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We offer comprehensive medical malpractice insurance and medical professional liability insurance (MPLI) solutions to healthcare providers, aiming to effectively mitigate risk. Our approach involves a diverse array of risk transfer options, tailored to address the unique and varying complexities of medical malpractice requirements.

Fifth Avenue Agency

544%

increase of >$500k medical malpractice payment reports
(1990 – 2020)

75%

of our MPLI team members have 10+ years industry experience

99%

of physicians in high risk specialty face a medical malpractice lawsuit by age 65

$242,000 - 1M

The average medical malpractice settlement in the United States fluctuates considerably.

Traditional Medical Malpractice Insurance Solutions

Our primary area of specialization is medical malpractice insurance and medical professional liability insurance (MPLI). Our clientele includes solo physicians, physician groups, surgery centers, nursing homes, and hospitals nationwide.

Medical malpractice and MPLI are indispensable yet continually escalating cost factors in healthcare. Notably distinct from other forms of liability coverage, MPLI programs exhibit substantial variations in the scope of their coverage, particularly in their exclusions. Consequently, inadequate coverage can lead to severe professional and financial repercussions.

Going Beyond Medical Malpractice Insurance Costs

Beyond premium costs, Fifth Avenue Agency delves deeper into the intricacies of risk management, premium financing, deductible structures, and retention options. We also assess the nuances of practice structures, the availability of defense counsel, and coverage breakpoints.

Experience Matter: Medical Malpractice Solutions

Many factors contribute to the ever changing landscaping impacting medical malpractice rates. Experience is of paramount importance in this domain. Our well-established reputation, extensive experience, and deep-rooted expertise within the healthcare industry uniquely position us to cater to diverse healthcare entities’ insurance and risk management requirements nationwide.

Moreover, our robust network and formidable industry relationships empower us to provide the most competitive and comprehensive medical malpractice coverage in the marketplace.

75%

of our MPLI team members have 10+ years industry experience

High Risk Medical Malpractice Insurance Solutions

In the specialized field of medical malpractice, healthcare professionals who operate in environments with heightened risk or those who have experienced multiple malpractice lawsuits often find themselves navigating a challenging insurance landscape.

Traditional malpractice insurance pools, designed to cover a broad spectrum of practitioners, typically do not accommodate the unique risk profiles of these high-risk professionals.

Consequently, these individuals must turn to alternative solutions, which involves engaging in intricate negotiations with insurance carriers that offer non-traditional medical malpractice coverage. This process requires a nuanced understanding of the specific risks involved and the ability to effectively communicate these to potential insurers.

Policy Framework for High-Risk Medical Practitioners

A significant body of research underscores the prevalence of medical malpractice claims within certain specialties. A notable study published in 2011 by the New England Journal of Medicine reveals a startling statistic: by the age of 65, nearly all physicians working in high-risk specialties will have been subject to at least one medical malpractice claim. This data underscores the critical need for robust and tailored insurance solutions for practitioners in these fields.

Strategizing Optimal Medical Malpractice Insurance

Our role in this landscape is to provide specialized assistance to these high-risk medical professionals. We begin by conducting a thorough risk assessment, taking into account the unique aspects of each practitioner’s professional practice and history of claims. Based on this analysis, we design insurance policies that are tailored to the specific needs and risk profile of each practitioner.

The process does not end with policy design. We actively engage with medical malpractice insurance providers, leveraging our expertise and knowledge of the industry to negotiate the most favorable terms.

Our goal is to secure policies that not only provide comprehensive coverage but also offer the best possible rates, ensuring that our clients are protected against the financial and professional ramifications of potential malpractice claims. Through this meticulous process, we strive to provide peace of mind and financial security to those professionals who face the greatest risks in the healthcare sector.

99%

of physicians in a high risk specialty (75% of physicians in a low risk specialty) will face a medical malpractice lawsuit by age 65

Captive and Self-Insured Medical Malpractice Insurance Solutions

In medical malpractice, self-insured insurance plans represent a paradigm of control and financial prudence. These plans allow healthcare entities to retain a portion of the risk, potentially reducing medical malpractice insurance expenses. Transitioning from traditional “first dollar” or “guaranteed cost” policies to a fully self-insured model can appear overwhelming and is often perceived as a complex undertaking fraught with increased costs and additional administrative burdens.

