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Level of Malpractice Coverage

  • 1.  Level of Malpractice Coverage

    Posted 04-15-2021 16:57
    Hello,

    Anyone out there willing to share their level of malpractice coverage...$1M / claim, $2M per claim, etc.?  Worried that our group may be a bit underinsured and curious to what is typical these days.  KY has no cap on damages so we may be at risk a bit more than others.....

    Thanks - Josh

    ------------------------------
    Joshua Dorsey
    Chief Executive Officer
    Radiology Associates of Northern Kentucky
    Crestview Hills KY
    614-284-1597
    ------------------------------


  • 2.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 17:05

    Joshua, I have seen groups anywhere from 3M/5M , 5M/9M, and 11M/13M  That is per occurrence/aggregate.  Costs will vary by state of course.  Current group carries 11M/13M at about the same cost as a previous group in a different state carrying 5M/9M.  I think it helps them sleep at night.

     

    John Griffith

    Administrator

    DakotaRadiology

    2929 5th Street, Suite 230

    Rapid City, SD  57701

    Office: 605.721.8545

    Fax: 605.721.8827

    JGriffith@dakota-radiology.com

    www.dakota-radiology.com

     

    WARNING: CONFIDENTIALITY NOTICE - The information contained in this transmission is the private, confidential property of Dakota Radiology, including patient information protected by federal and state privacy laws. This transmission is privileged communication intended solely for the intended recipient. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or disclosure, or the taking of any other action relevant to the contents of this transmission, is strictly prohibited. If you have received this communication in error, please contact Dakota Radiology at 1-605-342-2852, or reply to the sender.



    Original Message


  • 3.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 17:06
    Hello Joshua,

    We are in Oregon and our group is hospital-based in 2 Level One hospitals, Legacy Emanuel and Randals Children's Hospital and have maintained the same limits for the last 15 years. $5M/$9M
    This was how far back I was able to confirm the amounts.


    ------------------------------
    Rhodes Kimmell
    Administrator
    Radiology Consultants, Inc.
    Portland OR
    (503) 575-2521
    ------------------------------

    Original Message


  • 4.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 17:08
    Hi Josh

    We're at $1M/$3M.  I think the right number is going to depend on where you practice and your risk tolerance.  A good broker should be able to provide figures on the history of judgements in the venues where you practice, and the circumstances surrounding large judgements.  It also helps if you can find out whether judgements exceeded limits.

    Whether you should cover the extreme high end is debatable, as sometimes coverage drives judgements and settlements.  Also, you may be able to get excess judgement coverage.

    Hope this helps.

    ------------------------------
    David Smith FACMPE
    Executive Director
    United Imaging Consultants
    Mission KS
    (785) 393-8387
    ------------------------------

    Original Message


  • 5.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 17:17

    We are also at $1M/$3M. I agree with David's comments.

     

    Thank you,

     

    Carol Hamilton, MBA, FRBMA, FACMPE, SHRM-SCP

    Chief Administrative Officer

    West County Radiological Group, Inc.

    11475 Olde Cabin Road, Suite 200

    St. Louis, MO 63141

    P: 314-991-8201

     



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  • 6.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 17:57
    We are at 2M/5M but I am asking the group to go to 1M/3M.
    I have never had a group in 45 years greater than 1M/3M with no
    issues with that limit. The hospital owned physicians all have 1M/3M.


    --
    James E. Hamilton, MHA, FRBMA
    CEO
    Radiology Physicians, Inc.
    937-626-3043 Cell
    937-709-5050  FAX    





    Original Message


  • 7.  RE: Level of Malpractice Coverage

    Posted 04-16-2021 11:32
    Good morning Joshua,

    My experience coming from a highly litigious market (Miami), I echo Dave Smith's insight.  $1M/$3M is generally the sweet spot but the key takeaway is to find out from a reliable broker in your area if that sufficient for your area. Also make sure that your broker is respected amongst your colleagues as well.  

    Hope this helps!

    ------------------------------
    Barbara Deppman
    Prinicipal
    Deppman Healthcare Consultancy
    Miami FL
    305-505-5669
    ------------------------------

    Original Message


  • 8.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 19:33
    Dignity requires us to have $2mm/$5mm

    Wayne K. Baldwin
    805-879-7577


    Original Message


  • 9.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 19:11
    Hello -    We are at 2/6.   I am aware of a case where the medical group signed an indemnity provision, and the case exceeded limits of coverage exposing the owners personal assets.  Was a hospital based practice not radiology in the Puget Sound area (Seattle to Tacoma Washington State).    I am also aware of 2 cases settling at limits in the same area.  My practice is conservative and very risk adverse.   So they sleep better at night with the higher limits.   Your broker should be able to provide more insight into area norms.

