PI/MC-Brokers-BrokerNewsletter-Sept8

We are pleased to provide our quarterly eNewsletter for brokers, dedicated to providing market insights, lessons learned, and key updates on products and initiatives.

William Cotter, CEO

Message from the CEO
There’s no doubt that this is a challenging time for the healthcare industry. The significant expansion of claims severity is front-and-center, exemplified by a record number of jury verdicts greater than $10 million. The erosion of tort reform is causing confusion in the courts and increased complexity in cases. Social inflation continues to grow, fueled by mistrust of corporations, juror compositions, and plaintiff strategies. All of these factors are contributing to a rise in defense costs—up 60% since 2007. And, as you know, pandemic-era claims are still unquantifiable. At Physicians Insurance, we’re working to meet these challenges head-on and provide solutions that strengthen our partnerships with you, while continuing to put our policyholders first.

In this issue...

Emerging trends, such as widespread staffing shortages, may give rise to increased risk. Patient care may be impacted by staff who aren’t fully qualified and/or trained, imposing liability on organizations for negligent hiring and credentialing. Short-staffed offices may also skip best practices such as the use of chaperones for sensitive exams. Our two feature articles discuss these issues in detail and provide risk management resources to help you and your clients stay on top of these trends.

FEATURE
Healthcare Chaperones Protect Physicians and Patients

The healthcare setting often involves sensitive and intimate exams that present challenges other businesses don’t face. Misunderstandings can occur in the course of medical practice, and in the post-#MeToo era, something a physician intends as medically appropriate contact can be misconstrued as a sexual advance. Sexual misconduct, or a mere allegation of sexual misconduct, can be a career-ending event for healthcare professionals.

FEATURE
The Key to Effective Credentialing and Privileging
NO SHORTCUTS

Healthcare organizations are responsible for validating the competency of their medical staff through credentialing and privileging. Failure to adhere to solid credentialing and privileging procedures might result in a costly negligent-credentialing claim against an organization.

The Key to Effective Credentialing and Privileging

SPOTLIGHT ON EXPERTISE
Introducing Jennifer Millar

We’re pleased to introduce Jennifer Millar, our new Director of Distribution and Partner Management. This position was created to help optimize our successful partnerships with brokers and further our growth goals, all of which can help deliver additional value to our mutual clients.

Jennifer has honed her skills in the insurance industry over the past 17 years working in claims, underwriting, and in a hybrid underwriting/account management role, working with some of Physicians Insurance’s largest member healthcare organizations.

News

MedChoice: Our engine for nationwide expansion

With the formation of MedChoice in 2015, Physicians Insurance expanded to provide coverage and services to physicians and healthcare facilities beyond the Pacific Northwest. MedChoice is a risk-retention group rated A- (Excellent) by A.M. Best and backed by Physicians Insurance’s reinsurance and strong balance sheet. MedChoice has offerings for individual MPL groups, hospitals, and excess policies, in addition to program and niche business. It is a central component of Physicians Insurance’s growth and expansion strategy, and enhances our ability to provide highly customized solutions for the healthcare community. You can learn more about MedChoice RRG on our website.

Visit medchoicerrg.com>

Policyholder and Claims Committee

At the heart of Physicians Insurance’s claims approach is our Policyholder and Claims Committee. Formed at the inception of Physicians Insurance in 1981, this committee is made up of 20 top physicians representing primary care, hospitals, surgery, and various other specialties. These physicians are not only leaders in their field with extensive expertise, but they are also committed to improving the practice of medicine overall. Together with experienced claims, risk-management, and underwriting professionals, this committee reviews ALL cases of high severity or sensitivity in extensive detail.

Success in court

We’re proud to report on our recent successes in court. Each defense verdict is a product of teamwork, dedication, and expertise. Thank you for your partnership in service to our members.

Visit our Trial Results web page to learn more about our most recent defense verdict, an allegation of wrongful death due to improper performance in an interventional radiology case.

Did You Know...?

We've welcomed a new expert on our underwriting team! Daniel Antrosiglio joined the PI family earlier this year as Director of Management Liability, bringing more than 20 years of experience. He has extensive product knowledge and underwriting expertise for Directors and Officers and Employment Practices management liability.

Daniel’s appointment highlights our commitment to bring to market new, comprehensive coverage solutions for the healthcare community. You can learn more about Daniel on his LinkedIn profile.

We’re on the move

The work world has evolved dramatically in recent years, and so have we. Watch for upcoming communications about our new address at Two Union Square. At this location, we will remain headquartered in downtown Seattle, but in an office setting that better meets our needs. In short, we’re relocating to a modern and efficient office plan, oriented for how we get the job done in the new normal.

Effective November 2022, our address will be:
601 Union Street, Suite 500
Seattle, WA 98101

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