Medical Liability Mutual Insurance Company
Now Available - MLMIC's Dateline Publication - Fall 2016
Volume 15 Number 3 >>Read More
MLMIC Announces Plans to Join Berkshire Hathaway
On July 18, 2016, MLMIC's policyholders and organizational partners were informed through a public announcement of their plans to join the Berkshire Hathaway Family of Companies. MLMIC, "the largest underwriter of medical professional liability insurance in New York" is moving forward with an acquisition by National Indemnity Company, a subsidiary of Berkshire Hathaway, Inc. This is, of course, pending regulatory and policyholder approval. The final transaction is expected to occur during the third quarter of 2017.
MLMIC views this acquisition as a very positive step, enabling them to best serve policyholders and to offer an even higher level of financial security. MLMIC expects "to expand its offerings, with more customized policy limits, risk sharing features and services to groups, facilities and other large accounts".
MLMIC's core of physician driven protocols and decision making will remain and MLMIC will continue to be a valuable membership benefit. NYACP looks forward to continuing our strong organizational partnership. More information about MLMIC's recent announcement can be found in this FAQ.
MLMIC Announces NO Rate Increase for July 1, 2016 - July 1, 2017
Financial Relief for Physician Policyholders
NYACP continues to endorse MLMIC as a membership benefit because, for over 40 years, the Medical Liability Mutual Insurance Company (MLMIC) has put the interests of policyholders first. Their mission has always been to provide the highest quality liability insurance at the lowest possible cost consistent with long term viability. MLMIC charges premiums that are specialty and territory specific, without a profit motive or high operating expenses. When MLMIC’s financial results turn out better than expected, dividends are shared with policyholder holders. To help insureds avoid claims, effective risk management programs are developed that provide CME credits, a 5% premium discount and the opportunity to qualify for free excess insurance funded by New York State. For policyholders that get a claim, MLMIC vigorously defends the standard of care, closing the vast majority of cases without a loss payment. Today, MLMIC is the leading medical and dental liability insurer in New York State, and they insure approximately 15,000 physicians, 5,000 mid-level and allied health practitioners, 4,000 dentists, and 40 hospitals. MLMIC remains a mutual insurer owned by their policyholders. If you want an insurance carrier that truly looks out for you, please visit MLMIC.com or call (800) ASK-MLMIC.
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MLMIC Risk Management Tip of the Month:
Tip #19: Treating Patients with Whom You Have a Close
Unfortunately, over the years, we have seen a number of lawsuits filed against physicians by close friends, colleagues, and even their own family members because of care provided... >> Read More
MLMIC recently announced great news for physician policyholders. In fact, they have three pieces of great news related to rates, dividends and discounts, and each will provide some financial relief in this difficult environment. Here are the details:
- No rate increase - For the second consecutive year, there will be NO rate increase for physician policyholders on July 1. The Superintendent of Insurance has accepted MLMIC’s recommendation that the rates remain unchanged for all physician policyholders for July 1, 2016 – July 1, 2017.
- 20% dividend credited - The 2016 dividend appears on current physician invoices. As previously reported this year, MLMIC declared a 20% dividend for policyholders who were insured on May 1, 2016 and maintained continuous coverage through July 1. The 20% dividend is based on the standard annual rate of premium in effect on May 1, 2016 and is reflected as a credit on your invoice. This is the largest dividend declared in MLMIC’s history, and it will hopefully provide meaningful relief to policyholders. Since inception, MLMIC has paid over $400 million in dividends to policyholders, a feat unmatched by competitors operating in New York State.
- Additional claims-free discounts – MLMIC is also very pleased to announce the approval of a 12% discount for qualified physicians that have been claims free for ten years. This is an expansion of their 7.5% claims free discount program that was introduced in 2011. Therefore, a policyholder may now qualify for either a 7.5% or a 12% claims free discount as follows:
♦ 7.5% to qualified physicians and surgeons who (1) have been continuously in practice for a minimum of five years and (2) have no open claims (or suits) and no closed claims (or suits) with indemnity or expense within the past five years (regardless of the accident date or report date).
♦ 12% to qualified physicians and surgeons who (1) have been continuously in practice for a minimum of 10 years and (2) have no open claims (or suits) and no closed claims (or suits) with indemnity or expense within the past 10 years (regardless of the accident date or report date)
In order to see if the discount has been applied to your premium, please refer to the “Premium Summary” included in your renewal policy. If you are receiving the discount, a “Claims Free Discount” line item will appear as part of your premium calculation.
