May 29, 2012

3 things to consider when starting a private medical practice


I want to start my own practice, what do I need to know about insurance?   Whether you are directly out your residency or breaking off from a hospital|private practice; the following will outline the insurance needs of a private practice into three simple categories [Personal Insurance, Business Insurance and Employee Benefits]. Personal Insurance: In college, I had a finance professor teach the concept of “pay yourself first.”  In order to run an effective practice, first make sure your personal house is in order. Life Insurance Disability Insurance Property + Liability Homeowners Policy Personal Auto Policy Umbrella Policy Business Insurance: Properly … Continue reading

May 22, 2012

Should I Start a Captive Insurance Program?


Is my company taking on too much, too little or just the right amount of risk in my insurance program? Investigating a Captive is on my 2012 strategic initiative list? Is my company large enough to start or join a captive? What are the benefits of doing so? Ultimately what all of these questions come down to is “How do I take on more risk?”  Before we discuss how you take on more risk, we need to understand where you are currently at today.  Picture a straight line with multiple points on it.  The far left side of the line … Continue reading

May 15, 2012

4 Ways To Pay Too Much Money For Medical Malpractice Coverage


How does a physician know if they are getting a good quote on their Medical Professional Liability (medical malpractice insurance)?  In a prior blog, I indicated a cheap price may lead to a below average policy the time of a claim.   This blog is not meant to get you the cheapest price for a medical malpractice policy in Michigan, but is designed to educate you on what questions to ask and how to better understand the pricing model. Not asking for all available credits – I once heard from an underwriter that most agents and policy holders do not ask … Continue reading

May 8, 2012

2011 Medical Malpractice Jury Verdicts – Shockingly large claims


Nationally Medical Professional Liability (medical malpractice) premiums have been flat, declining, or had substantial coverage endorsements added over the past decade.   What could bring this to an end and again cause premiums for physicians and hospitals to rise?  The conventional wisdom is one if not two critical indicators would have to change.  Critical indicator #1 is frequency or the number of medical malpractice suits filed.  Critical indicator #2 is Severity or size of losses. The 2011 year brought some interesting developments.  According to Hiscox (super losses in US healthcare on the rise), the frequency of catastrophic claims has increased.  For … Continue reading

May 1, 2012

Risk Management Is Like A Pre-Snap Football Read


Kelly Reed is one of VAST’s Professional Solutions advisors.  He is an expecting father and former college football player at Northern Michigan University.  Kelly primarily works with physicians, community based hospitals and integrated health systems throughout the Midwest. He spends much of his time assessing risks in professional organizations and sees similarities to how he and his offensive line assessed risks before each snap in a college football game.  Watch the video above to see how they are similar.

April 24, 2012

Emerging Trends in Healthcare: Cyber Liability


What is cyber liability?  This is a question that is posed to me nearly every day.   The simple answer to the first part of the question, cyber liability is not really “cyber liability.”  While that statement may not sound like a sane person talking, it is completely accurate.  The risk commonly referred to as cyber liability in my eyes is better described as “a healthcare provider’s responsibility to protect personally identifiable information or personal health information.” The advice that I provide to my clients is to stop thinking of this risk as a cyber-crime, but think of the risk as … Continue reading

April 18, 2012

4 THINGS TO KNOW ABOUT YOUR MEDICAL MALPRACTICE CARRIER


All Medical Professional Liability policies areNOTcreated equal.  The value you receive is often related to the dollars you spend.  While we understand in today’s healthcare climate is challenging at best, price should not be the only factor when considering what policy is right for you.  A Cheap Medical Malpractice policy may be what you are looking for, but upon further review is not always what a practice needs. Following are four things you should know about your medical malpractice carrier: Claims Management – Nothing is more important that the reputation of a practice. Questions to ask to better understand who … Continue reading

April 10, 2012

3 KEYS TO CLAIMS MADE MEDICAL PROFESSIONAL LIABILITY POLICIES


Most Medical Professional Liability policies are written as “Claims Made coverage” today.  There are other options in the marketplace including Occurrence coverage and Modified Claims Made coverage.  Claims Made policies can offer benefits including reduced costs early in a physician’s career, flexibility as your career progresses, but Tail Coverage should always be top of mind.   The following items will help you navigate the benefits and concerns of a Claims Made policy. Substantial Savings – Claims Made Medical Malpractice policies typically “step up” the premium from year 1 – Year 5 often called a mature rate.  Malpractice claims have a longer … Continue reading

April 3, 2012

WHAT TO ASK WHEN BUYING PROFESSIONAL LIABILITY (MALPRACTICE) IN MI


As an advisor to physicians throughout the state of Michigan, I often receive similar questions when physicians purchase or renew theirMedical Malpractice policy.  As a physician, we realize you have to make many decisions every day based on the facts you receive.  The five following questions will give you an overview of the information you need to make the decision regarding your Medical Professional Liability coverage in Michigan. What type of policy is right for me and my practice as a physician in Michigan? Occurrence Coverage, Claims Made Coverage, Modified Claims Made Coverage What limit of liability should I choose? Do defense costs (attorney … Continue reading

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