Saving Money in Your Independent Practice Via Med Mal Ins
A big trend in medicine today is for hospitals and large medical corporations to buy small and medium-sized practices in a wave of consolidation. The end result is that the practices that remain independent have to compete against these Goliaths and have to come up with new ways of being competitive. One of the best ways for an independent practice to stay competitive and grow their patient/customer base is to market themselves on the web and in the local papers. And, a great way to find that money to do extra marketing is to shop for new med mal ins every year and press your current insurance carrier for a reduction in premium.
I know what you’re thinking, “Easier said than done. Can you provide me an example?” Recently, we had a large, independent radiology group in New York, with some claims, that was paying over $1 million per year for med mal ins. At renewal, the premium jumped 10% based on an open claim that was stuck in litigation. The Practice Manager called our office to see if there was any way we could save them some money by shopping for new coverage. After getting more details about the open claim and a census of the doctors who needed to be covered and getting a claim history (or loss run) we were able to shop for renewal coverage and the insurance companies ended up getting in a bidding war to cover this practice. The end result was that the med mal ins premium came down 25% and we have warned the new carrier that we would not settle for across-the-board premium increases next year.
Now the next question that pop’s into your Practice Manager’s mind is, “Why isn’t my current insurance agency shopping around for me every year and going to market?” Well, is your med mal ins agent part of a large, publicly-traded company? And, is that company trying to max shareholder value by making you pay the most in premium so they get the most commissions, or are they a private, independent company trying to save you the most money and get you the best coverage at the best price?
MyMedicalMalpracticeIsnurance.com is an independent insurance agency. We work for our customers, not shareholders. It is our job to make and keep our customers happy by getting them the most competitive prices possible. We answer to no one, except you.
Contact us today to see how much money we can save you and your practice.