In Need of Medical Malpractice Insurance in New Mexico?
If you are a physician needing medical malpractice coverage in New Mexico, MEDPLI will work for you as your only trusted broker.
Use the information in this 2024 Buying Guide to get ready to discuss your medical malpractice insurance needs with a MEDPLI broker. Get a quote.
New Mexico Medical Professional Liability Insurance Market Summary
Physicians in New Mexico have many options for obtaining medical malpractice insurance, but we recommend carriers rated “A” by A.M. Best because of their long-term financial solvency and a history of providing robust financial and legal support for New Mexico physicians.
Some of the top-rated medical malpractice insurance companies serving New Mexico physicians include:
Save time and effort by getting a wide range carrier quotes through MEDPLI as your single point of contact. You can get a quote through us today.
Malpractice Insurance Rates for New Mexico Doctors
Malpractice insurance policies for New Mexico doctors are issued exclusively on a calendar year basis, with policy effective dates of January 1 each year. Medical malpractice insurance carriers set their premiums for each policy based on factors such as practice location, medical/surgical specialty, and past claims history. Talk to a MEDPLI broker to get quotes tailored to your unique coverage needs.
| Specialty | Approximate Rate |
|---|---|
| Anesthesiology | $20,000 |
| Cardiovascular Disease Minor Surgery | $21,000 |
| Emergency Medicine | $28,000 |
| Family Practice No Surgery | $17,000 |
| General Practice No Surgery | $17,000 |
| General Surgery | $38,000 |
| Internal Medicine No Surgery | $17,000 |
| Obstetrics and Gynecology Major Surgery | $55,000 |
| Occupational Medicine | $9,000 |
| Ophthalmology No Surgery | $9,000 |
| Orthopedic Surgery No Spine | $38,000 |
| Pathology No Surgery | $9,000 |
| Pediatrics No Surgery | $11,000 |
| Psychiatry | $9,000 |
| Radiology – Diagnostic | $20,000 |
*Using the NM standard limits of $250,000 for Each Claim / $750,000 Aggregate per year in coverage.
Physicians in higher-risk specialties may need more coverage. MEDPLI specializes in medical malpractice insurance and tail insurance coverage for New Mexico physicians, so don’t hesitate to reach out for a personalized quote. Get a quote.
Medical Malpractice Insurance Requirements for New Mexico in 2024
Doctors in New Mexico are not required to obtain malpractice insurance. However, hospitals and other healthcare facilities may mandate that physicians carry medical malpractice insurance. Also, a minimum liability insurance coverage of $250,000 is required to enroll as a Patient Compensation Fund (PCF) provider. The damage cap for claims against PCF-enrolled providers who are not hospital/outpatient facility employees is $750,000, which is adjusted annually based on the consumer price index.
Types of Professional Liability Insurance for New Mexico Physicians
New Mexico is unique in that standard insurance carriers only offer occurrence medical malpractice policies. Here is a brief overview of occurrence insurance:
1. Occurrence Insurance
Occurrence malpractice insurance provides coverage for incidents that occurred during the policy year, regardless of when a claim is reported to the carrier.
Occurrence policies are more costly at the start of the policy, but the rate stays the same for the length of the policy, and there is no need for tail coverage when the policy ends. Read more about occurrence insurance.
2. Tail Insurance
Important note for New Mexico physicians practicing with a medical malpractice policy underwritten on a claims-made basis when changing jobs: If you do not secure tail coverage, you will be exposed to a lawsuit if you change jobs and a former patient files a claim against you. When you prepare to leave your employer, you should seek tail coverage options with an independent broker like MEDPLI.
Tail insurance covers you for a specific time period. The new employer’s policy won’t cover you for prior acts of a former practice, hence tail coverage is needed.
Read more about tail malpractice insurance for physicians.
Reach out to an experienced MEDPLI broker who will work for you to find a tail policy at a great price.
Telemedicine in New Mexico
New Mexico has The New Mexico Telehealth Alliance, which is a non-profit corporation dedicated to promoting telehealth solutions that deliver quality healthcare throughout the state and is made up of public and private healthcare organizations. The Alliance provides an online telehealth toolkit and other resources for New Mexico physicians who offer telehealth services. New Mexico covers one of the widest ranges of telemedicine health services in the nation, including:
- Behavioral health
- Addiction/substance misuse treatment
- Counseling & social work
- Home rehabilitation
- School-based services
- Dental care
- Hospice
In addition, New Mexico’s telehealth policies include:
- Physicians must be licensed to practice in New Mexico.
- Out-of-state physicians must obtain a special telemedicine license to treat New Mexico residents.
- There is no requirement on where the patient needs to be located at the time of service.
- Physicians can establish a patient-physician relationship through a live video exam before prescribing medications.
- New Mexico Medicaid doesn’t place any restrictions on which providers can bill for telemedicine.
Doctors who care for patients via telehealth are subject to the same liabilities as in-person treatment. Reach out to a MEDPLI broker to ensure your existing medical malpractice policy extends coverage to perform telehealth services in New Mexico.
New Mexico’s Damage Caps on Medical Malpractice Lawsuits
According to amendments to the New Mexico Medical Malpractice Act in 2021, the damage cap in liability lawsuits involving independent healthcare providers was raised from $600,000 to $750,000, plus medical expenses and an annual cost of living adjustment.
The $750,000 cap applies to claims for alleged medical malpractice injury or death that were made on or after January 1, 2022. Also, according to a May 15, 2023, news release from the Office of the Governor Michelle Lujan Grisham, “Senate Bill 523 amends the Medical Malpractice Act to cap claims for independent healthcare facilities, such as urgent care, ambulatory surgical centers, and free-standing emergency rooms that are not hospital controlled. Additionally, the damages recoverable from an injury or death to the patient as a result of malpractice shall not exceed $1 million, except for punitive damages. Beginning in calendar year 2024, it adjusts annually by the prior three-year average consumer price index.”
Tort Reform in New Mexico
The state passed the New Mexico Medical Malpractice Act in 1976. This act:
- Established a statute of limitations.
- Established a medical review commission.
- Limited the payout amount of recoverable damages to $500,000 total.
- Worked with the New Mexico Professional Liability Fund Act of 1976 to establish a Patient Compensation Fund (PCF).
In 2022, additional tort reform legislation raised the damage cap to $750,000, plus medical expenses and an annual cost of living adjustment.
Statute of Limitations for Medical Malpractice Claims
The statute of limitations for medical malpractice in New Mexico can be complex and vary from case to case. Consulting with MEDPLI brokers who understand the ins and outs of this system is an important part of protecting your medical practice with strong medical malpractice insurance coverage.
Medical Malpractice Insurance Outcomes in New Mexico
The total malpractice payout in New Mexico was $49,930,000 as of 12/31/2023 (Source: National Practitioner Data Bank).
Closing Remarks
Although New Mexico offers physicians patient populations with cultural diversity, plus an attractive climate and lifestyle, New Mexico continues to experience a shortage of physicians, especially primary care physicians and specialists in rural parts of the state. However, New Mexico ranked among the top 20 U.S. states for the number of medical malpractice adverse action reports in 2023. Even with damage caps on medical malpractice payouts, New Mexico physicians still need robust medical malpractice coverage to protect against high financial loss in case of a liability lawsuit.
MEDPLI helps doctors from all specialties. Whether you are a plastic surgeon in Albuquerque, a radiologist in Las Cruces, or a urologist in Rio Rancho, we can help you find medical malpractice insurance. To get coverage from an A-rated carrier, contact us by requesting a quote.
