Demystifying Pricing

At MedPro Group, we understand you want a "great deal" when purchasing your healthcare liability insurance. But, if you're involved in a claim, not only are your career and reputation at stake, but your personal assets are, as well.

When considering healthcare liability coverage, we encourage you to review price in the context of value. Your selection of company and coverage will have a big impact on whether you're getting the best coverage for your money.

Why the Lowest Priced Coverage May Not Be the Best Value

  1. The Low Price May Not Account for Unexpected Claims.

    From 2013 to 2015, the healthcare liability industry's national average indemnity payment was approximately $302,378*, an amount most healthcare providers would find difficult, if not impossible, to pay on their own. (Source: National Practitioner Data Bank Public Use File, December 31,2015, with indemnity payments capped at $1 million.) As a result, your healthcare liability insurance company's financial strength is vitally important. The strength of any insurer is dependent upon that insurer charging the right price for its product. Clearly, if an insurance company underprices its coverage, that company could end up with insufficient resources to pay claims.

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  2. The Low Price May Indicate You Don't Have Pure Consent Authority When Resolving Claims.

    MedPro believes you should decide whether to settle your healthcare liability claim. That's why our policy gives you that right — no exceptions. Other companies' policies appear to provide the same protection; however, when you read the entire consent provision you might find exceptions which actually give consent authority back to the insurance company.

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  3. The Low Price Does Not Support Industry-Leading Claims Defense.

    Good legal protection is expensive. MedPro works with the nation's top healthcare liability defense attorneys, and hiring those attorneys — along with the nation's top expert witnesses — is expensive. But, we believe you deserve the best defense available. MedPro has never and will never compromise defense quality to save a few dollars, and our track record indicates that approach is in your best interest.

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  4. The Price is Low Because Coverage is Limited.

    Healthcare providers should have access to the industry's most comprehensive coverage options. Make sure your company offers:

    • Three coverage types: Occurrence, Claims-made and Convert to Occurrence.
    • A pure consent to settle provision.
    • A free extended reporting period (tail) at retirement after just one year of coverage and a retroactive date at least 48 months prior to the date of retirement.
    • A free tail for death and disability.
    • Additional coverages, including: Cyber Liability, Billing Errors and Omissions, and defense during administrative hearings or state licensing board actions.

    Bottom Line: No other company beats MedPro's comprehensive coverage options.

  5. The Low Price Reflects Only Current Market Conditions — Not a Long-Term Commitment.

    The healthcare liability insurance market is cyclical, and the past few years have given rise to fewer claims than in decades past. This insurer-friendly environment makes the market attractive for start-up companies.

    But, it's difficult to establish a price that combines strong defense and affordability. When conditions are less favorable for making money, many of those same start-up companies might leave the healthcare liability insurance market as quickly as they arrived, thus abandoning you and forcing you to shop for a new insurer.

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Is MedPro's coverage ever the lowest-priced option?

Yes. MedPro is sometimes the least expensive option. Why?

  • MedPro's conservative and efficient business practices allow us to leverage one of the industry's lowest expense ratios. That means more of your dollar is spent protecting and defending you, instead of managing our business.
  • MedPro is a proud member of the Berkshire Hathaway family of companies. We do not have reinsurance outside the Berkshire family — we simply don't need it. Instead, we pass that savings on to you.
  • MedPro's vast data pool allows us to be the most efficient healthcare liability company in the nation. Sometimes that yields the lowest price because our data simply gives us greater insight into the most accurate price.

If you're paying less than the MedPro quote, you should ask why.