Surprised Physicians Find Out Their Current Broker Never Offered This Simple Medical Malpractice Insurance Discount
“Within the last 3-4 years, we’ve seen medical malpractice insurance premiums increase more than 20%,” says Paige Kuffel, Healthcare Account Executive at BlueStone Advisors. “For 15 years, it was consistent. But after COVID, we saw dramatic spikes in costs.”
As a result, physicians have begun to sacrifice the robustness of malpractice insurance coverage to save on costs. This can be risky; as lawsuit filings increase and payouts jump, cutting malpractice insurance can make physician practices open to risky liabilities.
Especially over the last three years, influenced by the COVID pandemic, the medical industry has become a chaotic environment. Doctors are on the front lines of everything, busy with treatments and keeping up with the latest guidelines. Efficient access to insurance information – and trusted partner experts to keep an eye out on their behalf – is crucial to maintaining a thriving practice.
Biggest Contributors to Increased Medical Malpractice Insurance Premiums
In Illinois, the biggest contributor to premium increases is from broad payout rewards – where even marginally-involved physicians are finding themselves under more scrutiny.
“A 2016 death claim against one of our clients is still active,” says Kuffel. “The physician is not at fault, but had some involvement in the medical care of the individual. Even though he wasn’t involved in the death, because his name is on the medical files, there has been a certain level of medical malpractice coverage required over the past six years.”
As legal proceedings drag on, the process takes away from the physician’s focus on patient care – not to mention all the expenses associated. One Illinois case alone rewarded the plaintiff $15 million dollars. It’s easy to see how physicians could lose everything if they are not with the right carrier with the appropriate coverage.
Simple Discounts That Frequently Get Forgotten
“I frequently have physicians come to me with their current coverage and ask them if they have applied their discount from being a part of their network, like Amita,” explains Kuffel. “This one simple step could provide significant savings without reducing coverage.”
“Many doctors are surprised to find that their current insurance broker never took the extra steps to find ways to save them money, find discounts, and keep them adequately covered, based on their unique needs,” she says.
How The Right Medical Malpractice Insurance Advisor Can Reduce Costs and Risk
At BlueStone Advisors, our consultative approach sets us apart from the mammoth insurance brokers. While they tend to cut and paste malpractice coverages, BlueStone gives a personal touch.
“When I worked for one of the bigger companies, I couldn’t give special attention because I was so overworked,” comments Kuffel. “All I was able to do was get to the next task. Brokers at these places don’t have the capacity to evaluate your risk as a whole.”
As part of our initial audit, we review your current coverages. Next, we explore your unique needs to find the right coverage fit, so there are no surprises if and when a claim does take place.
“This is where BlueStone Advisors is different,” says Paige. “We are more relationship-driven, continuously educating and looking out for the best interest of our clients so they can concentrate on treating patients and growing their practice.”
Paige Kuffel is a trusted advisor with over five years of focused medical malpractice insurance experience over her nearly decade career in insurance consultation. For more information, click here to set up some time with Paige Kuffel. You can also visit the Healthcare section of our website.