There is a new medical malpractice insurer in the state of Maryland called the Maryland Healthcare Providers Insurance Exchange. The Maryland Exchange plans to work with its insured doctors to identify causes of claims and find ways to avoid or mitigate them. The new insurer also wants hospitals and doctors to work together when handling patient safety, risk management, and claims management.
Medical Mutual Liability Insurance Society of Maryland, which insures more than 75% of the private practice physicians announced last summer that it would not be increasing medical malpractice insurance premiums after two years of double-digit increases.
According to Medical Mutual, their payouts in medical malpractice cases had risen from $47 million in 2000 to $93 million in 2003. But 2004 was only at $78.5 million, and 2005 was expected to be similar.
Interesting that they did not reduce rates even though the payouts went down. It is possible that this new entry into the market by Maryland Healthcare Providers Insurance Exchange indicates that there is money to be made from doctors by insurance companies selling medical malpractice insurance.
If you or a loved one has been the victim of medical malpractice, please contact Jack Lebowitz or Vadim Mzhen by e-mail or toll free at 1-888-311-HURT (4878) to set up a FREE, no obligation consultation.