Medical malpractice insurance jargon can be quite onerous for an individual who hasn’t spent his or her career learning the language of medical professional liability coverage. Consider the following phrases; retroactive date, mature premium, first year premium, tail coverage, nose coverage and extended reporting period. It’s probable that you have heard these used but you
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The Looming Staffing Crisis in EHR
As many physicians know, the federal government is spending nearly $20 billion in the next five years to promote and encourage the adoption of electronic health records (EHR) in physician offices. If you think about the overall medical software environment, it’s easy to understand why the job will be easier said than done. Roughly twenty
READ MOREVicarious Liability – How it Affects Your Medical Malpractice Insurance
In general terms, Vicarious Liability is liability one incurs on behalf of someone else’s acts. Specifically in regard to physician and surgeons medical practices, if you are a single physician with no employees and handle 100% of all patient contact by yourself, then the topic of vicarious liability likely does not apply to you.
READ MOREA Projected U.S. Physician Shortage
There is a great deal of talk in the news and in the healthcare field regarding a possible shortage of physicians and surgeons in the U.S. in the coming years. According to many, the new healthcare reform plan that President Obama initiated and signed is partially to blame. The Association of American Medical Colleges (AAMC) estimates that
READ MOREHow Deductibles Are Structured On Medical Malpractice Insurance Policies
Many insurance carriers offer deductibles on medical malpractice insurance policies in today’s market. Many doctors may not realize that there is more to a deductible than just the dollar amount. Many policies do not carry a deductible, but it is almost always an option. Generally speaking deductibles can be $2,500, $5,000, $10,000 or even more. Deductibles on
READ MORE2011 is Here – It is Time to Review Your Medical Malpractice Insurance Coverage
This is a phrase I find myself using on a regular basis as I go through my daily life. Does it apply to your practice? Many of the physicians that I meet proudly proclaim that they “have coverage” and are “happy with their broker.” The one response or question that I have for them is
READ MOREAbbreviated Buyer’s Guide to Physician Medical Malpractice Insurance
The modern medical malpractice insurance marketplace can be filled with questions, confusion and sometimes apprehension. For many doctors, it is very difficult to navigate alone. Understandably, physicians would rather spend their time learning more about their specialty and growing their practice than becoming experts in the expansive and ever-changing world medical malpractice insurance. It is
READ MOREDon’t Know Your Tail from Your Nose?
Many physicians and office administrators are confused by the terminology used by medical malpractice insurance brokers, and why shouldn’t they be? Most fields have an insider’s lingo used by people that work in the industry. However, the medical malpractice insurance business seems to expect everyone in the healthcare world to understand and crack our secret codes. Believe
READ MOREThe Limits and Upper Limits of Medical Malpractice Insurance Coverage in New York
Many doctors seem to have questions regarding the limits of liability that they need to carry for their medical liability insurance while practicing in New York. Simply put, if a doc has hospital admitting privileges in a hospital in New York, he or she needs to carry $1.3m/$3.9m limits. If they do not have admitting
READ MORETax Extenders Signed into Law
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 has been signed into law. Physicians, Surgeons and other high net worth individuals had been on the edge of their seats, knowing that if the Act had not been signed, tax rates could rise significantly in the New Year. However, this Act extends
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