Medical Malpractice Insurance is not a topic that warms the hearts of physicians, but the cost of this necessary insurance over a career makes it a study worth consideration. Though pricing across U.S. jurisdictions varies widely, consider the following:
For comparative purposes only imagine that, over a 35 year career a physician in New England with no claims, purchasing a $1M per claim/$3M aggregate Occurrence form policy could pay more than:
- $325,000 in Internal Medicine-No Surgery
- $150,000 in Pediatrics- No Surgery
- $450,000 in Gastroenterology -Minor Surgery
- $1,000,000 in General Surgery
- $130,000 in Psychiatry
- $2,000,000 in OB/GYN Major Surgery
These numbers change over time, as do market conditions, and they are not reliable when determining a particular physician’s expense over a career.
In early June of this year, PIAM will have a new President, Thomas Bryant, ARM, replacing Kathleen Finnerty-Schroth, CIC, who is retiring after 20 years with the Agency. Tom has been PIAM’s Director of Business Development since joining the Agency in 2011. Tom is a member of the Professional Liability Underwriters Society and is actively engaged with a broad range of healthcare providers and leaders through his work here at the Massachusetts Medical Society. He is also an Adjunct Clinical Assistant Professor in the Physician Assistant program at Bryant University. His insurance background includes risk management and risk financing for medium to large healthcare organizations, and he is very knowledgeable in the area of Medical Professional Liability.
PIAM recently provided funds for the purchase of tourniquets used in the “Bleeding Control for the Injured /Stop the Bleed” program presented at the Massachusetts Medical Society Annual Meeting. This 45-minute session for clinicians taught hemorrhage control in the field to increase victim survival. A person who is bleeding can die from blood loss within five minutes, and it is important to act quickly in these situations. Though all attendees were physicians, not everyone was up to date with the current steps needed to stop the bleeding via tourniquet, and this valuable information can also be shared with others.
Pictured: instructor David King MD, Mass General Hospital Trauma Surgeon with Thomas Bryant, ARM. Not pictured: instructor Eric Goralnick, MD Brigham & Womens Emergency Med physician
MMS Continuing Education Workshops
- 2017 Annual Symposium on Men's Health MMS Series on June 15, 2017
- Medical Care of Adults with Intellectual and Developmental Disabilities Live Webinar June 16, 2017