Thursday, June 5, 2008

The Doctors Company Notes Rate Reduction in Ohio

The Doctors Company, a physician-owned medical malpractice insurer, announced an overall average rate reduction of 13.4 percent for its Ohio physician members that is effective immediately for new policies and on July 1, 2008 for renewal policies.

Some physicians will have premium reductions up to 20 percent, depending on specialty and practice location. Other program enhancements include lower entity fees and reduced ancillary pricing. The Doctors Company currently insures more than 3,000 Ohio physicians and 34,000 members nationwide.

"The Doctors Company is able to offer this rate reduction as a result of improved loss experience and decreasing claims frequency in Ohio," said Richard Anderson, MD, FACP, chairman and CEO of The Doctors Company. "The premium reduction is in addition to other industry-leading member benefits, including the Ohio multiyear dividend plan averaging 7 percent a year, and the Tribute® Plan, a unique financial benefit program that rewards physician members for their loyalty to The Doctors Company and commitment to superior patient care. This further demonstrates our commitment to Ohio physicians who advance and protect the practice of good medicine."

In addition to the rate reduction, The Doctors Company is introducing a new Ohio physician risk management program that offers a premium discount of up to 5 percent at their next renewal. Member physicians qualify for a 3 percent premium credit by attending a seminar conducted by The Doctors Company and completing the program requirements.

Physicians can earn an additional 2 percent credit when their office manager or practice administrator also attends a seminar and completes an assignment. Each physician member in the group receives a 2 percent credit when the practice administrator or manager completes the program requirements.

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