If you’re a physician or surgeon looking to save money on the cost of medical malpractice insurance, MEDPLI will work for you as your only trusted broker to obtain the best rate from “A” rated carriers. Ask your MEDPLI advisor about these 6 ways you may be eligible for a discount on medical malpractice insurance premiums. 1. Discounts for New Doctors Just starting out in your medical career? Some carriers may reduce the cost of medical malpractice insurance premiums for a doctor’s first year of practice by 50%, and 25% in the second year. This discount reflects the lower risk that new doctors will be sued for malpractice during the first two years of practice. 2. Discounts for Specialty Fellowship Graduates If you have completed a specialty fellowship program, you may qualify for significant discounts of 50% to 75% on introductory malpractice insurance premium rates for the first year of coverage. Many insurance companies see specialty fellowship training as potentially reducing the surgeon’s risk of malpractice lawsuits and reduced likelihood of paying out indemnity if sued. 3. Discounts for Doctors Who Are Claims-free Doctors who remain claims-free for anywhere from 5 to 10 years may be eligible for a discount up to 25% from some medical malpractice insurance carriers. Your MEDPLI advisor will take your claims status into consideration when researching policies and carriers best for your specialty. 4. Discounts for Doctors Who Work Part-time Many medical malpractice insurance carriers offer discounts ranging from 25% to 75% to doctors who see patients on a part-time basis. Typically, the fewer hours the doctor works per week, the higher the premium discount. For example, a doctor who has a weekly schedule of 10 hours or less may be eligible for a 50%+ premium discount, depending on the carrier’s requirements. 5. Discounts for Members of Professional Medical Associations Tell your MEDPLI advisor if you are a member of a medical association or specialty society that may offer lower premiums to members through their own medical liability insurance companies. These associations may also offer members a discount with medical malpractice insurance companies that they endorse. For example, the American Society of Plastic Surgeons® (ASPS®) has endorsed The Doctors Company medical malpractice insurance program for the past 33 years. Qualified ASPS members receive a 5% discount if they have a favorable claims history. Members who have no malpractice claims against them may receive an additional 25% discount. 6. Discounts for Doctors Who Complete a Risk Management Program Many of the “A” rated carriers that MEDPLI works with offer discounts on medical malpractice insurance premiums to doctors who complete online risk management programs for private medical practices. These courses provide guidelines and recommendations for building a comprehensive risk management strategy to improve patient safety, and therefore potentially minimize the risk of malpractice incidents and the resulting claims and lawsuits. Medical malpractice insurance carrier ProAssurance, for example, offers a number of online risk management seminars at no additional charge to policyholders. Participants can earn a one-time premium credit per seminar up to a maximum set by the company. Other Cost Factors The cost of medical malpractice insurance premiums can vary from state to state, and the type of policy and amount of coverage you need. A MEDPLI advisor can answer all of your questions about potential premium discounts, and explain all of the risk factors that underwriters typically consider when determining a premium rate, including: \tMedical/surgical specialty and level of risk \tLength of time the physician has been practicing \tPractice location and size \tThe number of malpractice claims, if any Medical malpractice premium rates generally increase each year, due to claims-made step ups and market changes. Whether you need new coverage or a policy renewal, your dedicated MEDPLI advisor can save you money, time, and effort by doing all of the research to find the best policy, carrier, coverage, and rate options to fit your specialty and practice. Call us at 1-800-969-1339 or email us at email@example.com.