N.J. Distributes $16.4M in Medical Malpractice Insurance Subsidies

http://www.insurancejournal.com

New Jersey Banking and Insurance Commissioner Steven M. Goldman reported that the state began sending subsidies of $16.4 million last month to eligible medical practitioners in certain high-risk specialties.

The subsidy payments are being distributed to nearly 1,200 physicians under a program that seeks to ensure affordable medical care for New Jersey residents in part by helping physicians in certain high-risk specialties cover the cost of malpractice insurance. Those eligible include doctors in obstetric/gynecology, neurosurgery and radiology.

Payment amounts are based on a number of factors, including average expenditures for medical malpractice liability insurance among physicians in the eligible specialties. Qualified neurosurgeons will each receive $20,689; obstetric/gynecologists will each receive $18,582; and diagnostic radiologists will receive $6,678.

Recipients of the subsidies must commit to practice in New Jersey at their then-present practice level in their primary specialty for at least two years following receipt of their subsidy.

The fund is paid for through an assessment on state licensed physicians, lawyers, employers subject to the state’s unemployment compensation law, and other medical professionals, with 65 percent of the fund dedicated to premium relief. The remainder was earmarked for hospital Charity Care, NJ FamilyCare, and student loan reimbursement for obstetricians and gynecologists committed to practicing in the state.
see original

You may also like

Legislative panel approves medical malpractice bill
Read more
Urgent-care centers: Illinois numbers grow as time-pressed families seek low-cost option to ERs
Read more
Global Center for Medical Innovation launches
Read more

Recent Posts

Health Insurer Sued for Medical Malpractice Over Prior Authorization

North Carolina Supreme Court Removes Precedent Shielding Nurses from Medical Liability Claims

California Healthcare Providers, Trial Attorneys, Legislators Reach Deal to Increase MICRA Cap

Popular Posts

PIAA 2017: Current Trends & Future Concerns

International Medical Malpractice Insurance

Urgent-care centers: Illinois numbers grow as time-pressed families seek low-cost option to ERs

Start Your Custom Quote Process™

Request a free quote