OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, new rules that tie doctors' reimbursements to patient outcomes and other standards, along with ongoing U.S. health consolidation, are forcing physician-owned insurers to examine new ways to cover larger risks. Click on http://www.ambest.com/v.asp?v=piaa1116 to view the entire program.
These new rules are also causing medical professional liability writers to expand coverage beyond physicians and to consider new organizational structures.
“The medical professional liability insurance market has been very, very healthy over the past few years,” said Brian Atchinson, president and chief executive officer, The Physician Insurers Association of America (PIAA). “There is certainly a lot of competition throughout the country, which is very dynamic. There are a lot of changes taking place, but it is an exciting time.”
Victor Adamo, director, The Mutual Risk Retention Group, Inc., addressed the issues facing the industry in the future.
“I think there is a two-fold challenge for PIAA-type companies,” explained Adamo. “The first is to stick ‘close to the knitting,’ and maintain the strong connection with the clients, usually the physicians or other healthcare providers, aggressively defending claims, patient safety initiatives and solid underwriting.”
Adamo said that these companies, “should maintain the values that cause them to be solid companies today.”
Other people that appear in this episode:
- Mary-Lou Misrahy, president and chief executive officer, Physicians Insurance, a Mutual Company; and
- Jim Hurley, consulting actuary, Willis Towers Watson.
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