BY VANESSA ORR For the last year-and-a-half, a hard market has been unfolding in the medical professional liability sector, which provides malpractice insurance. And with a recent announcement by Lloyd’s of London, it looks like the difficulties the sector has been facing are about to get even worse. “Lloyd’s of London just announced that in
By Tom Murphy The current COVID-19 pandemic has accelerated the use of telemedicine. It has forced the sudden adoption of telemedicine by many medical practices and healthcare systems, accompanied by government and payer emergency measures that have helped to make telemedicine care easier. Most of these emergency measures will sunset, and while most physicians and
Jeffrey Smith-Cyber Risk Underwriters Healthcare executives often ask us how best to minimize cyber risk without breaking the budget. Here are a few easy and cost effective tools we highly recommend to healthcare providers. Most are available free of charge and require minimal expertise to implement. Get Phished According to Verizon[1], email fraud accounts for
By Daniel Casciato Healthcare professionals want to prevent any potential legal actions as it relates to the excellent care they provide to their patients. This includes advanced practice providers (APPs), such as Nurse Practitioners who now face similar legal issues to those experienced by physicians and other medical providers. According to Tom Murphy, a Med
by Matt Gracey Insurance underwriters use simple loss ratios (losses and expenses divided by premiums) as one of the tools with which to gauge a company’s suitability for coverage. High loss ratios, in which the losses approach, equal, or exceed the premium, are not good. One factor that has a large effect on loss ratios
By Matt Gracey As more doctors join hospitals or are considering doing so we are seeing more trouble created in the transactions by the doctors’ malpractice insurance tail issues. Once a doctor terminates his or her coverage for their practice and moves into a hospital practice their policy coverage will burn up almost completely unless
In the wake of the March 13, 2014 Florida Supreme Court ruling that a 2003 law limiting damages in medical-malpractice cases was deemed unconstitutional, a more difficult, “hard market” was predicted to hit Florida’s malpractice insurance market soon. Much like the dark storms on the horizon indicating a coming storm, we are starting to see
As featured in the South Florida Hospital News and Healthcare Report, March 2018 By Daniel Casciato One of the biggest medical malpractice changes South Florida healthcare providers need to be mindful of this year is last year’s decision by the Florida Supreme Court to strike down malpractice damage caps. In June 2017, the high court
By Julie Danna – Last November I read an article on cyber attacks in healthcare that broke down the price of data on the black market. It estimated that a credit-card number is worth $1, a Social Security number is worth $3, and a medical record is worth $200. This really caught my attention and
By Matt Gracey The Florida Supreme Court’s recent overturn of the caps on non-economic damage awards in medical malpractice cases is the final nail in the coffin of tort reforms enacted in 2003. The frequency of lawsuits against doctors and correspondently the premiums for malpractice insurance in Florida since 2003 have dropped on average about 65%