Virginia Malpractice Insurance
Since 2003, the state of Virginia has adopted three modifications to med mal laws including a damage cap, a screening of proposed lawsuits by a medical review panel, and a state fund to help pay for damages to children with birth related neurological injuries.
The current cap on damages is set at $2 million and is to be increased every year (starting in 2012) for the next 20 years.
Tips For Helping Potentially Shield Your Practice From Litigation: Medical Malpractice Insurance, also called Medical Professional Liability Insurance or MPL Insurance, is undoubtedly vital insurance coverage in Virginia. A number of Virginia medical doctors are convinced that the moment they are covered, that may be just about everything they can do in order to protect themselves from frivolous legal action, but that isn’t true! Here are some tips to consider to help protect to your practice:
- Make sure to keep accurate details of all your patients along with the treatments performed. Accuracy and reliability or lack-there-of can be factor in fighting a malpractice lawsuit.
- Require signatures before every major procedure. Simply by requiring signatures before any significant procedure, you are taking a large step in helping to protect your practice.
- Customer Service is vital! A number of patients that file malpractice lawsuits do it simply because they had a negative experience during their visit. By simply making sure the patient is appropriately taken care of, in addition to ensuring their visit will be positive and professional, you'll be able to help yourself steer clear of lawsuits.
Malpractice Categories and Savings
New to Practice Physicians
If you are a new-to-practice physician you have many choices to make. This is also true in the matter of acquiring your medical professional liability insurance protection. This coverage often is also generally known as medical malpractice insurance. Coverages are offered also as a resident, intern, or even fellow.
Discounts Available for New to Practice Doctors!
There's definitely good news for you! Many malpractice insurance firms offer new-to-practice fee reductions. These special discounts could be as much as 50%.
Variations of Polices
There's two standard varieties of protection readily available. The majority of coverage created is actually on a claims made basis. Directly below is a practical outline for both forms of insurance packages:
Claims-Made Insurance Plan
Coverage that requires that a claim be made, and also for the insured party to submit the actual claim to the insurance provider in the same policy period. This form of insurance is restricted to liability for those claims that arise from incidents or events that take place and also are reported to the insurance company insurance policy is in force. A claims-made insurance policy is in force from the starting date associated with the initial policy period (the retroactive date) and continues in force between that date through every subsequent renewal. When a claims- made policy is terminated, future claims due to occurrences which transpired during the insurance policy period are not covered. Tail-coverage could also be added onto the insured party’s policy in order to insure beyond the date associated with termination of described insurance policy
Occurrence Coverage
Provides protection structured upon when the actual accident or injury actually happens; hence, claims due to accidents of which occurred within the policy’s effective dates are covered through that insurance policy, regardless of when the claim is actually made in opposition to the Insured or introduced to the insurance company.
Maturation Factors/Step Factors
If you have a claims made insurance policy, your premium will increase on an annual basis immediately after policy renewal for the initial 5-7 years. The initial year fees are very reasonable, which is due to the fact that you don't maintain a retroactive medical patient load from which claims could arise. As each year advances, the prospect of a new claim from previous services performed increases, consequently the premium increases. This takes place up until the mature rate is reached.
For occurrence policies, the rate commences with the mature rate on your very first day you purchase insurance protection.
Individual Physician - Preferred Risk
Medical malpractice insurance companies may handle an applicant as a preferred risk in the event that they meet specified underwriting guidelines. The particular guidelines are generally dependant on the applicant's medical specialty, experience including a favorable medical malpractice claims history. The difference between a preferred and standard risk doctor, is that often preferred risk physicians have specified characteristics which position them within a special system backed by the insurance company.
Obtainable forms 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 total annual discounts that can be applied to the policy is 40%.
Individual Physician - Standard Risk
Applicants that don't qualify as preferred risks and are not considered to be special risks will fit into the standard risk profile. Almost all applicants will belong to this group of 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 limit your cost.
The Madison Advantage in Virginia
As the health care industry’s premier insurance brokerage, Madison offers access to major insurance coverage providers to make sure you are receiving the most beneficial medical malpractice insurance rate possible. With our established track record in overall performance and customer relationships, you can put your mind at ease acknowledging that Madison will benefit you every single step of the way and be sure you are being quoted the very best rates possible. As your medical malpractice insurance specialist, we review your needs and offer you policies that are individually personalized to fit those requirements. We supply affordable rates and strive to keep your medical malpractice insurance rates low. Using Madison maintaining your insurance plan, you can focus on the thing you do best-providing outstanding patient care.
Madison Experience
We have worked with thousands of physicians and medicalprofessional medical groups from all areas of expertise. At Madison, we don’t “market” your risk, we identify the most suitable solution and price to fit your particular needs. Madison possesses the experience to uncover effective strategies to unique and complicated problems doctors and medical organizations face in today’s challenging environment.
