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The hard market is here for medical malpractice insurance. Nuclear judgements against medical groups are happening with more frequency, and underwriters are responding to the rise in losses and their severity.
Recently, medical malpractice insurance costs have spiraled out of control for some medical groups. Some are experiencing 100 – 300% rate hikes, reduced limits or carriers pulling coverage altogether. For these groups, the market can feel particularly hostile. Even more frustrating, to compensate for adverse claims some carriers are also increasing premiums on groups that have a clean, profitable and quality record.
What can help ease cost woes in this unfavorable environment? Practices must be prepared and control the controllables.
The foundation for controlling your medical malpractice insurance costs begins with strategic planning, active communication with your insurance agent/broker and the insurance carrier, and proactive implementation of risk management best practices. It’s never too early to be thinking about and planning for the renewal period ahead.
With a solid foundation in place, here are six measures that may help control costs and improve your practice management in the long run. If you’ve already implemented these recommendations, it’s important to communicate your efforts with your insurance broker and carrier.
Even in a hard market, there are opportunities to ease the burden of rate hikes. By planning and building a foundation of best practices, you can get back in the driver seat, control costs and ultimately build a better practice.
Serving the Northwest, PayneWest Insurance’s Healthcare Practice offers its expertise to medical practice managers and owners. Brokers guide clients in choosing the carrier that will work best for the practice’s goals and provide the best value, and our partnership goes far beyond that. We consult with clients on the implementation of risk management strategies and advocate on behalf of clients with carriers to help them understand the practice and its performance. PayneWest’s claims advocacy services support clients experiencing a loss and assist in obtaining fair resolution. Prior to renewal and as a practice changes, we ensure that the best solutions are in place and adjust strategies as needed.