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Podiatry

The practice of podiatry is growing. The number of practicing podiatrists is expected to increase by 23% between 2012 and 2022.1 As a result of this tremendous growth, over 25% of podiatrists have been in practice for less than five years.2

Another major trend in the practice of podiatric medicine is the increase in the number of podiatrists joining groups and partnerships specializing in podiatric medicine or practicing in surgical centers or hospitals. In fact, today, less than 50% of all podiatrists are still self-employed.3

In the midst of growth and consolidation of healthcare practices, net income for podiatrists is down almost 10% due to declining reimbursements.4 Further, some family/general practice physicians are incorporating foot-related treatment into their care as an additional revenue source. In response to these trends, many podiatrists are increasing the number of diabetes and wound care patients they see, as well as incorporating managed care participation into their practice. Decreased fees and a broader patient base have resulted in nearly half of podiatrists working more than 40 hours per week.5

Important Questions

Growth, consolidation and evolution in the podiatric healthcare landscape have given rise to increasing malpractice risk. Consider these questions: 

  1. Will the decline in reimbursements and subsequent increase in diabetes and wound care patients contribute to greater malpractice risk?
  2. Will increasing regulations and incorporating electronic health records result in more time focused on compliance and less time on patients?
  3. Does your current malpractice policy contain exceptions to the consent provision limiting your ability to fully participate in your own defense?
  4. Does your current malpractice policy provide coverage for your corporation, comprehensively insuring the professional acts and omissions of your employees, such as medical assistants and podiatric assistants?
  5. In today's tough economic climate, are you certain you're receiving the most comprehensive coverage at the most competitive price?

Increasing Complexity

Add in other distractions such as HIPAA, the Affordable Care Act, emerging technology and the aging population, and you probably have less time to focus on the most common podiatric malpractice risk drivers, including: diagnostic errors, infections, nerve damage, surgical errors, patient non-compliance and complications from mechanical devices and implants. Without the industry's best malpractice carrier in your corner, you face considerable risk that can distract you from pursuing your primary business interests.

MEDPRO IS YOUR SOLUTION

Good news! MedPro is your solution. Let us focus on your malpractice insurance so you can focus on your other business issues. Why trust MedPro? Over 200,000 healthcare providers today choose MedPro for three reasons:

Peace of Mind

With billions in assets and the industry's highest financial rating (A++ A.M. Best), MedPro has the financial strength and stability to protect you now and for decades to come. After all, we've been around since 1899, and given our Berkshire Hathaway ownership, we plan to be the industry leader for the next 100 years.

So, what does that mean to you? Peace of mind. Choose MedPro and you don't have to worry about our ability to weather financial change and instability. We've seen dozens of insurance companies come and go over the years. When that happens, it's people like you who may be left with reduced coverage, or without coverage at all.

Expertise

You need healthcare malpractice insurance to protect your assets and reputation. Not all companies are equally equipped for such an important role. At MedPro, 80% of all claims are closed without payment, meaning no trial is necessary. And, when we do go to trial, we win 90% of the time.

Our winning record is no coincidence. Start with our experience – MedPro has handled over 400,000 claims. Think about that number and what it represents. Experience, sure, but also an unprecedented data pool that provides priceless insight into the claims we handle today. No other company comes close to our experience and knowledge. That's a real advantage.

But not only do we protect you during the claims process, we also provide expertise to you during the course of your practice. We have over 100 doctors who serve on our 15+ specialty advisory boards. Those doctors keep MedPro abreast of all cutting-edge healthcare trends and other risk management-related issues. Considering we have been providing industry-leading risk management and patient safety advice to healthcare providers since 1913, that's an impressive addition to an already robust risk management and patient safety support team.

Choice

Your podiatric practice is distinctive from other healthcare malpractice risks, which is why MedPro's industry-leading podiatric malpractice policy protects you from those unique risks. Choose MedPro and we can offer you:

  • Claims-made coverage with an incident trigger, rather than demand trigger, allowing the reporting of potential claims
  • A pure consent to settle provision
  • Medical payments coverage of $25,000 per occurrence/$100,000 annual aggregate
  • Deposition legal defense coverage of $10,000, when you are not named in a claim
  • Coverage for administrative hearing expenses, including licensure and Medicare/Medicaid billing defense, of $100,000 per occurrence/$100,000 annual aggregate
  • Coverage for loss of earnings while participating in your defense of $2,500 per day/$35,000 aggregate
  • Coverage for HIPAA proceedings defense expenses of $25,000 aggregate
  • Shared limit staff coverage* (may not be available in all states and for all ancillary staff)
  • A claim free credit of up to 15%
  • 100% leave of absence credit for Family and Medical Leave Act leave or to enhance your education.
Other Coverage Details

The following coverage options may be available:

  • Occurrence, claims-made or convertible claims-made coverage
  • Individual and entity coverage options:
    • Shared corporate limits at no additional charge
    • Separate limits for your corporate policy
  • Good Samaritan Acts coverage
  • Workplace liability coverage including premises liability and personal injury
  • Coverage for a expenses related to an assault on you of $25,000 annual aggregate
  • First aid coverage of $15,000
  • Coverage for the personal property of others in your care, custody and control of $500
  • Limits of Liability of up to $2MM/$4MM
  • A free Extended Reporting Endorsement ("Tail") at retirement for claims-made coverage after just one year with MedPro and no age requirement, provided that your retroactive date is at least 24+ months* prior to your retirement.
  • Convertible claims-made coverage available including a free Extended Reporting Endorsement ("Tail") after being insured on the convertible claims-made coverage for 3 years and claim free with the purchase of occurrence coverage in the 4th year* (*PCF Tail is not free)
  • Surgical and non-surgical coverage option
  • Electronic Medical Record discount of 2.5%
  • Premium installment payment plan, with interest free installments on premiums greater than $500
  • Premium credits:
    • New to practice for first 4 years of being insured with MedPro
    • Part time
    • Moonlighting
    • Employed Credit
    • Risk management credit for up to three years
  • State fund qualification and administration, where applicable

MedPro is Here for You

Your days are driven by the complexity of providing excellent patient care in a constantly changing environment. We can assist by providing products to ensure that one of the most complex and rapidly changing factors of this environment — your malpractice coverage — isn't adding to those concerns. We're the experts in this area, freeing you up to concentrate on your true purpose — being an expert in providing excellent podiatric care.

1 http://www.midwestern.edu/programs-and-admission/az-podiatric-medicine/more-about-the-program/frequently-asked-questions.html

2 http://www.podiatrym.com/pdf/2013/10/Survey213R2webV3.pdf

3 Podiatry Management Annual Surveys, 2011-2014

4 http://www.podiatrym.com/pdf/2013/10/Survey213R2webV3.pdf

5 http://www.podiatrym.com/pdf/2013/10/Survey213R2webV3.pdf

*Free extended reporting endorsement available to healthcare providers who permanently retire (at any age), have been insured with MedPro for one year and have a retroactive date at least 24 months prior to the date of retirement. MedPro internal data, 2002-2013. Product availability varies based upon business and regulatory approval and differs between companies. All products administered and underwritten by MedPro or its affiliates. Visit medpro.com/affiliates for more information. ©2013 The MedPro Company.® All Rights Reserved.

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