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Strategize to decrease liability premiums

Practice Management. By Mike Norbut, amednews staff. Dec. 22/29, 2003.

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When the doctors with Infinity HealthCare, a group of about 100 emergency physicians contracting with hospitals in Illinois and Wisconsin, saw their liability insurance premium was going to increase 300% last year, they shopped around for a less expensive alternative.

The group even found different carriers to cover their Wisconsin and Illinois physicians, said Scott French, MD, an emergency physician with the group. This year, the doctors are considering raising their deductible to keep their premium steady, he said.

"We're definitely spending a lot of time thinking about malpractice," said Dr. French, who earlier this month attended a Chicago-area seminar about lowering liability expenses. "That's time we could be spending thinking about our patients."

Rather than simply signing on the dotted line, doctors are playing the role of cost-conscious consumers, looking for the best deal and finding ways in their own practices to reduce risk and stave off the enormous premium increases that are looming.

The liability insurance crisis in many states is forcing some physicians to scramble for affordable coverage, move to another state, or quit practicing altogether. For the vast majority of doctors, however, the only option appears to be simply accepting what's offered.

But consultants and financial advisers say you don't have to take your renewed policy sitting down. Negotiating rates in this hard insurance market is difficult to do, advisers said, but advocating your achievements to insurance companies and carefully reviewing your policy may help your practice avoid the hefty increases many doctors are reporting.