Page 10 - March 2017

When It Comes To Patient Care, Cover Story: Physicians

Be the One Should Prepare for Increase

They Can’t Live Without in Malpractice Premiums

Continued from page 1
There are products and companies out there to have to start raising prices because of pany would be defending.”
whose customers simply can’t imagine life without combined loss ratios, and once a few of The only good news is that Gracey
them. Think about your favorite electronic device, the larger insurers raise their prices, you doesn’t expect to see prices increase as
or your favorite restaurant. Perhaps a certain retail can expect all of the others to follow.” rapidly as they did in the last soft-to-
chain or online website you like shopping at… A number of factors have combined to hard market transition in the early
Regardless everyone has a few products or serv- contribute to the upcoming market 2000s. “At that point, companies were
ices in their life that they can’t live without. When change. “The Florida Supreme Court raising their rates by very high percent-
it comes to certain brands, we become very com- more or less gutted the tort reforms of ages; for example, Mag Mutual
mitted. I, for example, will eat just about anywhere 2003-04, almost completely eliminating Insurance Company increased its rates
as long as the food and service is decent, but take caps on noneconomic damages in 86 percent in one year for many special-
away my iPhone or shutdown Amazon and I would wrongful death cases and making other ties.” Gracey estimates smaller, steadier
have a rough go of it for a while. rulings that were detrimental to claims’ increases in the 5 to 15 percent range for
How about your organization? Have your defenses for doctors,” Gracey said. “We the next few years.
patients developed a similar bond? If someone else can expect that they will continue to Doctors considering the captive mar-
opened a similar hospital, practice or office ten min- BY JAY JUFFRE make more rulings that are unfavorable ket should hold off, as over the last cou-
utes closer to their house, would they still come to to defending doctors in Florida court- ple of years, captives have not done par-
see you, or would they switch merely our of convenience? rooms. ticularly well. “When the market hard-
When it comes to patient care, work to be the one your patients can’t live without. “It’s also a matter of pricing,” he con- ens, doctors look at captives as a possible
You may think it doesn’t matter, but we all know people who have been with the tinued. “The market is very competitive answer, but I believe that it is too early to
same doctor, dentist or hospital for years. No matter what, they continue to go to right now with approximately 30 compa- consider that option,” said Gracey,
year in and year out. Why is that? nies for doctors’ malpractice insurance. adding that there are still very good sta-
I remember when my second child was born. Despite the fact that we had moved But all of these companies are competing ble companies in the market where doc-
an hour away, my wife insisted that we go back to the same hospital as the first for for the same doctors, and there are fewer tors can purchase reasonably priced cov-
the birth (and all the prenatal care). The reason was not the room or the equipment. doctors, so many are now providing mal- erage.
I can guarantee it was basically the same as the one five minutes from our new practice insurance for hospital employ- “In the last couple of years, a number
house. It was the way the nurses, doctor and the staff made her feel and how they ers, and that has driven prices down to of captives have appeared in the medical
treated her. She also told anyone that would listen how great it was there. Go figure? unsustainable levels.” malpractice marketplace, but they have
When it comes to patient care, establish loyal and committed patients who simply According to Gracey, the result is that not done well and physicians have
can’t live without you. You’ll be amazed at the positive impact it will have on your there will be both consolidations and unwrapped themselves from the product
organization. bankruptcies, which are in fact already and moved back into the general market-
happening. He gives the example of the place,” he added.
Jay Juffre is Regional Vice President, South East Region / 2016 acquisition of a small, nonrated “The counsel we’re giving our clients
National Service Director, ImageFIRST. For more information on ImageFIRST, company of Florida doctors being is to move to a well-rated company -
call 1-800-932-7472 or visit www.imagefirst.com. bought by a large, California-based com- A.M. Best is the gold standard - and look
pany. for group bargaining power,” said
“We’re warning doctors to place their Gracey, adding that not all rating agen-
malpractice insurance with a well-val- cies are created equal. “Join an existing
ued, financially secure company because purchasing group or look to your peers
small and unnoted insurers will have to create one.”
even more trouble because they are only
able to compete on pricing,” said Gracey. For more information, visit Danna-
“Their claims handling is also not as Gracey at www.dannagracey.com
good as that of rated carriers - they are or call 1-800-966-2120.
forced to settle claims that a bigger com-

Partners in Breast Health Program at

Holy Cross Hospital Receives Grant

(l-r) Marcia Levy, Kathleen Thomsen and Beverly DiNunzio with Kim Saiswick
and Lynn Mandeville from Holy Cross Hospital and Jennifer Tallow
The Partners in Breast Health program (PIBH) at the not-for-profit Holy Cross
Hospital in Fort Lauderdale has received a $22,000 grant from the 1000+ Club to
Benefit Cancer, Inc.
Since 2011, PIBH has provided outreach education, clinical breast exams, screening
mammograms and diagnostic procedures to uninsured, lower income and minority
women age 40 and older who lack access to healthcare services. The program also
offers services to uninsured symptomatic women who are younger than 40.
PIBH aims to reduce late stage breast cancer diagnosis, decrease death in minority
populations and provide screening mammograms each year to uninsured individuals
living at or below 200 percent of the federal poverty level.

10 March 2017 southfloridahospitalnews.com South Florida Hospital News