Today's Practice: Changing the Business of Medicine TP2018Q2DigitalEditionWeb | Page 48

LE GA L
A Best Practices Guide
Should my carrier be specific to our
specialty or diverse?
Medical malpractice carriers are usually either specialty
specific or broad in professional clientele. They can be
locally focused, regional or national. The pros and cons
of each are very particular with many considerations.
Some of these are:
Specialty specific risk management and loss control concen-
tration;
Russ Madio
“Virtually all current
carriers provide policies
naming the insured who is
authorized to give consent
to settle. They are not all
the same, however.”
Geographic (state) familiarity and expertise;
Direct policy providers or;
Professional independent network of broker/agents
There are no correct answers here as every situation and
provider concerns should be tailored for and in the
interest of the insured.
What’s the right premium?
of these variables, health care providers should always
seek the most knowledgeable and professional
assistance you can find.
On-going customer service is also vital. Part of what
you are paying for in a malpractice policy is service. It
can make your life easier to call an expert, whether
you’re calling about your policy, a claim or simply have
general questions.
When looking at premium, there are several things to
consider such as the value you will receive for your
policy dollar.
meet the author:
Rates vary widely from specialty to specialty and state to
state. Surgical rates are higher than non-invasive rates.
Certain ancillary rates are vastly different than others.
State premium rates can differ even more than specialty
specific rates. For instance, the five states which have
had the highest average claim payouts per health care
provider have been more than five times the lowest state
payout averages. The highest states have been NY, PA,
NJ MA and CT. The lowest states have been TX, ND,
WI, MS and IN.
(Per person per state as provided by the National
Practioner Data Bank, US Dept. of Health and Human
Services since 1990).
Russ Madio
Advisor
HealthCare Risk Advisors, LCC
Russ Madio is a trusted advisor and consultant with Health-
Care Risk Advisors, LCC. Healthcare Risk Advisors is a risk
management and consulting company designed to deliver
innovative risk placement and risk transfer solutions focusing
on the healthcare practices industry.
Accordingly, geographic premium rates have closely
followed the above loss patterns and can be very compli-
cated fluctuating. To obtain the fairest and most value
obtaining medical malpractice coverage, considering all
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TODAY ’ S P R A C T I C E : C H A N G I N G T H E B U S I NES S OF M EDI C I NE