AUSTIN, Texas, Dec. 12, 2017 /PRNewswire/ -- In a break from traditional professional liability carriers for solo and small practice physicians, Capson is providing in-house attorneys to help facilitate claims for insureds.
According to Capson Physicians Insurance President & Founder, Maury Magids, when a medical malpractice claim is made against a physician, most carriers assign a claims adjuster to work through the process.
"Up to five months can go by before any significant action may be taken on a claim. Claims adjusters will typically work with local defense to resolve issues, if possible," Magids said. "And non-meritorious claims can cost around $40,000 and three years to resolve. Capson assigns attorney support from the moment a claim is reported. In addition, our select defense panel includes senior partners from leading medical malpractice law firms."
This model creates a peer-to-peer relationship between Capson attorneys and patient attorneys, reducing the time and expense of closing claims. Non-meritorious claims handled by Capson typically close 83% faster than the industry standard, reducing resolution time from 2-3 years, to approximately six months.
"Not only does having on site attorneys obviously save time and money, we give physicians back peace of mind, so they can focus on their patients," Magids said.
A report from the American Medical Association (AMA) states that six out of every ten physicians 55 years of age and older have been sued at some point in their career. The same study also indicates that 22.4% of physicians are sued twice or more. Physicians will spend an average of 11% of their career dealing with unresolved medical malpractice liability claims.
Physicians need to be more proactive in preventing scenarios that may compromise their practices, and prioritize patient experiences as part of overall care.
To mitigate concerns and create a stable practice, here are three ways small practice and solo physicians can make 2018 a year of change:
- Know Your Risks: Physicians spend a lot of time learning about medical advances and breakthroughs. But for small practice physicians, education about professional liability and other financial and legal issues is just as critical.
- Be Proactive: Although medical claims may not be frequent, they are high impact incidents for physicians and can wreak havoc in a small practice. Prioritizing patient feedback and compliance programs within a practice can help prevent complaints.
- Depend on Experts: Physicians are experts in caring for patients. So it only makes sense that physicians leverage the expertise of legal professionals to understand how to manage risks and professional liability concerns.
For more information, please visit http://www.capson.com.
Capson is medical malpractice insurance carrier providing an extraordinary experience to physicians and distribution partners. We offer a unique alternative through the people we hire, the culture we create, the partners with which we align, and the technology we develop and deploy. Capson brings integrity, authenticity, and transparency into an industry in great need of change.
Jennifer Robenalt, firstname.lastname@example.org, 512.653.9656 or 888.630.2653.
SOURCE Capson Physicians Insurance Company