Medical Malpractice Insurance lecture

Medical Malpractice Insurance lecture - Medical Malpractice...

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Medical Malpractice Insurance Randy Jenkins, Esq., Coordinator of Insurance and Risk for UF Self-Insurance Program Introduction: Patch Adams Video Clip See Health Law Cases, Materials and Problems, 3 rd edition by Barry Furrow et.al. for additional information and specific cites.
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I. Sources of the Malpractice Crisis Nature of the Insurance Industry Insurance Availability and Cost
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Nature of the Insurance Industry 1970’s crisis = increased premiums Legislature response: Physician owned insurance companies 1980’s crisis = large jury verdicts = increased premiums
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Nature of Insurance Industry- Insurance Types Occurrence v. claims made policy Tail coverage- covers claims filed after claims-made policy expires Dollar limit per occurrence and in aggregate for policy period
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Nature of Insurance Industry- Layers First layer of coverage = basic coverage Coverage above basic = excess coverage
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Nature of Insurance Industry- Rates Rates must generate funds to cover losses during the period, the administrative costs of running company, and amount for unknown contingencies Past experience predicts severity of losses and frequency of claims Varies by specialty and geographic location
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Nature of Insurance Industry- Reserves and Reinsurance Reserves are liabilities based on estimates of future amounts needed to satisfy claims- include indemnity payments and legal expenses Reinsurance allows insurance companies to buy reinsurance from other insurers to cover potential losses to large for an individual company to absorb
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Insurance Availability and Cost Florida physicians experienced substantial increases in premiums due to increase in loss payments to claimants not the frequency of claims payments For surgical specialties and obstetrics the malpractice premiums consume a large portion of gross income
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II. Responses to the Crisis Benchmarks for Evaluating Reforms 1) Do reforms improve the operation of the Tort system for compensating victims? 2) Do reforms create incentives for the reduction of medical error and resulting injury to patients? 3) Do reforms encourage insurers to make malpractice more available and affordable ?
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Improving Insurance Availability for Physicians Multiple new sources of insurance such as Joint underwriting associations, reinsurance exchanges, hospital self-insurance programs and provider owned insurance companies Insurers writing policies on a claims-made basis rather than occurrence basis
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This note was uploaded on 07/18/2011 for the course HSA 3111 taught by Professor Lytle during the Fall '08 term at University of Florida.

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Medical Malpractice Insurance lecture - Medical Malpractice...

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