By: Matt Gracey The claims exposure for doctors going into nursing homes is much higher than for their normal practice, so most malpractice insurance policies specifically exclude coverage for this exposure. Exceptions are sometimes made in the policy to cover you going into nursing homes specifically to see your own patients, and for very limited

By Tammy Clarke, CPA President Obama’s Patient Protection and Affordable Care Act proposes a new and unprecedented Medicare tax that will directly affect many physicians. The tax, which goes into effect on January 1, 2013, is made up of two parts: an additional .9% surtax on earned income in excess of  $250,000 for married couples

By Matt Gracey and Dan Reale Many physicians are not aware of the importance and relatively low cost of purchasing separate-entity coverage for their practice. A  separate-entity layer of coverage can protect the physician from a recorded loss if the claim can be settled under separate-entity coverage. This is a real advantage if the physician

By Matt Gracey of Danna-Gracey This quote relates well to the present state of the medical-malpractice-insurance market.  We are in a very “soft” market, meaning the premiums are low because the frequency of claims against doctors is at a historically low level in most areas.  This in turn has created more competition, looser underwriting practices,

By Tom Murphy of Danna-Gracey In the insurance industry, like life, things tend to be cyclical. After more than seven years of declining rates and premiums, the National Council on Compensation Insurance (NCCI) recently recommended a rate increase of 8.9% in Florida, to take effect on January 1, 2012.   The workers’ compensation line in

Not asking for all of the available credits Most insurance companies offer multiple credits, ranging from discounts for claims-free history and practicing part time to discounts for society membership, and many others.  Never assume your credits are correct and always ask how your bottom-line premium was calculated and if there are any more credits to

Purchasing duplicate coverages Some coverages that another agent may try to say are necessary as part of another type of policy can be included in a malpractice  insurance policy, so make sure there is policy coordination to avoid duplicate expensive coverage. Check back next week for the #1 reason…

Not considering a deductible Taking a deductible basically hedges your insurance bet.  Your agent should perform a 10-year historical deductible analysis each year to give you a decision-making tool for this.    

Not choosing your liablility limits wisely Some doctors prefer lower limits but think that they are restricted from lowering their limits by a hospital, managed-care company, research study group, or the like.  Often, simply negotiating a bit will eliminate these concerns and allow a practice to lower to a much-less-expensive limit.

Not considering purchasing as part of a larger group Purchasing coverage as a small practice is almost never as economical as doing so as part of a purchasing-group program, so find a broker versed in finding you such savings. Follow up for reason #4 next week…