What is a Medical Malpractice Insurance Loss Run Report and Why is it Important?
Doctors who are seeking medical malpractice insurance need to provide their new prospective insurance carrier with their “Loss Run Report.” A medical malpractice insurance loss run report shows the claims activity for the period of time that a provider was insured by a carrier, and is an important metric that underwriters use to evaluate past claims history when creating a medical malpractice insurance policy.
Essentially, your loss run report is like a report card of your prior claims history. Malpractice insurance carriers such as The Doctors Company, Medical Protective, and more create loss run reports that provide underwriters with critical data like:
the status of the claim (open or closed)
the amount of the loss (if any)
How Do Doctors Obtain Their Loss Run Reports?
Doctors need to contact their former medical malpractice insurance carrier, employer, or insurance broker to request their loss run report. Sometimes there are delays in processing loss run reports, so it’s wise to get started on this as soon as you begin the application process.
What Else Should Doctors Know About Medical Malpractice Insurance Loss Run Reports?
Doctors who have worked for a lot of different employers will have more work cut out for them when seeking their prior Loss Run Reports. On the other hand, doctors who have recently finished residency or fellowship will not have much work. Loss Run Reports need to be dated within 30 days to be considered current.
Physicians employed by the US Veterans Affairs (VA) will not have a loss run report for their VA work, but still need to report all claims on their application.
The longer a doctor is loss – free, the more access they may have to policy discounts and credits.
Loss run reports are imperative to the underwriting process, but the loss run report does not tell the full story. Drafting a letter on your professional letterhead explaining the details of the case, including what you learned from the adverse outcome and steps you have taken to increase patient safety, informed consent, documentation, etc. is helpful. In addition to your own narrative of the claim, it is helpful to get your defense attorney to provide a high level case overview to help shed light on the claim.
For help getting your loss run reports, call MEDPLI at 800-969-1339 or contact us via email. (And if you’re a doctor who’s switching jobs, don’t forget about tail insurance)