Telemedicne, Locum Tenens and Other Multi-State Exposures

Physicians Insurance Services has developed a focus in coverage solutions for emerging healthcare specialties that frequently include multi-state exposures.  We have developed a network of carriers that are able to utilize flexible, innovative, and exceptionally cost-effective underwriting/rating formulas and policy structures to meet the unique needs of these exposures.  All carriers are A.M. Best A rated or above, and all have extensive experience in the multi-state marketplace. 

For our multi-state clients, we often offer an innovative premium formula based upon a per-read or per-visit cost basis rather than a base rate per individual physician.  This rating basis gives the client a far more accurate means of assessing their operational costs for both existing and potential contracts.  We can furnish a menu of per read rates in all 50 states so that a group can factor malpractice costs into a contract bid, allowing them  to provide more competitive and timely bids. This tailor-rated  structure also enables substantially more competitive premiums.

Another coverage solution common to our multi-state groups is what is known as a rolling IBNR policy.  This policy feature frees the group of the necessity of purchasing individual tail coverage for departing physicians, and absolves the immediate requirement for payment of a tail premium. As long as an IBNR policy is in force, the departed physician’s name and retroactive date remain with the schedule of current physicians.    This policy structure also allows a more fluid capacity to quickly add physicians to an existing policy without incurring additional premium.

There are now five of the foremost carriers in the U.S. actively writing in the telemedicine, locums tenens, and facilities arena.  We have seen differentials of up to $400,000 for larger groups.  This competitive atmosphere, along with the flexibility that our carriers are able to provide, gives compelling cause for multi-state groups to test the marketplace.