Amid a hard market for Property and Casualty insurance, such as the one we’re in now, making informed, cost-efficient decisions about your insurance program is paramount. While you don’t want to overpay, you can’t afford to be under-insured.
Here are five ways to limit the cost of Medical Malpractice insurance, along with a brief explanation of how the team at Alera Group can help:
- Make sure you’re with the right carrier. Each insurance company has different underwriting rules, and rates can vary dramatically based on medical specialty and county of practice.
Alera Group has direct access to all carriers in the marketplace, enabling us to provide a comprehensive review.
- Ensure all applicable discounts are in effect. Discounts are often available based on factors such as membership in an accountable care organization (ACO), specialty association, use of electronic medical records (EMRs) and other qualifications.
Alera Group agents are experts in underwriting manuals and work diligently to make sure all discounts that our clients are eligible for have been added to their policies.
- Complete risk management activities. Carriers often require risk management courses or assessments to qualify for discounts. These are helpful in reducing risk, as well as in earning CMEs.
Alera Group assists our clients in preparing for and completing the activities.
- Optimize coverage for your situation. No two practices are exactly alike, so no two insurance programs should be identical. Make sure your policy is custom-designed for your practice. Consider whether it should have:
- Shared or separate limits for your corporation and allied providers;
- Individual or full-time equivalency (FTE) rating;
- Part-time coverage or specialty changes.
Alera Group includes a highly specialized team that focuses exclusively on professional liability insurance for healthcare entities such as physician groups, hospitals and senior care facilities. We leverage our experience, expertise and industry relationships to provide solutions for our clients.
- Understand the true cost of insurance. While seeing the bigger picture alone won’t save you money, understanding the complexities of your insurance program will enable you to make informed decisions. For example, calculating pure premium based on your organization’s loss history and comparing that to the premium you are paying, strategically approaching tail coverage using a combination of occurrence and claims-made policy forms, being able to identify gaps in coverage – this is what empowers you to get the best possible coverage at the lowest cost.
Unlike many of our competitors, Alera Group provides a thorough assessment in our upfront policy analysis and educates you on the true costs of risk.
About the Author
Jason P. Shah, MD
Managing Partner, Alera Group HPL
Jason has a background in medicine, information technology and business development. Since co-founding Flagship Healthcare in 2007 (now Alera HPL), Jason has utilized his medical background and insurance expertise to develop risk management and insurance programs for healthcare practices around the country. Jason studied Computer Engineering at the University of Illinois at Chicago and later completed his MD from the UIC College of Medicine.
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