David Wood, MD in the medical
malpractice insurance division at NFP, said, 'The acquisition of MIA is consistent with our strategy to diversify our revenue base and expand the national footprint of the P&C business.
In some ways physician
malpractice insurance is much like car insurance in that the longer a physician goes without a claim the lower his premiums are likely to be.
Indeed, most firms that forgo
malpractice insurance coverage largely limit their practices to tax return preparation services.
Malpractice insurance is simply a must for nurses and if you have any doubts, just ask anyone who has been subject to a complaint or lawsuit.
Another way to lose money on medical
malpractice insurance is to lose control of underwriting expenses.
High costs of
malpractice insurance not only have been detrimental to doctors, but they have also led to increased danger for patients, whether from the absence of doctors or from problems inherent in defensive medical care.
In appropriate cases, personal attorneys formally put
malpractice insurance carriers on notice that in the event that a claimant is willing to settle within policy limits, the insurance carriers' failure to settle will result in a suit against the carrier.
Certainly, if the public body is going to pay for all that insurance, it can self-insure, providing
malpractice insurance for all care provided under the health plan for far less than the cost of individual policies.
For example, CRICO, the malpractice insurer for the Harvard-affiliated hospitals and practices, not only pioneered in developing the anesthesia standards that helped anesthesiologists reduce their risk and relative
malpractice insurance premiums, but in recent years has been running another innovative program for anesthesiologists.
Raising
malpractice insurance premiums is one (although not the only,) way that is accomplished.
It is best to contact your
malpractice insurance carrier prior to submitting any case to FAST.
The real cause of high
malpractice insurance rates hasn't been runaway juries (jury awards have actually declined over the last 30 years), but the industry's habit of hiking rates each time the economy fumbles and investment returns slide.
