined by competition fueled by available money, low-cost capital, reasonable investment returns, and an extended period of reducing claims frequency. Physicians, hospitals, facilities, and other healthcare providers have enjoyed a little over a decade of reliable and stable yet decreasing malpractice insurance premiums. While the number of claims has been at unprecedented lows, the average payout per claim is increasing and it appears the number of claims is on the rise again. With healthcare consolidating and putting pressure on the carriers to retain the provisions in the insurance policies they already have, it has been a perfect storm of rate predictability and creative retention discounts.

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Integrative Medicine, Injectables, IV Therapy, Age Management and Stem Cell Liability

Medical economics has forced changes in the level of expertise that requires policies to protect more than just the professional reputation of the doctor. All medical malpractice policies start with protecting the medical provider. The Doctor’s Insurance Agency can write policies for many types of practitioners including PhysiciansNurse PractitionersPhysician Assistants, Optometrists, Chiropractors, Podiatrists, and Naturopaths.

In addition to the changes in medical economics, the rise in chronic disease, addiction, and allergies (both to food and environmental allergens) has brought about moving a “wellness” ideology into the mainstream. Experts in wellness emphasize making choices that support a person’s health instead of just addressing problems once they arise. These professionals need the right insurance, and the medical doctors who work with them need protection since the physicians are the ones who tend to carry the load of liability. Despite the wellness experts having their own insurance coverage, the medical doctors, unfortunately, continue to be the biggest targets for plaintiff attachments.

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California Wildfires

Due to the wildfires we have been without power for 3 days, please bear with us as transition to our off-site server. Our Site is up and we are working on all service requests! 
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Claims-Made Policies for Medical Spas

A medical spa office starts in a similar way to a hair salon: a talented nurse, doctor or esthetician rents a chair or leases a small space, and begins to create their vision for enhancements using FDA-approved and common off-label injectables, laser and chemical peels, and other natural holistic wellness strategies to improve lives and make real change through aesthetic enhancements.

Some states require a physician collaboration agreement in order to purchase and use injectables. The liability policy that protects the esthetician and the spa should also cover the business, whether it’s incorporated or a limited liability.

A corporation policy should also cover silent investors, active partners, doctors, mid-level providers, and aestheticians. As the spa grows, the general property liability policy and professional liability policy should be able to expand and scale with that growth, without adding a substantial premium increase.

The Doctors Insurance Agency provides expert experienced and focused in Medical Spa Professional Liability protection.

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Telemedicine Medical Professional Liability

Organizations involved in the provision of telemedicine will normally need at least two insurance policies, (Tech and Cyber as well as Medical Professional Liability) and often more (General, Products Completed)  to cover  its varied exposures.

London Carriers (as well as some innovative US Carriers have moved ahead of the market place Developing true Virtual Care medical professional liability insurance that contemplate all risks and provide ample limits of insurance to cover them...

These virtual care policies  avoid the potential gaps in coverage that can arise with cobbling together a solution. 

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Insure Centers Focusing on The Use of Marijuana for Medical Purposes

Outpatient Centers Medical Marijuana liability Insurance

From an underwriting standpoint, surgery centers, wellness centers, outpatient facilities, urgent care centers, and aesthetic regenerative spas (also known as medi-spas) all fall into the same category of healthcare liability insurance.

 Across the country, we are also seeing growing acceptance and an ever-evolving market for medical marijuana, CBD products, cannabis dispensaries, and physicians certifying patients for medicinal use. This has led insurance carriers to study, edit, and adjust their policies faster than ever before.

One of the most common questions about medical malpractice insurance that we receive here at the Doctors Insurance Agency involves how to best insure centers focusing on the use of marijuana for medical purposes

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Insuring Hospitalists for Medical Malpractice Insurance

Hospitalists who are contemplating their Medical Malpractice Insurance should consider The Doctors Company (TDC). They have been endorsed by the Society of Hospital Medicine, which brings in partnership with The Doctors Company's  online risk management programs which are easily accessed and completed online, but the major benefit is the unique and innovative structure of their Medical Malpractice Insurance policies. Being underwritten by The Doctors Company can effectively eliminate the high cost of tail, which can inhibit recruitment and create prohibitively expensive administrative costs.

The Doctors Insurance Agency works with 20 different companies to ensure competitiveness. Interstate contractual compliance, active risk management partnership, and managing your malpractice insurance should be a collaborative effort between your Chief Operating Officer, risk manager, clinical managers and administrators. The Doctors Insurance Agency understands the difficulty of keeping pace with hospital contracts and the staffing requirement of having a physician in each location, floor or department 24 hours a day, 7 days a week

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Insuring Hospitalists for Medical Malpractice Insurance

Hospitalists who are contemplating their Medical Malpractice Insurance should consider The Doctors Company (TDC). They have been endorsed by the Society of Hospital Medicine, which brings in partnership with The Doctors Company's  online risk management programs which are easily accessed and completed online, but the major benefit is the unique and innovative structure of their medical malpractice policies. Being underwritten by The Doctors Company can effectively eliminate the high cost of tail, which can inhibit recruitment and create prohibitively expensive administrative costs.

The Doctors Insurance Agency works with 20 different companies to ensure competitiveness. Interstate contractual compliance, active risk management partnership, and managing your malpractice insurance should be a collaborative effort between your Chief Operating Officer, risk manager, clinical managers and administrators. The Doctors Insurance Agency understands the difficulty of keeping pace with hospital contracts and the staffing requirement of having a physician in each location, floor or department 24 hours a day, 7 days a week.

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Do you Need Malpractice Tail Coverage?

In an article written for the medical economics blog, “Do you need malpractice tail coverage?” <a href="https://www.medicaleconomics.com/authors/erik-leander">Erik Leander</a> addresses the most commonly asked questions about the intricacies of carrying this type of coverage.

Tail Coverage” provides medical malpractice insurance coverage for claims brought after a claims-made insurance policy is terminated. Claims-made policies, the most common type of Medical Malpractice Insurance, provide coverage for claims brought against a physician resulting from services the physician provided during the time the claims-made policy was continuously in effect.

The common way to purchase this coverage is to make a decision within 30 days of canceling the policy you hold with your present malpractice company.

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Should you Choose a Claims-Made or Occurrence Policy?

The Doctors Insurance Agency works with over 5,000 physicians in 500 facilities in 33 states, providing healthcare professional liability insurance. It is important to consider the differences between claims-made and occurrence policies, according to the American College of Physicians, when considering what type of Medical Malpractice Professional Liability Insurance to purchase. 

Occurrence policies differ from claims-made insurance in that they cover any claim for an event that took place during the period of coverage, even if the claim itself is filed after the policy lapses.

Occurrence policies are less common, especially in private practice with groups of 50 or fewer physicians. This is because occurrence premiums include a load calculated to compensate the carrier for coverage for liability insurance, protecting the doctor against claims that are presented in the future. This actuarial commitment requires more premium in the policy year.

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