The largest medical liability insurance company in the country announced April 30th that it will be giving its member physicians in 11 states dividends totalling $21 million as a reward for practicing good medicine and for their loyalty to the company.  While this is great news, it’s neither a surprise nor an unusual event coming from The Doctors Company (TDC), which has given dividends of $228 million since 1976.  The dividend provides a premium credit of 4 — 13% depending on the state.  Dividends are also extended to select specialty societies approved by the company.

The 2012 dividend marks the sixth consecutive year that The Doctors Company has given a dividend to members.  Dividends are given in states where the claims experience is better than expected and calculated based on the loss experience of each state.

Physicians insured with TDC in these states are thrilled with this news because the dividend is a benefit in addition to many others associated with being a TDC member.  With an A.M. Best rating of A, $4 billion in assets, and 71,000 physician members, TDC gives physicians security in knowing that they are protected by a strong, stable company.  Another way that TDC gives back to physicians is through The Tribute Plan, which rewards physicians for continued loyalty.

The Keane Insurance Group has access to over 30 medical professional liability insurance companies and is licensed in all 50 states.  Contact a Keane Insurance Group representative if you would like to learn more about the benefits of being insured with The Doctors Company, or click HERE to fill out a Quick Quote form online.

Physicians and groups may have exposure to risks that their Medical Malpractice Insurance Policy doesn’t cover.  A growing trend with MedMal carriers is to include some coverage for additional risks traditionally excluded.  As an example, Medicus Insurance Company adds their Gold Advantage endorsement at no cost to all MedMal policies.  This includes coverage for HIPAA Violations, Medical Board Reviews, RAC Audits, and more.

But even if your policy includes coverage for these additional risks, it may not be enough.  The endorsements are a good start but they have low liability limits and sometimes high deductibles.  Some carriers do not include this type of coverage, and many specifically exclude these exposures.  So how do you protect your practice?

The best way to protect yourself and your practice is to purchase a separate Medical Defense Policy.  We now have access to the best program on the market.  Policies include $1M/$1M liability limits, zero or very low deductibles, Cyber coverage for loss of data and recovery costs, coverage for RAC Audits, Billing Fraud, HIPAA Violations, and EMTALA Violations.  Premiums are very reasonable for solo practices and large groups.

If you don’t have a Medical Defense Policy give your Keane representative a call, or send us an email and we’ll get you a free quote.

It’s no surprise that the content of most physician Risk Management courses and seminars focuses on improving communication with patients.  This is because experts know that better communication between physicians and their patients reduces the likelihood of a medical malpractice lawsuit.  This fact has been proven again recently in a new survey of doctors and patients, which was commissioned by Capson Physicians Insurance Company.  They surveyed 200 physicians and 1,000 consumers to assess the value of physicians receiving patient feedback.

Most doctors agree that many malpractice lawsuits could be avoided altogether if patients had an opportunity to give immediate feedback about their experience and treatment.  According to the survey 70% of consumers said that good communication would help to reduce claims.  The survey verifies what we’ve known for years.  So if this is not new news, why does it deserve any new attention?  Why do the Risk Managers continue to harp on this same old subject?

The answer to that question is this:  Even if everyone already knows that better communication is important, in many doctors’ offices it is not a priority.  In a busy practice there is simply not enough time in a day to communicate with patients the way they would like to be.  As more and more patients are added to the U.S. healthcare system, the patient load at physician offices and hospitals will continue to increase, making communication even harder.  So what can you do in your office to help facilitate better communication?

There is no one easy solution, but here are a few suggestions:

Purchase and use an EMR/EHR system that works for your practice.  This will reduce paper work and free up your time for patient care.

Try using a computerized survey that patients take before leaving the office.  Capson Physicians Insurance Company offers Capson Care, which includes an iPad for use in the office.  You will know right away if someone is unhappy.

Slow down.  No matter how busy you are, take time to listen to your patients and make sure you’ve addressed their concerns.  Ask questions to find out if you covered everything and that they understand you.

Contact your Keane representative if you would like more information.  Most of our insurance carriers offer courses or seminars in Risk Management that could help you avoid claims in the future – they also give premium discounts if you take the course!