    ------------------------------
    Beth Williams MHA, FACMPE, FRBMA
    Executive Director
    Vantage Radiology and Diagnostic Services
    Federal Way WA
    (253) 661-1700 ext. 1105
    ------------------------------

    Original Message


  • 10.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 20:02
    Hello,

    We're at 1M/3M, located in Alaska.

    ------------------------------
    Roseann Pickett RT(R)(CT), CMPE
    C.E.O.
    Alaska Imaging
    Anchorage AK
    (907) 792-7975
    ------------------------------

    Original Message


  • 11.  RE: Level of Malpractice Coverage

    Posted 04-16-2021 08:03
    Josh,
    We have $3M/$5M coverage in place.  Made the change from $1M/$3M in 2019.

    ------------------------------
    Richard Sorrells
    Chief Executive Officer
    Radiology Specialists of Louisville
    Louisville KY
    (502) 583-2731
    ------------------------------

    Original Message


  • 12.  RE: Level of Malpractice Coverage

    Posted 04-15-2021 21:15

    Joshua,

    I encourage you to get quotes for various options then let the doctors decide collectively as a group.  IMO, the amount of coverage should be a group decision to which all must abide. 

    The group with which I was most familiar bought $10m/$12m.  Does it cost more than $1m/$3m?  Sure, but not proportionally more – only fractionally more.  Most of the premium cost is in the initial $1m/$3m coverage because that is where the real risk to the insurer is.  I was always surprised at the relatively small amount it took to buy up to f$10m/$12m.  As someone else said, the additional coverage was very comforting to the radiologists. 

    No evidence at all the higher limits invited any extra litigation or demands which is a fear sometimes expressed. 

    Mike Bohl

     

     




    Original Message


  • 13.  RE: Level of Malpractice Coverage

    Posted 04-16-2021 08:11
    In Virginia where AAR practices there are state mandated limits, and our hospital and other contractual relationships require that we meet or exceed that limit of course, and it is $2.5mil in 2021 and increases slightly each year.  But generally in my 35+ years in this business I have never been a proponent of over-insuring the physicians because regardless of other comments, it is not unreasonable to imagine that if you create a bigger bulls eye ($10,000,000) you become a more desirable target for a plaintiff's attorney.  Additionally it is very common for plaintiff's to sue multiple people or entities at the same time (shotgun approach to include anyone even remotely associated with the case, or the insured employer organization and if applicable the hospital) so a $2,500,000 limit becomes a multiple of that when various other defendants are drawn into the case. 

    Knowing that the doctors can sleep well is important, but the added coverage still costs money so they are potentially resting on overpriced and unneeded extra pillows.

    Patrick

    ------------------------------
    Patrick Waring MBA, MHSA, FACHE
    CEO
    Association of Alexandria Radiologists, PC
    Springfield VA
    (703) 824-3200
    ------------------------------

    Original Message


  • 14.  RE: Level of Malpractice Coverage

    Posted 04-16-2021 09:30
    Edited by Jessica Struve 04-16-2021 09:30
    Please look at your coverage limits as listed in your PSA
    with the hospital or any requirements in your contracts with the commercial payers

    Dennis Wiseman
    Chief Executive Officer
    Radiology & Imaging of South Texas
    3226 S. Alameda Street
    Corpus Christi, TX 78404
    Sent from my iPhone
    PRIVILEGED AND CONFIDENTIAL:  This document and the information contained herein are confidential and protected from disclosure pursuant to federal law.  This message is intended only for the use of the Addressee(s) and may contain information that is PRIVILEGED and CONFIDENTIAL. If you are not the intended recipient, you are hereby notified that the use, dissemination, or copying of this information is strictly prohibited.  If you have received this communication in error, please erase all copies of the message and its attachments and notify the sender immediately.



    Original Message


  • 15.  RE: Level of Malpractice Coverage

    Posted 04-16-2021 09:29
    $500k/$1.5M
    Mature doctors is about $15k/annually

    Dennis Wiseman
    Chief Executive Officer
    Radiology & Imaging of South Texas
    3226 S. Alameda Street
    Corpus Christi, TX 78404

    Sent from my iPhone

    PRIVILEGED AND CONFIDENTIAL:  This document and the information contained herein are confidential and protected from disclosure pursuant to federal law.  This message is intended only for the use of the Addressee(s) and may contain information that is PRIVILEGED and CONFIDENTIAL. If you are not the intended recipient, you are hereby notified that the use, dissemination, or copying of this information is strictly prohibited.  If you have received this communication in error, please erase all copies of the message and its attachments and notify the sender immediately.




    Original Message


  • 16.  RE: Level of Malpractice Coverage

    Posted 04-16-2021 16:23

    Our hospital partner requires 2M/5M

     




    Original Message


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