Archive for August, 2011

Medical Malpractice Rates Fall

Sunday, August 28th, 2011 by Administrator

A recent report stated that premiums for medical professional liability insurance increased in the state of Maryland, but it appears that physicians in most states still enjoy reasonable rates.  In fact, we’ve seen MedMal insurance companies reduce rates in many states.  The stabilization of rates creates opportunities for physicians to save money if they take time to do some comparing.

Why Have MedMal Rates Dropped?

Many factors have contributed to the drop in premiums.  Depending on the state, it appears that malpractice claims against physicians have leveled off or even gone down in recent history.  Lower numbers of claims and lower payouts have helped insurance companies hold the line on premiums.  The lower frequency and severity of claims creates an environment where companies are willing to do business.  In addition to this, many states have passed tort reform laws that limit the amount of money a plaintiff can receive in a medical malpractice claim.  Some states have not only put caps on non-economic damages, but they’ve added other restrictions such as eliminating “venue shopping,” which is where claims are filed in courts that are typically known for large payouts.  Many experts claim that these laws will be overturned eventually, but for now it seems they are helping.  Another factor in bringing rates down has been the reintroduction of mutual insurance companies.  Many of these are physician-owned mutuals that are giving dividends back to their insureds.  What we’ve seen in multiple states is that once claim frequency and severity level off and the MedMal rates stabilize, insurance companies see an opportunity.  In states that are favorable places to do business, more and more companies enter the market and this creates an atmosphere of competition.  Believe it or not, there are states where malpractice insurance companies are fighting for more market share and physician business, and that means lower rates!

How Do Physicians Take Advantage of the Market Share Battle?

If you are a physician paying your own malpractice premiums, whether as an individual or as part of a group, you need to contact a MedMal broker to find out what the options are in your state.  Many physicians assume they are getting a good deal, but if you haven’t checked around in a couple of years you could be missing out on some big savings.  A lot has changed in the medical malpractice insurance market in the last 2 — 3 years.  If you’re an employed physician looking to start a private practice, you also need a MedMal broker.  Why a broker and not an agent?  Brokers have access to multiple companies, agents typically only represent one.  Why a MedMal broker and not a friend that sells commercial and business insurance?  MedMal brokers are experts in one thing.  A professional liability insurance policy is a totally different animal from a business policy.  You need to talk to a broker that knows the details of policy language, liability limits, Tail provisions, Retroactive Coverage, deductibles, exclusions, and all the other unique features.

What’s Next?

No matter what your situation or what state you’re in, give us a call or fill out our Quick Quote form to get a no obligation check up on your insurance.  As one of the largest medical malpractice brokers in the country, our brokers are the experts.

Posted in Medical Malpractice Insurance, Rates | Comments Off

The Keane Insurance Group at the Missouri Podiatric Medical Association’s Annual Scientific Meeting in St. Louis!

Thursday, August 25th, 2011 by Administrator

Look for our booth at the Annual Scientific Meeting Friday, August 26th and Saturday, August 27th at the St. Louis Hilton Frontenac.  Over 100 podiatrists from Missouri and surrounding states will attend the conference to hear the up-to-date scientific agenda and network with other doctors and exhibitors.  One of our brokers, Todd Herrman, will be on hand to discuss medical malpractice insurance coverage and some of the options that we can provide.  Stop by and see Todd for some great giveaways, pick up some of our information, and ask for a free quote on your professional liability insurance.  We have access to most MedMal insurance companies and only deal with companies that will be there for you in the case of a medical malpractice claim.

Posted in Healthcare Conferences | Comments Off

2011 KeaneyShack Golf Tournament

Tuesday, August 23rd, 2011 by Nathan

Yesterday, (Monday, August 22, 2011) the Keane Insurance Group hosted the KeaneyShack golf tournament. This was our third year. KeaneyShack is an annual event that is put on every August at the Country Club at the Legends. The tournament is a charity event that raises money for The Haiti Orphan Project, The Leukemia and Lymphoma Society and the James E. Hofer Scholarship Fund.

The golfers arrived at around 11:00 to register, then were encouraged to buy 50/50 raffle tickets. Each golfer had the opportunity to buy as many mulligans they wanted for more chances on the “hole-in-one”, “closest to the pin”, or the “longest drive” holes. Sue Tenney was very successful in selling so many! Meanwhile, the Keane volunteers were hustling and bustling, going to their positions at their respective holes, getting coolers out to the holes, and other last minute details. The last two years, we had many problems with the golf carts. They would run out of battery halfway through the event and our volunteers would get stuck out on the course, and have to push the carts back, and other horrible things like that! So THIS year, we asked for a couple of high powered golf carts for the administrative volunteers, so that we could have at least one that would last us the whole day, but after fifteen minutes of driving it, it keeled over and died. Unfixable. After this minor speed bump, there were only a few other mishaps. A few normal golf carts died, but they had replacements.

