2023 Member Dividend Announced
The Board of Governors has approved a 2023 premium dividend of approximately $8.5 million, bringing the total of declared dividends to date to more than $455 million.
Dividends of up to 10 percent were approved for eligible members in the following states: Colorado, Florida, Idaho, Maryland, Michigan, Montana, North Carolina, Ohio, Virginia, Washington, and Wyoming. Members of the American Academy of Otolaryngology—Head and Neck Surgery may also receive a dividend, depending on their eligibility.
Eligible members will receive this year’s dividend on their annual premium for policy renewals on or after July 1, 2023.
Unlike commercial insurance companies, which look for ways to reward shareholders, The Doctors Company is dedicated to rewarding its members.
New Study Shows Effects of Social Inflation
Our new study, Medical Malpractice Claims-Made Social Inflation and Loss Development Report, shows that in the decade ending in 2021, between $2.4 and $3.5 billion (8 to 11 percent) of all medical malpractice losses incurred by physician-focused insurers stemmed from social inflation. Social inflation occurs when an insurer’s average claim amount grows faster than the overall inflation rate. When that happens, insurers are forced to increase their rates and/or decrease coverage to keep up.
“Our research shows that the pace of settlements larger than $1 million has accelerated, and large settlements are a significant driver of social inflation,” said Robert E. White, Jr., President of TDC Group. “It is a reason malpractice premiums are rising for many physicians.” Independently practicing advanced practice clinicians (APCs), such as some nurse practitioners, may also be affected.
Recognizing North American Partners in Anesthesia
North American Partners in Anesthesia (NAPA), our partner in patient safety, has been recognized by The Joint Commission and the National Quality Forum with the prestigious John M. Eisenberg Patient Safety and Quality Award for 2022 in the National Level Innovation in Patient Safety and Quality category.
NAPA earned the award for its Anesthesia Risk Alerts (ARA) program, which provides anesthesia clinicians with novel mitigation strategies to better manage five high-risk clinical scenarios. NAPA’s ARA program was developed through its NAPA Anesthesia Patient Safety Institute (NAPSI), one of only 99 national Patient Safety Organizations listed by the Agency for Healthcare Research and Quality.
“We are humbled to be recognized by this prestigious award. It is a reflection of our dedication to continually trying to find ways to improve the care of our patients,” said Leo J. Penzi, MD, CMO of NAPA. Read NAPA’s press release.
Accreditation Granted by American Nurses Credentialing Center
The American Nurses Credentialing Center (ANCC) has granted The Doctors Company accreditation for nursing continuing professional development (NCPD). This accreditation demonstrates our commitment to using evidence-based criteria when developing high-quality educational activities that promote the professional growth of nurses and APCs. TDC Group recently launched top-tier malpractice coverage tailored for APCs in a variety of practice settings.
With this accreditation, we join an influential global community of accredited organizations. The accreditation was for the company’s continuing education courses for physicians, dentists, APCs, nurses, practice managers, and other clinical staff across a broad range of subjects. Nurses and APCs are now awarded NCPD credits for participating in accredited education provided by The Doctors Company and can apply these credits toward their board certification licensure requirements. Explore our catalog of educational activities.
Leading Voices in Healthcare: New Telehealth Resource
TDC Group has added a new video series to Leading Voices in Healthcare, its expansive library of articles, videos, podcasts, and webinars. Presented by TDC Group and Candello, What Not to Do: Telehealth Lessons Learned features patient safety leaders and risk management experts offering guidance and practice management strategies to improve virtual care for all practitioners.
New Process for Added Security
To enhance member safety and privacy, we are rolling out a new authentication process that will send a verification code to you by text message or automated phone call. This new process provides an additional layer of security for your account.
Initially, you will be offered an option to activate the new process when you sign in. Eventually, however, all members will be required to use this process.
We will continue to keep you informed as the implementation proceeds. If you have questions, please contact Member Services at (800) 421-2368.
The Doctor’s Advocate is published by The Doctors Company to advise and inform its members about loss prevention and insurance issues.
The guidelines suggested in this newsletter are not rules, do not constitute legal advice, and do not ensure a successful outcome. They attempt to define principles of practice for providing appropriate care. The principles are not inclusive of all proper methods of care nor exclusive of other methods reasonably directed at obtaining the same results.
The ultimate decision regarding the appropriateness of any treatment must be made by each healthcare provider considering the circumstances of the individual situation and in accordance with the laws of the jurisdiction in which the care is rendered.
The Doctor’s Advocate is published quarterly by Corporate Communications, The Doctors Company. Letters and articles, to be edited and published at the editor’s discretion, are welcome. The views expressed are those of the letter writer and do not necessarily reflect the opinion or official policy of The Doctors Company. Please sign your letters, and address them to the editor.