The Doctors Company Announces Rate Reduction and New Risk Management Credit for Ohio Physicians
NAPA, CA–(Marketwire – June 5, 2008) – The Doctors Company, the nation’s leading physician-owned medical malpractice insurer, is pleased to announce an overall average rate reduction of 13.4 percent for its Ohio physician members that is effective immediately for new policies and on July 1, 2008 for renewal policies.
Some physicians will have premium reductions up to 20 percent, depending on specialty and practice location. Other program enhancements include lower entity fees and reduced ancillary pricing. The Doctors Company currently insures more than 3,000 Ohio physicians and 34,000 members nationwide.
“The Doctors Company is able to offer this rate reduction as a result of improved loss experience and decreasing claims frequency in Ohio,” said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. “The premium reduction is in addition to other industry-leading member benefits, including the Ohio multiyear dividend plan averaging 7 percent a year, and the TributeÂ® Plan, a unique financial benefit program that rewards physician members for their loyalty to The Doctors Company and commitment to superior patient care. This further demonstrates our commitment to Ohio physicians who advance and protect the practice of good medicine.”
In addition to the rate reduction, The Doctors Company is introducing a new Ohio physician risk management program that offers a premium discount of up to 5 percent at their next renewal. Member physicians qualify for a 3 percent premium credit by attending a seminar conducted by The Doctors Company and completing the program requirements. Physicians can earn an additional 2 percent credit when their office manager or practice administrator also attends a seminar and completes an assignment. Each physician member in the group receives a 2 percent credit when the practice administrator or manager completes the program requirements.
As the first medical malpractice insurer to establish a patient safety department, The Doctors Company is committed to setting the industry standard with innovative products and services that improve patient care and reduce physician risk. The Doctors Company offers comprehensive patient safety programs and a wide array of tools, support, and services to make practicing medicine easier and more rewarding for members.
About The Doctors Company
Founded by doctors for doctors in 1976 to advance, protect, and reward the practice of good medicine, The Doctors Company (www.thedoctors.com) is the nation’s leading physician-owned medical malpractice insurer. With $2.6 billion in assets, 34,000 physician members, an A- rating by A.M. Best Company, and an A rating by Fitch Ratings, The Doctors Company enjoys a reputation as the industry vanguard.