At around 12:30 the golfers started teeing off. Many of the guys who came out had only golfed a few times before, some had golfed a good bit, but were still incredibly terrible, and many were fairly good golfers! However, no matter what the skill level, every foursome had a ton of fun because they got to play their best ball each time. That took some pressure off and put some fun on! The weather was a bit overcast, which was better than a 100+ degree day, because everyone was outside all afternoon! It was a fairly comfortable 85 degrees and the rain stayed away! It was a little warm, so the incredibly large quantities of beer, water, beer, soda, and beer were greatly appreciated by all! Oh, and the vodka-red bull stand was a huge hit, as usual.

Each volunteer had a couple of Caddy Shack trivia questions that they asked each foursome. The foursome who answered the most correct by the end of the day, won $50 gift certificates to Llywelyn’s Pub. After the game, the golfers enjoyed a fajita station and open bar. Kris Perkins spearheaded the awards ceremony.  The team from Thomas Industrial Coatings won first prize which was a new Cleveland hybrid club for each golfer.

During and after dinner, the golfers had the opportunity to bid at the silent auction. Some things in the auction included a signed Tom Brady football jersey, a signed Sam Bradford football, and a signed Jeremy Maclin jersey along with some other really cool sports items. From what we heard, every single person had a great time, and better yet, we raised a sizable amount of money for these amazing charities.

Posted in Charity Events | Comments Off

Physicians’ Revenue to Increase in 2014

Wednesday, August 10th, 2011 by Administrator

Optimistic Outlook

“Physicians will experience a revenue surge in 2014,” according to an article over at Medscape Today News.  The idea is that with the passing of the Affordable Care Act (ACA), health insurance will be greatly expanded and more consumers will be covered than ever before.  Economists predict that the addition of new medical consumers will increase public and private spending on physician and clinical services by almost 9% in that year alone.  Experts predict that around 30 million newly insured individuals will be more likely to use physician services and prescription drugs rather than hospital care.  This is because it’s a group of younger, mostly healthy people.  While spending on hospital services is expected to grow at a slower rate, overall spending on healthcare nationally should increase by 5.8% per year between now and 2020.  This is going to create opportunities for the practices that are ready to handle the challenges.

On the Other Hand

Not everyone agrees that this upswing will help physicians bring in more dollars.  The amount of money spent on healthcare in the U.S. is staggering, so the addition of millions of patients has the potential to rock the system.  But will that really mean higher revenues for doctors?  The pessimists out there say No.  There are many who believe physicians will have to work harder but for less money.  Reimbursements will continue to shrink as the number of patients increase.  Plus, the more patients a practice accepts the more expenses go up.  For example, there will be a need for more staff to handle a higher patient load.  Also, rates for medical malpractice insurance could rise due to increased exposure.  More patient contact equals more risk for med mal claims.  Others point out that a Medicare pay cut will offset any revenue increase anyway.

Whether you are optimistic about the future of healthcare in the U.S. or not, we know one thing for sure:  Changes are going to come and physicians need to be prepared!  The changes that many fear will be opportunities for forward thinkers.

Posted in Physician News | Comments Off

Good News for Medicus Insureds

Tuesday, August 2nd, 2011 by Administrator

The Announcement that Medicus Insurance Company, Based in Austin, TX, Will Merge with NORCAL was Delivered to Clients Late Last Week.

On this past Friday, July 29th, NORCAL announced its plans to acquire Medicus.  NORCAL is based in San Francisco, CA, and also owns PMSLIC in Pennsylvania.  The company is in excellent health financially with over $1 Billion in assets alone.  This is an incredible development that will significantly benefit Medicus and its current and future insureds. 

The following details have been shared:

  • Medicus will continue to operate as is with no changes in personnel, filings, or policy format, for the foreseeable future.
  • Through the acquisition, Medicus will now carry an A rating and will jump from being the 24th largest med mal carrier in the country to being part of the ninth largest.

 The way the acquisition is being handled results in a huge win for both Medicus and its policy holders.  All Medicus policyholders will now have the benefit of added financial strength and security with the A rating, without seeing any changes in service or coverage benefits.

This is a very exciting development that will be very beneficial for everyone involved.   Learn more about the story here, and you can find another story here.  We will post any new developments as we find out more.

Posted in Insurance Carrier News | Comments Off