Texas Malpractice Insurance
Texas enacted medical liability reforms in 2003. Since then, Texas has had a 17.5 percent increase in licensed doctors, according to the Texas medical Board. 33 counties have added at least one ER doctor—24 of which previously had zero.
With Texas becoming a more physician friendly state, many carriers are looking to expand to Texas or already have. Multiple carriers have lowered their rates by a substantial amount.
Tips For Helping Safeguard Your Practice: Medical Malpractice Insurance, also called Medical Professional Liability Insurance or MPL Insurance, is critical insurance coverage in Texas. Some Texas doctors assume that once they are insured, that is everything they're able to do in order to protect themselves from frivolous legal action, however that isn’t true! Consider the following to help safeguard your practice:
- Make sure to retain accurate records regarding all your patients along with the types of procedures carried out. Accuracy or lack-there-of could very well end up being a factor in a malpractice suit.
- Require signatures in advance of any major procedure. Simply by requiring signatures in advance of any significant procedure, you are taking a big step in helping to make sure your practice is covered.
- Customer Service is crucial! Some patients who initiate malpractice law suits do it merely because they endured a bad experience in the course of their visit. By making sure the patient is appropriately taken care of, in addition to ensuring their visit is positive and professional, you'll be able to potentially prevent a lawsuit.
Malpractice Categories and Benefits
New to Practice Physicians
As soon as you are a new-to-practice physician you have many decisions to make. This runs specifically true with regards to buying your medical professional liability policies. This coverage may be also generally known as medical malpractice insurance. Insurance coverages are also offered as a resident, intern, as well as fellow.
Special Discounts Available for New to Practice Doctors!
There is good news for you! The majority of malpractice insurance firms offer new-to-practice promotions. These discount rates can be as significant as 50%.
Different Types of Polices
There are 2 standard forms of protection to choose from. The majority of insurance coverage written is actually on a claims made basis. Here is a simple outline for each types of insurance packages:
Claims-Made Coverage
Coverage that requires that a claim be made, as well as the insured party to submit the claim to the insurance company within the same policy period. This type of insurance is restricted to liability regarding those claims that arise from incidents or situations that take place and are reported to the insurance company insurance policy is in force. A claims-made policy is in force from the starting date associated with the preliminary policy period (the retroactive date) and continues in force ranging from that date through every subsequent renewal. Whenever a claims-made insurance policy is terminated, future claims arising from incidents which happened during the policy period are not covered. Tail-coverage can be added to the insured party’s insurance policy to insure beyond the date of termination of expressed policy
Occurrence Coverage
Gives insurance coverage based upon when the accident or injury actually takes place; thus, claims due to accidents which occurred within the policy’s effective dates are covered through that insurance policy, no matter when the claim is actually made versus the Insured or provided to the insurance company.
Maturation Factors/Step Factors
If you have a claims made insurance plan, your premium will increase each year upon coverage renewal for the initial 5-7 years. The first year premium is very reasonable, which is simply because of the fact that you do not experience a retroactive medical patient load from which claims could arise. As each year moves on, the prospect of a claim from prior services carried out increases, therefore the actual premium increases. Such things happen up until the mature rate is reached.
Regarding occurrence policies, the rate starts with the mature rate on your very first day you purchase an insurance policy.
Individual Physician - Preferred Risk
Medical malpractice insurers may treat an applicant as a preferred risk if they meet some specific underwriting guidelines. The particular guidelines are generally dependant on the particular applicant's medical area of expertise, experience and also a favorable medical malpractice claims record. The distinction between a preferred and standard risk doctor, is that preferred risk physicians have got specified characteristics that position them within a special program sponsored by the insurance company.
Available categories of discounts may 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 the policy is 40%.
Individual Physician - Standard Risk
Applicants that do not qualify as preferred risks and are not classified as special risks will fit into a standard risk profile. The vast majority of applicants will fall into this group of insurance coverage.
Available types 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 different claims history for physicians within the group Madison can help create solutions to minimize your cost.
The Madison Advantage in Texas
As the health care industry’s highly regarded insurance broker, Madison has access to major insurance providers to make sure you are getting the very best medical malpractice insurance rate possible. With our proven track record in performance and customer relationships, you'll be able to put your mind at ease knowing that Madison will help you every step of the way and make certain you are receiving the best rates possible. As your medical malpractice insurance specialist, we evaluate your needs and offer you policies that will be individually tailored to suit those demands. Our company offers affordable rates and work hard to keep your medical malpractice insurance rates affordable. With Madison taking care of your insurance plan, you are able to focus on the thing you do best-providing exceptional patient care.
Madison Experience
We have worked with thousands of doctors and professional medical groups from all specialties. At Madison, we don’t “market” your risk, we come up with the most suitable solution and price to match your specific demands. Madison has got the experience to seek out advanced solutions to unique and complicated problems physicians and medical groups face in today’s complex atmosphere.
Here are several of the areas of expertise that we cover:
- Texas Administrative Medicine Medical Malpractice Insurance
- Texas Allergy Medical Malpractice Insurance
- Texas Immunology Medical Malpractice Insurance
- Texas Anesthesiology Medical Malpractice Insurance
- Texas Cardiology Medical Malpractice Insurance
- Texas Colon/Rectal Surgery Medical Malpractice Insurance
- Texas Dermatology Medical Malpractice Insurance
- Texas Diagnostic Radiology Medical Malpractice Insurance
- Texas Emergency Medicine Medical Malpractice Insurance
- Texas Family/General Practice Medical Malpractice Insurance
- Texas Gastroenterology Medical Malpractice Insurance
- Texas General Surgery Medical Malpractice Insurance
- Texas Gynecology Medical Malpractice Insurance
- Texas Neonatology Medical Malpractice Insurance
- Texas Neurosurgery Medical Malpractice Insurance
- Texas Nuclear Medicine Medical Malpractice Insurance
- Texas OBGYN Medical Malpractice Insurance
- Texas Ophthalmology Medical Malpractice Insurance
- Texas Oral and Maxillofacial Surgery Medical Malpractice Insurance
- Texas Orthopedic Surgery Medical Malpractice Insurance
- Texas Otolaryngology Medical Malpractice Insurance
- Texas Pathology Medical Malpractice Insurance
- Texas Pediatrics Medical Malpractice Insurance
- Texas Physical Medicine and Rehab Medical Malpractice Insurance
- Texas Plastic Surgery Medical Malpractice Insurance
- Texas Psychiatry Medical Malpractice Insurance
- Texas Pulmonary Disease Medical Malpractice Insurance
- Texas Surgical Assistant/Specialist Medical Malpractice Insurance
- Texas Telemedicine Medical Malpractice Insurance
- Texas Teleradiology Medical Malpractice Insurance
- Texas Thoracic Surgery Medical Malpractice Insurance
- Texas Urology Medical Malpractice Insurance
