Need For Medical Directors, Research Directors & Investigators

February 14, 2020

Constant, significant changes in our healthcare delivery system are always creating new opportunities in administrative medicine. Mergers, acquisitions and private equity are funding health technology and new start-up telehealth business models, as well as supporting clinical trials at unforeseen levels.

This activity creates a need for medical directors, research directors & investigators.

The Medical Spa industry is seeing this growth as well, and the field is evolving into a combined concierge, aesthetic and wellness integrative niche. These integrative aesthetic centers also need medical directors. The American Medical Directors Association projects continued growth, and the requisite need ahead for Medical Directors across the country in all kinds of medical practices.

The Doctors Insurance Agency has provided Medical Director Professional Liability for over 20 years. There are a number of insurance carriers that we represent who offer this coverage, and it is priced according to services required under your contract.

Depending on the number of contracts and the scope of administrative/oversight and services provided, premiums begin at about $3,000 annually and go up from there.

Policies that cover just a Medical Expert Witness or utilization review consulting for managed care entities have lower premiums, and can be lower than $2,000 per year.

Some states require that mid-level providers collaborate with physicians. If you are signing a contract with a medicine ball or an Assisted Living Facility, you may be asked to directly supervise staff. This can increase exposure and therefore raise the premium for these medical director policies.

Additionally, there are some contracts that would require you to round and treat and admit as an attending physician. These policies are the most flexible and allow you multiple contracts with varying levels of responsibility.

It's important to have an agency that understands the nuances and details that drive premiums, and looks beyond just the 12 month policy at the quality of the insurance carrier and the experience of managing claims will help you greatly. They will serve as an always available risk management resource as you're choosing a partnership with an insurance company.

The Doctors Insurance Agency manages over 5000 physicians' and facilities' Medical Professional Liability Insurance. We have learned that the cost of malpractice insurance is one of three important variables that lead to a successful practice.

We are confident we can assist you in finding an appropriate medical director professional liability policy for you.