HOW DO I KNOW WHEN A SELF INSURED PLAN IS APPROPRIATE FOR MY PRACTICE
Simply add up the premiums your practice paid to insurance companies for the past 5 years. Subtract what the insurance company paid out in losses for those 5 years. If the insurance company collected more premium dollars than they paid out, your company is a candidate for becoming self-insured.
Suppose a Neuro-Surgeon paid $650,000.00 in annual premiums and the insurance company paid out $150,000.00 each year in liability claims inclusive of attorney fees for those past 5 years. With this assumption, the surgeon would have paid $3,250,000 in premiums and the insurance company would have paid out $750,000.00 combined in liability claims. This would be a 2.5 million dollar profit for the insurance company in premiums. The analysis is self evident..
Becoming self insured; you put that profit in your pocket rather than the insurance company's.
The courts have ruled in some states that as long a surgeon has the funds on hand or an irrevocable letter of credit to pay liability claims in the amount that the hospital requires the surgeon to have, the hospital must allow the surgeon hospital privileges as a self- insured entity. Some surgeons have obtained a irrevocable standby letter of credit or opened a separate bank account to satisfy hospital's financial requirements.
To find out more about Self-Insurance call ICC @ 1 (316) 683-0170 .
The self insurance plan is designed for Orthopedic Surgeons, Cardiovascular Surgeons, Neurologist,OBGYN, Anesthesiologist and General Physicians
LOOK UP THE LAWS IN YOUR STATE
Arizona Law: Any physician can become self insured in Arizona as long as the physician can meet the state's requirements for financial responsibility as well as the hospital's requirement for hospital privileges. For those doctors who want additional information before considering Self insurance, see Arizona Healing Arts Board and Arizona State Senate brief on Malpractice. If you have any questions call ICC @ 1 316 683-0170
Florida Statues For Medical Malpractice For Doctors/ Surgeons; Chapter 627 Section
Kansas Law For becoming Self Insured K.S.A. 40-3402
Missouri Laws/ Staues Chapter 383-500
New York No State Requirement to Carry Medical Malpractice insurance
Ohio, In the state of Ohio, there is no requirement that the state insurance commissioner or state require doctors to carry insurance in order to be license in the state to practice. Doctors therefore; can become self insured. The only requirement would be the hospital which if a doctor can meet the hospital's financial requirement, they may be granted hospital privileges. If you have any questions, Call ICC @ 1 316 683-0170.
State of Washington Self Insurance laws
Texas; there is no law requiring Doctors or Surgeons to have malpractice insurance. "There is no statue to be found." The Texas Healing Arts Board does not require insurance either for a doctors to be licensed in the state of texas. The only requirement would be the hospitals which if the doctor can meet the hospitals financial requirements they can be granted hospital privileges. If you have a question call ICC @ 1 (316) 683-0170
West Virginia Doctors are allowed to be self insured in the state of Virginia
Virginia Malpractice Code and Cap limits of recovery
Your practice can be self insured in any state such as : Alabama AL Alaska AK Arizona AZ Arkansas AR California CA Colorado CO Connecticut CT Delaware DE Florida FL Georgia GA Hawaii HI Idaho ID Illinois IL Indiana IN Iowa IA Kansas KS Kentucky KY Louisiana LA Maine ME Maryland MD Massachusetts MA Michigan MI Minnesota MN Mississippi MS Missouri MO Montana MT Nebraska NE Nevada NV New Hampshire NH New Jersey NJ New Mexico NM New York NY North Carolina NC North Dakota ND Ohio OH Oklahoma OK Oregon OR Pennsylvania PA Rhode Island RI South Carolina SC South Dakota SD Tennessee TN Texas TX Utah UT Vermont VT Virginia VA Washington WA West Virginia WV Wisconsin WI Wyoming WY