FOR IMMEDIATE RELEASE JULY 13, 2017
Doctors’ Group Offers Members 15% Discount on
Malpractice Insurance with A-Rated Carrier
New collaboration benefits independent doctors
Winter Park, Fla. -- To help doctors who want to stay independent, the Association of Independent Doctors, a national nonprofit trade association, has collaborated with Coverys, one of the nation’s leading medical professional liability insurance companies, to offer independent doctors a significant discount on their medical professional liability insurance.
AID’s aim is to help independent doctors who want to stay in private practice avoid hospital employment.
Global advisory and brokerage firm Willis Towers Watson is also part of the new alliance, and will serve as the broker of record for the program, which launches this week.
The program offers eligible doctors in all 50 states who are AID members a 15 percent discount off their medical liability insurance, said Michael Miller, vice president of underwriting for Coverys, which is headquartered in Boston.
Medical liability insurance, which insures medical professionals against claims and lawsuits, is one of the most expensive budget items for a practice. “By helping independent doctors save on our already competitive pricing, we know we are helping patients save, too,” Miller said.
Depending on the specialty and geographic location, such insurance premiums can run anywhere from $8,000 to $100,000 a year. A 15 percent discount on a $25,000 annual bill would save a doctor $3,750 a year. An AID membership is only $500 a year.
“We had been looking for the perfect insurer to collaborate with for some time,” said Marni Jameson Carey, executive director for AID, which is based in Winter Park, Fla. “We wanted a highly respected carrier licensed to sell insurance in 50 states, who understood and supported our members.”
Coverys’s underwriting companies each hold an A (Excellent) rating from A.M. Best, the oldest and largest provider of financial stability ratings worldwide. Through these underwriting companies, Coverys has been providing medical liability coverage for over 40 years.
A fast growing, four-year-old association, AID has 1,000 members in more than 30 states, and works to educate consumers, media, lawmakers and businesses about the importance of preserving our independent doctors.
“The fit among the three parties was natural,” said Karyn Richcreek, vice president of health care practice, corporate risk and broking, for Willis Towers Watson, who initiated the Coverys-AID discount program. “We all share a passion for helping independent doctors survive and thrive in the face of an environment that is making it more difficult for them to do so.”
Market dynamics have been forcing independent doctors into hospital employment for the past decade, Carey said. “Most would prefer to stay independent, but feel they have no choice. In 2000, 57 percent of the nation’s doctors were independent; today that number is one in three. That employment trend is one of the primary drivers behind increased health-care costs.”
When hospitals employ doctors, they gain market share and bargaining power with third-party payers. As a result, hospitals get paid more for the same service. Hospitals also charge facility fees, which independent doctors do not. These fees add zero value, though they increase the cost of care 200-to-500 percent.
“When I was shopping for medical malpractice insurance and learned about this program, I didn’t hesitate,” said Dr. Jennifer Swanson, an ob-gyn from Lakewood Ranch, Fla. “I get to support an organization that is fighting for what I believe in and save a few thousand dollars on my malpractice insurance. It’s a win-win.” Dr. Swanson joined AID and became the program’s first beneficiary last week.
“Given a choice, most doctors would rather work for themselves,” said Richcreek, who’s been writing liability policies for doctors for 30 years. “The discount program is designed to help them do that. We all want happy doctors.”
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About the Association of Independent Doctors
Founded in 2013, the Association of Independent Doctors is a national nonprofit dedicated to helping reduce health-care costs by helping consumers, businesses and lawmakers understand the value of keeping America’s doctors independent. A fast-growing trade association with 1,000 members in more than 30 states coast to coast, AID is a 501(c)(6) based in Winter Park, Fla. www.aid-us.org.
One of the leading providers of medical professional liability insurance services in the country, Coverys, through its underwriting companies, has been providing coverage to physicians, hospitals, dentists and other healthcare providers since 1975. Coverys provides insurance through its underwriting companies, including Medical Professional Mutual Insurance Company, ProSelect Insurance Company, MHA Insurance Company, Washington Casualty Insurance Company, Preferred Professional Insurance Company, Coverys RRG, Inc., and Coverys Specialty Insurance Company. Based in Boston, with regional offices across the country, Coverys collectively insures more than 32,000 health-care providers, is licensed in 50 states, and has been listed in Ward’s 50 top performing Property-Casualty Companies for the past seven years. www.coverys.com.
About Willis Towers Watson
A leading global advisory, broking and solutions company, Willis Towers Watson is a worldwide insurance brokerage, which places over $1.4 billion in health care premiums annually and employs over 300 professionals dedicated exclusively to serving health care clients. WTW also places the reinsurance for many of the physician medical professional liability carriers in the United States, and employs many actuaries with health care expertise who provide data analytics to physician insurers across the country. www.willistowerswatson.com.