MedMal 101: Contract, Claims, and Risk Management
The past 5-10 years have been a 'buyers market' for independent physicians in search of medical malpractice insurance coverage. Pricing has been going down year over year and more carriers are entering the market. In the last year, we have seen 7 insurance companies go insolvent. Underpriced coverage, large judgements, reinsurance availability and carriers operating at an underwriting loss are factors pointing towards a hardening malpractice marketplace.
It is important that independent physicians understand their options. Malpractice contracts can be complicated, and sometimes even confusing for a provider who is navigating the selection of the best possible contract, at the best possible rate, or to meet a specific need. The goal of this session share insights on claims trends and the other forces that determine pricing; examine the basics of medical malpractice insurance terms, and the various contracts available to the indepdendent physician; and provide tips on risk management strategies to mitigate risk to malpractice claims
Teddy Gillen is an insurance broker and healthcare consultant on a mission protect the independent physician practice model. Teddy and his firm, Southern Protective Group, design group purchasing malpractice insurance programs for associations with pricing discounts and policy structures that would normally be reserved for larger healthcare systems. Teddy has 15 years of industry experience – He and SPG are endorsed by physician associations across the country.