Austin, Texas-based Capson Physicians Insurance Co. announced it is providing in-house attorneys, rather than adjusters, to help facilitate claims for insureds.
According to Capson Physicians Insurance President and Founder Maury Magids, when a medical malpractice claim is made against a physician, most carriers assign a claims adjuster to work through the process.
“Up to five months can go by before any significant action may be taken on a claim. Claims adjusters will typically work with local defense to resolve issues, if possible,” Magids said in the company’s announcement. “And non-meritorious claims can cost around $40,000 and three years to resolve. Capson assigns attorney support from the moment a claim is reported. In addition, our select defense panel includes senior partners from leading medical malpractice law firms.”
This model creates a peer-to-peer relationship between Capson attorneys and patient attorneys, reducing the time and expense of closing claims. The company said that non-meritorious claims handled by Capson typically close 83 percent faster than the industry standard, reducing resolution time from two-to-three years, to approximately six months.
A report from the American Medical Association (AMA) states that six out of every 10 physicians 55 years of age and older have been sued at some point in their career. The same study also indicates that 22.4 percent of physicians are sued twice or more. Physicians will spend an average of 11 percent of their career dealing with unresolved medical malpractice liability claims.
Physicians need to be more proactive in preventing scenarios that may compromise their practices, and prioritize patient experiences as part of overall care.
Source: Capson Physicians Insurance Co.
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