7 Costly Mistakes Physicians Make When Choosing Medical Malpractice Insurance

Medical Malpractice Insurance
We’ve worked with hundreds of physicians and understand that for them, obtaining medical malpractice insurance can be a burdensome task that neither you nor your staff are ever ready to handle.  Let’s face it, insurance coverage is not a desirable thing to shop for, but it is a “must have” for you that will protect your practice and your assets.  But it can be costly.  So, how do you decide what coverage and premium is right for you?

We know physicians sometimes accept medical malpractice insurance coverage from an insurance company, just because it offers the lowest premium.  After all, budgets are tight and, most of the time, they don’t think they will experience a claim. However, even though they choose coverage with the lowest premium, will this medical malpractice insurance coverage provide premium savings over time and cover them properly?

Throughout our experience, we have learned a lot after seeing insurance companies come and go in the market place.  The differences between them are significant and require an astute physician and practice manager to examine them carefully and figure out what’s right for them.  These differences include:

  • Coverage
  • Defense
  • Longevity
  • Financial stability
  • Overall premium

So, how do you know what’s right for you based on your budget and practice needs?

Insurance applications can be tedious to complete and we have found that many physicians skip questions and the remarks section due to lack of time and desire.  We know that underwriters review applications objectively by looking for the few pieces of information that would allow them to provide a quote.  But, what if there were a way to have the underwriter review your documents on a more personal and subjective manner where your quote is based on additional information you provide and specifically for your needs?

We decided to develop the “7 Costly Mistakes Physicians Make When Choosing Medical Malpractice Insurance and How to Prevent Them” free guide as a tool to help physicians and practice managers make better decisions when buying malpractice insurance coverage.  The information provided will show you how to select provide the right, cost effective coverage for your needs.

 

 

Disruptive Technologies in Healthcare

Disruptive Technologies

According to Investopedia, Disruptive Technologies are described as:

A technology that significantly alters the way that businesses operate. A disruptive technology may force companies to alter the way that they approach their business, risk losing market share or risk becoming irrelevant. Recent examples of disruptive technologies include smart phones and the e-commerce retailing.

We are excited to share our discovery of the The Business of Healthcare radio show, provided by Wharton Health Care and brought to you weekly by Sirius XM Channel 111.

Next Session – Tuesday, July 12th at 12:00 pm EST for their session on Disruptive Technologies in Healthcare

Join host Jeff Voigt, MBA, MPH. Jeff is Principal of Medical Device Consultants of Ridgewood, LLC, a firm dedicated to helping early stage medical technology companies with reimbursement with a focus on identifying value through cost-effectiveness analysis.

Scheduled panelists include:

We look forward to learning about ways new disruptive technologies will improve healthcare.  We’ll be listening and hope you will be too!