Page 12 - SOUTH FLORIDA HOSPITAL NEWS JULY 2022

Cover Story: Going Bare May

Carry More Risks than Rewards

Continued from page 1
“Doctors need to understand that the
out more money, which trickles down to plaintiffs’ bar is very savvy, and they
higher premiums for doctors,” said know what they can and can’t do with
Murphy. bare doctors,” Murphy said. “By going
Physicians, especially surgeons, are bare, physicians lose the professional and
once again thinking about going bare, experienced claims and legal representa-
but Murphy says that there are many tives that their insurance companies pro-
things to consider before they make that vide.”
choice. He added that bare doctors are often
For example, every time that a Florida forced to testify against co-defendant
physician renews his or her license, they doctors, and that the act of self-insuring
are required to notify the state if they or going bare is simply the shifting of
have dropped their insurance. They responsibility onto all of those who carry
should also carry a bond or letter of cred- malpractice insurance.
it up to $250,000 in case of a judgement “Doctors may also have a false sense of
against them. If there is a judgement and security if their assets aren’t properly pro-
the physician does not pay, they can lose tected,” he added, noting that due to
their medical license within 60 days. changes in the law, plaintiffs’ attorneys
“Unfortunately, $250,000 may be inad- can seek out and attach a medical prac-
equate,” said Murphy, noting that the tice’s accounts receivable.
average claim payment now equals So why go bare? It can save money on
$400,000. “What doctors also fail to rec- insurance costs, and in some cases, a
ognize is that instead of focusing on the physician could potentially be sued less
limits of liability, the real benefit of an because they are not carrying malpractice
insurance policy is that legal and claims insurance. A physician may have more
expenses are unlimited. control over his or her defense and settle-
“If a case is significant and the injuries ments, though a good insurance compa-
or damages severe enough, a very well- ny will work with its physicians to come
staffed and financed law firm will keep to an agreed-upon solution.
that physician in the lawsuit for as long “Unfortunately, as the market deterio-
as possible,” he explained. “The physi- rates without tort reform or systemic
cian will be forced to pay an exorbitant change, it could be their only affordable
amount for legal defense, and at some choice,” said Murphy. “What’s important
point, will be looking to settle so as not is that before making that decision, doc-
to pay more legal fees, which can be hun- tors do their homework. If going bare is
dreds of thousands of dollars.” something that they are considering, they
Murphy also noted that many hospitals need to understand the details of what is
and managed care companies now involved when one self-insures.”
require physicians to carry malpractice
insurance.
Despite a prevalent belief by doctors that For more information, call Tom Murphy or
not carrying insurance and implementing Matt Gracey at 800-966-2120 or visit
asset protection strategies will reduce the www.dannagracey.com.
frequency and severity of claims against
them, this is not always true.

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12 July 2022 southfloridahospitalnews.com South Florida Hospital News