Malpractice Insights

Today we’re continuing our Mail Bag segment with some more “real life” scenarios to talk through. We’re going to talk about rate increases on a Claims-Made policy, the best coverage options for medical director coverage, and how to setup malpractice insurance in a cost-effective way for a brand-new practice on a budget. 

0:58 Unexpected rate increases
4:55 Coverage for medical directors
8:44 Budget friendly tips on covering a new practice

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So, you’re looking at malpractice insurance options and being the smart provider that you are, you’ve got quotes for both Occurrence and Claims-Made policies in front of you.  You like the idea of an Occurrence policy, but the Claims-Made quote is so much cheaper in the first few years. So, why not just start with the Claims-Made policy now and then switch to Occurrence when you’re a little further down the road? Well, CAN you switch – Yes… but there are a few things that you need to be aware of before you make this choice. We’ll talk all about it today.

✔️For the BLOG on this topic, visit: https://aegismalpractice.com/malpractice-insights/can-i-switch-from-claims-made-to-occurrence-coverage/

1:11 The difference between Claims-Made and Occurrence
4:01 Long term cost breakdown
6:10 Switching from Claims-Made to Occurrence

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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If you’re an employed physician, chances are, your malpractice insurance is being provided FOR you. And while this is certainly convenient, there may be limitations in your malpractice policy that you’re not aware of. For this reason, many providers wonder if they should get supplemental malpractice insurance?  

So today, we’re going to talk about why you might want to consider getting additional coverage – and what kind of insurance you should get. Plus, we’ll talk about what supplemental insurance DOES and DOESN’T cover.

1:05 What is supplemental malpractice insurance?
2:30 What supplemental policies DO and DON'T cover
4:06 How much will supplemental insurance cost?
5:21 Should you get Claims-Made or Occurrence coverage for supplemental insurance?
6:29 Example costs
9:17 Let Aegis help!

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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If you’re struggling to find malpractice insurance, your agent might suggest coverage options for you in the non-standard market. But, what exactly does that mean? Well today we’re going to go over the main differences between a standard malpractice insurance policy and a non-standard malpractice insurance policy. We’ll talk about the reasons why a healthcare provider may need to go the non-standard route and give you 5 key things that you need to be aware of BEFORE you accept coverage.

Do you have a question for our mail bag? Ask it here! https://aegismalpractice.com/malpractice-insights-podcast/

RELATED EPISODE: Understanding Consent to Settle https://youtu.be/NJx-nVStEM4

1:03 Standard Market vs. Non-Standard Market
2:33 Why you might need non-standard market coverage
3:48 Five key things to know before you get non-standard coverage

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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Today we’re continuing our Mail Bag segment with some more “real life” scenarios to talk through. We’re going to talk about coverage provided by a contracted entity, advice for practice administrators on onboarding and offboarding providers, and buying malpractice insurance again after being bare. 

0:48 Tail insurance and consent to settle
5:20 Advice for onboarding and offboarding
9:06 Malpractice insurance after being bare

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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Malpractice insurance premiums can be pricey. In fact, they’re one of the top expenses for a medical practice today. This is why we’re so adamant that providers shop around, compare their options thoughtfully, and work with a knowledgeable agent who can keep their eyes on the market to ensure you’re always getting the best coverage at the best price.  

But once you’ve been given your quote for coverage, is that it?  How negotiable is your price?   

Well, today we’re going to talk specifically about how to reduce your malpractice insurance premiums.  In this highly complex world of medical malpractice, there are some levers that you CAN pull and others that you CAN’T. 

1:19 Factors that Affect Your Premium
4:00 Discretionary and Non-discretionary Credits
10:08 Common Pitfalls When Shopping for Insurance

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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A malpractice claim comes in for a patient that you treated on April 1, 2019.  Wait a minute… where was I even working back then?  And who did I have for my malpractice insurance at that time?  Well, if you haven’t been keeping good records of your prior work history and your medmal coverage over the years, this situation can quickly turn frantic as you search your files to see who you should be contacting for help.  

Today, we’re here to help you get your malpractice files in order by giving you tips on how to keep track of your coverage history so that you can easily see who you were insured with and when. 

RESOURCE: The National Practitioner Data Bank https://www.npdb.hrsa.gov/pract/selfQueryBasics.jsp

1:14 Employment Contract
2:52 Certificate of Insurance
4:37 Tail Endorsement
5:47 Claim History / Loss Runs
7:07 Claim Activity Documents
7:46 Contact Information

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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When it comes to Claims-Made malpractice insurance, there are some nuisances with this policy type that can make it a bit more complicated to understand.  One of the most distinctive characteristics of this type of coverage is how it starts at a low premium and then increases in price every year for 5 years. And if you weren’t made aware of this when you first BOUGHT the policy, it can be incredibly frustrating to see your rate go up year over year.  

But, why does it do that? And what can you do to make sure you don’t get caught off guard with this in your policy? Well, today we’re going to talk all about Claims-Made step factors… what they are, how the underwriter prices them, and how you can be one step ahead when it comes to your malpractice coverage.

📱Related Episodes: Understanding Occurrence vs. Claims Made https://youtu.be/zcDaZ7bx3k4

1:18 Understanding Claims-Made Coverage
5:32 Step Factors

**********Contact us!**********

📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

**********Follow us on Social Media**********

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It’s our 100th episode of Malpractice Insights – I can’t even believe it! And I just wanted to say thank you to everyone who has tuned in over the last few years. Whether you’ve just stumbled upon our show with a question on a specific malpractice-related topic, or you’re a regular listener, I’m so grateful that you’ve taken the time to be here and I TRULY hope that you’ve found the information that we’ve shared helpful. So thank you, again!  

Today we’re going to do a little question and answer session and I’ve put together some top malpractice insurance tips for you. So, let’s dive into them together. 

Related Episodes:

Understanding Occurrence vs. Claims Made https://youtu.be/zcDaZ7bx3k4
Malpractice Insurance for Locum Tenens Providers https://youtu.be/IibpmzHRchg
Malpractice Insurance for Telemedicine https://youtu.be/6RYvhmb6v3I
Malpractice Insurance for Employed Doctors https://youtu.be/AtKqKwFrdiA
Five Questions for New Grads to Ask Their Future Employers https://youtu.be/ULQRm_3N7bE

1:04 New Grads
3:34 Employed Doctors
5:48 Administrators
8:40 Telemedicine
11:22 Independent Doctors
12:30 Let Aegis help!

**********Contact us!**********

📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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Why do doctors actually need malpractice insurance? And what does it even cover? Healthcare providers need malpractice insurance to protect them in the event of medical negligence, but this insurance policy is more robust than most doctors realize. Beyond simply paying for claims and compensating injured patients, your medical malpractice insurance policy actually provides defense and reimbursement for a number of other things.  

Let’s dive into this topic more together.

1:00 What exactly IS medmal?
3:35 Compensatory vs. Punitive Damages
5:06 Defense Costs
5:46 The Four Things Your Medmal Policy (likely) Covers
8:22 One Thing Your Medmal DOESN'T Cover
9:31 Let Aegis help!

**********Contact us!**********

📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

**********Follow us on Social Media**********

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YouTube: https://www.youtube.com/channel/UCyDVJQuU4ihcZl3gcL6L16A