At Fifth Avenue Agency, our philosophy centers on simplifying and efficiently managing malpractice insurance complexities. With nearly three decades of expertise in this field, we utilize our skilled team, advanced technology, and extensive experience to streamline the entire insurance process, ensuring that our clients easily navigate this transition.

We offer specialized assistance in two primary types of medical malpractice self-insurance mechanisms: deductibles and Risk Retention Groups (Captives). Our comprehensive captive services encompass a variety of options, including Rent a Captive, Pure Captive, Group Captive, Association Captives, and Offshore Captives.

Our suite of services is all-encompassing and tailored to meet the diverse needs of our clients in the medical malpractice insurance sphere.

These services include:

  • Captive Management
  • Application and Licensure processes across domestic, foreign, and multi-state jurisdictions
  • Financial Management, including accounting and reporting
  • Regulatory Compliance, encompassing tax returns, filings, and audits
  • Policyholder Services
  • Underwriting
  • Billing and Policy Issuance
  • Marketing initiatives
  • Claims Handling
  • Development and implementation of Risk Management Programs
  • Expertise in Insurance and Reinsurance matters

At Fifth Avenue Agency, our goal is to shoulder the complex aspects of medical malpractice self-insurance, allowing our clients to focus on their core healthcare responsibilities with peace of mind.

544%

increase in medical malpractice payment reports
>$500k between 1990 – 2020

$242,000 – 1M

The average medical malpractice settlement in the United States varies depending on the source. One source states it is approximately $242,000, with cases that go to trial averaging around $1 million in compensation. Another source suggests a slightly higher average, close to $400,000 for settlements​.

These settlements can vary greatly depending on the nature of the malpractice. For instance, the average settlement amount for cancer misdiagnosis cases is around $1.75 million due to the severity of the consequences of such errors​. Birth injuries and deaths, another severe type of malpractice, have an average settlement amount of just over $1.03 million​. On the other hand, settlements for negligent failures to treat, which include errors like misinterpreting test results or failing to refer a patient to a specialist, generally range between $200,000 to $500,000​. Medication errors, which can cause harm ranging from allergic reactions to organ damage, have settlements varying widely from under $5,000 to nearly $5 million, reflecting the varying severity of these cases​.

These figures highlight the significant variability in medical malpractice settlements, largely influenced by the nature and severity of the malpractice incident.

Medical Malpractice & Healthcare Industry Insights Blog

Explore our acclaimed blog for comprehensive insights into medical malpractice and the latest developments in the healthcare industry. 

Our blog is invaluable for professionals seeking to reduce medical malpractice expenses, or learning about 7 Key Strategies to Protect Providers Against Rising Medical Malpractice Rates, navigating provider enrollment complexities, and stay informed about accreditation standards set by organizations like AAAHC, NCQA, and URAC.

Delve into our well-researched articles covering a range of pertinent topics. These include strategies for cutting medical malpractice costs, managing rural credentialing challenges for doctors, and updates from key entities such as Medicare, Medicaid, NPDB, and PECOS.

Our blog also offers guidance on lowering credentialing costs and informative topics for growing a medical practice, such as “Top 4 Considerations When Hiring a Credentialing Specialist” and the importance of a great credentialing solution.

Stay abreast of ongoing updates and trends in the healthcare sector. Our blog features articles on various subjects, including AAAHC, telehealth, credentialing and contracting vs. credentialing, delegated contracting, updates on medical malpractice law, strategies to reduce credentialing costs, delegated credentialing, payer enrollment, and the latest information on COVID-19.

Additionally, we provide updates from our partners, team members, health plans, and payers, ensuring you have access to a wealth of knowledge and industry insights.

Visit Our Healthcare Blog

Join 1000s of providers

Join an extensive community of healthcare providers, including doctors, surgeons, medical practices, rural hospitals, healthcare systems, and large medical groups, who have chosen Fifth Avenue Agency for their Medical Professional Liability Insurance (MPLI) and medical malpractice insurance requirements.

Our agency is trusted by a wide range of medical professionals for comprehensive coverage solutions tailored to their unique needs in the ever-evolving landscape of healthcare.

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