NAPA, Calif., June 12, 2017 /PRNewswire/ -- The Doctors Company, the nation's largest physician-owned medical malpractice insurer, announced today that it has paid over $50 million in Tribute® Plan awards over the past decade to its members. Tribute was the first national plan to reward retiring doctors for their loyalty and commitment to superior patient care and has grown to be the largest plan in the industry.
Over the last 10 years, more than 5,800 Tribute awards have been paid. To date, the highest award is $139,599 and the largest balance is $239,414.
"No other medical malpractice insurer provides rewards of this magnitude," said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. "The Tribute Plan demonstrates our commitment to recognizing careers spent practicing good medicine and is one of the many ways we take the mal out of malpractice insurance."
Among those who have benefitted is Richard F. Timmons, MD, FACP, formerly with Diagnostic Clinic Medical Group in Largo, Florida.
"Imagine my delight upon receiving the Tribute Plan award from The Doctors Company at my retirement from active practice," Dr. Timmons said. "It certainly attests to the organization's mission to protect, defend, recognize, and reward its members for loyalty and commitment to professional excellence. I salute The Doctors Company for its dedication to its mission and for its professionalism, which I experienced over many years as the former medical director of a multispecialty group."
The Doctors Company's financial strength, with over $4 billion in assets, allows the company to offer the plan as a long-term benefit.
"The Tribute Plan has been invaluable to our growth in membership with The Doctors Company," said Mike Grady, president and founder of Grady Professional Services, an independent insurance agency in West Palm Beach, Florida. "Since Tribute's inception in 2007, our agency membership with The Doctors Company has increased more than 100 percent. We look forward to another 10 years of growth in our clientele through the physician market leader in professional liability—The Doctors Company—as they continue to relentlessly defend, protect, and reward the practice of good medicine to our joint client members."
About The Doctors Company
Founded and led by physicians, The Doctors Company (www.thedoctors.com) is relentlessly committed to advancing, protecting, and rewarding the practice of good medicine. The Doctors Company takes the mal out of malpractice insurance by helping practices of all sizes manage the complexities of today's healthcare environment—with expert guidance, resources, and coverage. The Doctors Company is the nation's largest physician-owned medical malpractice insurer, with 79,000 members and over $4 billion in assets, and is rated A by A.M. Best Company and Fitch Ratings. To learn more about data-driven insights and to stay up to date on industry trends, follow and subscribe to The Doctors Company on Twitter (@doctorscompany), YouTube, LinkedIn, Facebook, and Google+.
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SOURCE The Doctors Company