The Doctor’s Advocate | Second Quarter 2014
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Industry and Company News:
Second Quarter 2014
2014 Member Dividend Announced
The Board of Governors has declared that eligible members will receive a dividend as a premium reduction on policy renewals on or after July 1. The 2014 dividend will provide a premium reduction to members in Colorado, Florida, Georgia, Idaho, Maryland, Montana, Ohio, Oregon, Virginia, Washington, and Wyoming. The dividend will vary from 4 to 15 percent depending on the loss experience of the individual state.
Members of the following select medical specialty societies may also receive a dividend: American College of Physicians, American College of Surgeons, and American Society of Plastic Surgeons®.
This year marks the ninth year in a row that we have paid a dividend. Since the program’s start in 1976, the company has paid out more than $310 million in dividends.
“We are pleased to have reached the $300 million milestone in dividends provided to our members,” said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. “Our members have made this dividend possible by their excellent claims experience. Eligible members receive dividends in addition to benefits from the Tribute® Plan, which rewards physicians for their loyalty and dedication to superior patient care by providing a significant financial award when they retire from the practice of medicine.”
The Rewards of Membership
Since 2007, we’ve distributed $20 million in Tribute Plan awards.
To see your estimated balance and project your Tribute Plan award, sign in at www.thedoctors.com.
Hospitalist Advisory Board Meeting
Each specialty advisory board meeting that we host creates an exceptional opportunity to partner with national leaders who practice on the front lines of medicine. Their insights help ensure that our patient safety programs incorporate the latest thinking about best practices in patient care.
Key topics at a recent Hospitalist Advisory Board meeting included strategies for promoting patient safety and lessening the higher risks faced by hospitalists compared to other specialties.
According to a study by The Doctors Company, hospitalists face more malpractice claims than office-based internal medicine physicians, and those claims tend to involve more severe injuries than claims against internal medicine physicians. The study results prompted a discussion among the experts at the meeting. Suggestions offered by these top practitioners included:
- Ensure that effective handoffs take place, particularly when a patient is discharged from the hospital, by actively communicating with all physicians involved in the patient’s care.
- Engage in patient safety and quality initiatives.
- Understand the hospital’s electronic health record protocols and policies.
- Seek professional growth and engagement, particularly by following the Society of Hospital Medicine’s core competencies for hospital medicine.
Learn more about the connections we’re fostering with our specialty advisory boards at www.thedoctors.com/specialtyboards.
Legal Summit Attorneys Provide Valuable Tips
We recently released two video playlists featuring insights from attorneys on how physicians can best be prepared for a malpractice lawsuit. The attorneys featured in the videos participated in our Annual Legal Summit, a meeting we convene to enable our national network of top legal experts to discuss claims trends, analyze plaintiff strategies, and develop best practices to defend and protect doctors.
The playlists, “Malpractice Case Studies: What Went Wrong?” and “What Doctors Need to Know About Being Sued,” include six videos providing cautionary tales and suggestions for ways that physicians can protect themselves. Each video takes less than three minutes to watch.
Access our YouTube channel at www.youtube.com/doctorscompany. You can also follow us on Twitter @doctorscompany and find us on LinkedIn and Facebook.
Patient Safety Alert: FDA Warning on Laparoscopic Uterine Power Morcellation
The FDA has issued a safety communication discouraging the use of laparoscopic uterine power morcellation in hysterectomy and myomectomy for the treatment of women with uterine fibroids. Read the safety communication at bit.ly/ucm393576.