MLMIC Releases Summer 2016 Case Review Newsletter
MLMIC's Summer 2016 Case Review Newsletter is now available. The Case Review is published twice a year (summer and winter) and focuses solely on medical malpractice lawsuits and the medical and risk management issues involved in these cases. Each issue contains two case studies, an attorney's perspective and,when appropriate, a physician's perspective. The overall theme for the new 2016 summer issue is "treating friend and family".
Media Reports Growing Concern Over New York's Medical Malpractice Market
While MLMIC can’t speak to the coverage of their competitors, they can assure their policyholders that MLMIC’s level of protection remains unchanged. MLMIC continues to provide exceptional coverage, a strong risk management program
and high quality legal counsel. >>Read More
Dealing with Patients Who Have Compromised Driving Ability
One of the most difficult decisions an individual faces is whether and when to surrender his/her driver's license and stop driving. In addition, physicians are often in a quandary regarding the extent to which they are obligated to report to the New York State Department of Motor Vehicles when they believe a patient should not be operating a motor vehicle. It is recommended that you take a few minutes to read this important and informative article. >> Read More
MLMIC Policyholders to Receive 20 Percent Dividend
MLMIC’s Board of Directors has approved a 20 percent dividend for all MLMIC policyholders who are
insured as of May 1, 2016, and maintain continuous coverage through July 1, 2016.
MLMIC’s mission is to provide insurance at cost and, to offset premiums, they offer dividends to policyholders when possible. Competitors often promise low initial premiums to
attract business, but MLMIC continually operates without a profit motive. Instead, they work to provide much needed relief to policyholders, while maintaining financial stability.
MLMIC remains a mutual insurer, owned by their policyholders, and they are committed to policyholder-first service. Over the years, MLMIC’s financial strength has allowed them to pay more than $300 million in dividends to their policyholders, an accomplishment unmatched by other insurers.
For questions or to understand more about dividends, contact MLMIC.
What to Do When Patients Record Conversations with Their Patients
The use of cell phones by patients and families for the purpose of recording conversations with their healthcare providers is a topic of serious concern to many physicians. >>Read More
Risk Management Tips: Communicating with Low Health Literacy Patients
Lack of health literacy can make effective communication with patients a challenge. At stake maybe inability to comply with treatment regimens, give informed consent and use medication properly.
The Latest Advice In Practice Management
4 Strategies to Increase Patient Safety and Reduce Risk
In recognition of National Patient Safety Awareness Week, we encourage all our insureds to identify ways to improve patient safety and reduce risk. >>Read More
Alternative to Certified Mail
Whenever you must send an important communication to a patient, it must be in writing and sent by means of a reliable delivery method. In the past, many significant written communications, discharge letters, or warning letters to noncompliant patients would be sent to the patient by certified mail, return receipt requested. The certified mail process requires a signature from the patient or another person who lives at the address, thus providing evidence that the commmunication was, in fact, received.Unfortunately, not only has the cost of certified mail dramatically increased, but ... >>Read More
Update on Physician Assistant Prescribing Authority
The Spring 2014 Issue of Dateline discussed the rules governing the professional practice of physician assistants (PAs). In the article Physician Assistants: A Risk-Benefit Analysis, it was stated that PAs could not prescribe any Schedule II controlled substance, citing 10 NYCRR §94.2(e)(5) (page 3, footnote 10). On February 26, 2014, a Notice of Proposed Rulemaking was published in the New York State Register proposing to remove this restriction. As of this writing… >>Read More
Medical Liability Mutual Insurance Company (MLMIC) was formed in 1975, in cooperation with the Medical Society of the State of New York (MSSNY). It is a mutual professional liability insurance company, which means that it is owned by the healthcare providers it insures. Headquartered in New York City, MLMIC has field representatives throughout the State, as well as three regional offices located in Syracuse, East Meadow, and the Albany area.
Management and direction of MLMIC is accomplished through a Board of Directors, comprised of physicians, dentists, and hospital administrators. Policyholders have full voting rights on management issues. MLMIC is an active participant in the national organization, Physician Insurers Association of America (PIAA), and has been a leading force in development of risk management programs and systems, cause of loss identification, and patient safety education.
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Last Updated: 10.18.16