From the monthly archives: October 2015

We are pleased to present below all posts archived in 'October 2015'. If you still can't find what you are looking for, try using the search box.

Rising Cyber Attacks Costing Health System $6 Billion Annually

Bloomberg News recently published this article in an online magazine: Rising Cyber Attacks Costing Health System $6 Billion Annually by  Shannon Pettypiece

May 7, 2015, A rise in cyber attacks against doctors and hospitals is costing the U.S. health-care system $6 billion a year as organized criminals who once targeted retailers and financial firms increasingly go after medical records, security researchers say.

The article reports that these data and theft attacks against healthcare providers have increased over the past five years.  Once a large healthcare organization hospital system or medical integrated provider is targeted it can cost them on average $2 million to defend, prepare and notify those who've been affected by the breach.  Recently such well-known providers including Anthem and Community Health Systems have taken sophisticated measures and invested capital and resources into protecting their patient database.  This is a sign of how serious this problem has become and how real the threat to the financial health of the organization.
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Are Health Systems Paying too much for Physicians Medical Malpractice?

The Health Care System Model of Acquisition and Mergers

Seems that in this time of consolidation,  mergers and acquisitions of medical groups, medical facilities, individual physicians, health systems, hospitals and foundations have an endless supply of capital. The model seems to be that the acquiring entity pays incentives which include signing bonuses, training, cost of moving, integrating physicians into the new system; and then to add insult to injury they are covering the cost of the present malpractice insurance (the past retroactive risk as well as the costs of the future tail).
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Is the Medical Director Contract worth it if the Cost of Malpractice Insurance is too High?

How much does Medical Director Malpractice Insurance cost is really the key issue. Physicians everywhere are finding opportunities to supplement their income… contracts for services provided to different entities ranging from medical spas, pathology labs, primary care clinics that need a medical supervisor or physician assistants practicing independently that need supervision and connection/association with a medical doctor.
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The Soft Medical Malpractice Insurance Market

The terms hard and soft refer to the increase and fall in prices in various industries.  All industries experience changes in their prices, cycles of surplus and demand.  Not surprisingly, the insurance industry is cyclical with cycles lasting anywhere from two to ten years:    In the insurance industry,  the market changed in 2004-2005, and although there are some experts that think the market has already bottomed out and begun to change back to upmarket of increased prices, tougher underwriting and fewer options for medical risks,  I don't experience it that way.
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Telemedicine Opportunities are Growing:

According to a market research report published by Mordor Intelligence, the Telemedicine market is going to soar past $30B….An increasingly  aged population and healthcare costs are propelling the market growth;  The goal of the Affordable Care Act is to provide more people with higher quality health care at lower costs. August 4, 2015 , The global market for telemedicine is expected to be worth more than $34 billion by the end of 2020. In this  new market research report, "Global Telemedicine Market - Growth, Trends & Forecasts (2015-2020)", they determine that North America is the largest market globally, accounting for more than 40 percent of the global market size. One factor that is driving the growth of telemedicine is that it has been proven to effectively reduce cost in the areas of disease management. In addition telemedicine is an easy platform for online therapies using face-to-face video technology in the field of psychiatric, and even primary care- histories and p ...
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The growing area of Health Care - Nurse Practitioners

In a category along with expanding dermatology and plastic surgery and pain management practices, nurse practitioners have to be among the fastest-growing, opportunistic and useful sections of the healthcare industry. The Doctors Insurance Agency has been writing medical malpractice insurance for medical doctors, medical groups, hospital systems, and other niche areas of healthcare for over 25 years.   Recently we have formed close relationships with specialty liability insurance companies which write  independent, stand-alone part-time nurse practitioner policies.
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National Liability Insurance for Medical Directors

From Hawaii to Maine our agency provides unique specialized liability insurance policy for medical directors. Ironically, many insurance companies that specialize in providing medical malpractice insurance for conventional practices (those that are defined by the American Board of medical specialties) often do not want to ensure the work of the medical director because that work is outside of the group. For example an orthopedic surgery group practice might have a principal or partner wishing to  serve as medical director for a local paramedical unit.  They are often times stuck in “no man's land” as the  paramedical company doesn’t want to provide coverage for the medical director exposure and the medical malpractice group insurance policy will also not cover the medical director.  We specialize in finding a policy that carves the medical director exposure out separately.

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  1. Re: Clinical Research Liability

    Do you recommend purchasing a tail insurance or a occurrence based insurance and add a tail policy afterwards...

    -- Ann Shang

  2. Re: Clinical Research Liability

    I am talking with a CTO in the US ( I am in US too) to be a contractor doing clinical trials on a part...

    -- Ann Shang

  3. Re: The Podiatrists Market Research Report states that demand for podiatrists will likely benefit from healthcare reform.

    My husband has been feeling a lot of pain in his feet recently. We think this could be due to his posture...

    -- Sarah

  4. Re: Developing Walk In and Urgent Care Centers

    It's good to see that urgent care facilities are becoming more and more prevalent. You are right that...

    -- Caden Dahl

  5. Re: Functional Medicine Malpractice Insurance

    Interested in obtaining information for FM MP

    -- Cynthia Shughrue

  6. Re: Visiting Residents/Intern/ Fellow (Hands On) Medical Malpractice Insurance

    I am a final year medical student planning to do a couple of electives in medical school in the US and...

    -- Varun

  7. Re: Medical Malpractice Insurance Benefits, expanding to outpatient facilities

    I like the idea of some of the cost returning to the normal discounted market after a few years of claims...

    -- Dave Anderson

  8. Re: Who Can Perform Liposuction Surgery?

    This is very interesting content! I have thoroughly enjoyed reading your points and have come to the...

    -- Re: Who Can Perform Liposuction Surgery?

    Thanks for helping me understand any licensed physician can actually perform this procedure as per the...

    -- Millie Hue

  9. Re: The Podiatrists Market Research Report states that demand for podiatrists will likely benefit from healthcare reform.

    Thanks for giving me more information about the benefits of podiatrists from the healthcare reform. ...

    -- James