In a recent article from a national respected insurance broker, I read about the demise of specific and lightly-financed Insurance Solutions for Medical Professional Liability, referred to as risk retention groups.

Full disclosure: we believe there is a place for risk retention groups in the market. Just because one of them does not make it and has to be rescued, or the policy holders have to leave them, it does not mean that all coverage is lost and all claims are exposed, resulting in the insured Physicians losing personal assets. That would only happen in the event of an open and pending claim, or if a new insurance company was unwilling to write retroactive coverage.

Regardless of whether you are an independent aesthetician, a contracted  mid level provider, a telemedicine consultant  physician or are managing a healthcare facility, the costs of maintaining (and leaving) your medical professional liability insurance policy is a big business challenge (often one of the most significant challenges faced by our clients and policyholders).

Tail Insurance in medical malpractice insurance might be avoided and the premium savings can total into the thousands.

The ongoing ‘real time’ cost of insurance is tough, the state in which you practice can make or break the premium amount.  And, the untold story of potentially higher (lasting costs) of medical professional liability insurance is :  TAIL.  The price you pay to cover you going forward for the services you provided in the past.

There are ways around paying for tail; without a skilled insurance agent, broker or a creative group administrator, you could unnecessarily pay 50 – 75 % more than necessary