Georgia Medical Malpractice Insurance
Medical malpractice tort reform in the state of Georgia has led to a decrease in premiums in the state since the passage of reforms in 2005. Georgia has no cap on compensatory damages for medical malpractice. Caps on non-economic damages are at $350,000 per defendant and $1,050,000 for all defendants involved in the case. There are also no caps on attorneys fees.
Declining rates in Georgia have been in part, due to a cap placed on pain and suffering awards at $350,000. Lawmakers have also redefined the provisions of venue and forum as well as joint and several liability. Strict rules on expert testimonies against doctors have also been amped up and there are also incentives set up for patients to settle out of court.
Tips For Helping Shield Your Practice From Litigation: Medical Malpractice Insurance, also called Medical Professional Liability Insurance or MPL Insurance, is without a doubt necessary coverage in Georgia. A handful of Georgia medical doctors assume after they are covered, that is all they're able to do to protect themselves from a frivolous legal action, yet that isn’t the truth! Consider this advice to help safeguard your practice:
- Make certain to retain accurate details regarding all your patients along with the types of procedures carried out. Accuracy and reliability or lack- there-of could be one of the most important factors in a medical malpractice suit.
- Require signatures prior to any major procedure. By requiring signatures ahead of any significant procedure, you're taking a big step in ensuring that your practice is protected.
- Customer Service is key! Many patients that initiate malpractice lawsuits will do it mainly because they experienced a negative experience during their visit. Simply by making sure the patient is appropriately taken care of, in addition to making sure their visit will be positive as well as professional, you'll help to steer clear of lawsuits.
Malpractice Categories and Cost Savings
New to Practice Physicians
If you become a new-to-practice physician there are many decisions to make. This runs specifically true when you're thinking of purchasing your medical professional liability insurance protection. This insurance coverage is also referred to as medical malpractice insurance. Insurance coverages are offered also as a resident, intern, as well as fellow.
Special Discounts Available for New to Practice Doctors!
There's definitely fantastic news for you! Many medical malpractice insurance providers offer new-to-practice specials. These discounts can be as significant as 50%.
Different Types of Polices
There are two standard types of insurance protection available. The majority of coverage created is normally on a claims made basis. Directly below is a basic summary with regard to both categories of insurance packages:
Claims-Made Insurance Coverage
Insurance coverage that requires that a claim be made, and also for the insured party to submit the actual claim to the insurer during the same coverage period. This kind of insurance plan is limited to liability regarding those claims that arise from incidents or events that come about and are reported to your insurance company insurance policy is in force. A claims-made policy is in force from the starting date with the preliminary policy period (the retroactive date) and remains in force ranging from that date through every subsequent renewal. Whenever a claims-made insurance policy is terminated, future claims due to situations that took place during the policy period are not covered. Tail-coverage can be combined with the insured party’s policy in order to insure beyond the date of termination of expressed policy
Occurrence Coverage
Delivers coverage structured upon when the actual accident or injury actually happens; hence, claims arising from injuries which occurred within the policy’s effective dates are covered in that insurance policy, regardless of when the claim will be actually made versus the Insured or introduced to the insurance carrier.
Maturation Factors/Step Factors
When you have a claims made insurance policy, your premium will increase each year immediately after policy renewal for the initial 5-7 years. The first year premium is very reasonable, which is usually due to the fact that you do not have a retroactive medical patient load from which claims could arise. As each year advances, the prospect of a claim from prior services performed increases, therefore the actual premium increases. This happens up until the mature rate is reached.
Regarding occurrence policies, the rate starts off with the mature rate on the very first day you acquire an insurance policy.
Individual Physician - Preferred Risk
Medical malpractice insurance providers will handle an applicant as being a preferred risk in the event that they meet some specific underwriting guidelines. The particular guidelines are determined by the applicant's medical specialty, credentials in addition to a favorable malpractice claims history. The main difference between a preferred and standard risk medical doctor, is usually that preferred risk physicians have got certain characteristics of which place them in a special system sponsored by the insurance carrier.
Obtainable varieties of discounts feature:
- Part-time Physician
- Medical Society Membership
- Claims-Free Discount
- Risk Management Course Participation
- Practice Profile
- Qualification
- Employee Credentials
- Education and Training
- Patient Load
- Reduction of particular procedures normally performed by doctors of your specialty
The maximum amount of total annual discounts that can be applied to your policy is 40%.
Individual Physician - Standard Risk
Applicants that don't qualify as preferred risks and are not classified as special risks will fall into the standard risk profile. Most applicants will fit into this category of coverage.
Available forms of discounts include:
- Part-time Physician
- Medical Society Membership
- Claims-Free Discount
- Risk Management Course Participation
- Practice Profile
- Qualification
- Employee Credentials
- Education and Training
- Patient Load
- Reduction of particular procedures normally performed by doctors of your specialty
The maximum amount of annual discounts that can be applied to your policy is 40%.
Individual Physician - Special Risk
Applicants that are engaged in a unique type of medical practice, or have a history of claims, whether at fault or not, or have been canceled or declined by other medical malpractice insurers or otherwise do not meet the underwriting criteria for preferred or standard risks are considered special risks.
Madison is known for our ability to help find coverage for “hard to place” physicians and facilities that have adverse claims history, have been canceled or non-renewed and do not qualify for the Standard or Preferred marketplace.
Medical Groups
Madison has the experience working with medical groups of all sizes. Even with contrasting claims history for physicians within the group Madison can help create solutions to limit your cost.
The Madison Advantage in Georgia
As the healthcare industry’s premier insurance broker, Madison provides access to major insurance coverage providers to make sure you are getting the very best medical malpractice insurance policy rate possible. With our proven track record in performance and customer relationships, you'll be able to put your mind at ease acknowledging that Madison can assist you every single step of the way and assure you're getting the very best rates possible. As your medical malpractice insurance specialist, we review your needs and present policies that will be individually customized to suit those requirements. Our company offers cost-effective rates and work hard to keep your medical malpractice insurance rates low. Using Madison taking care of your insurance plan, you can give attention to what you do best-providing exceptional patient care.
Madison Experience
We have worked with thousands of physicians and medicalprofessional medical groups of all specialties. At Madison, we don’t “market” your risk, we find the highest quality solution and value to suit your particular requirements. Madison provides the experience to acquire effective strategies to unique and sophisticated situations physicians and medical groups face in today’s complex environment.
