Ct Healthmarket via BizWire
08-18-2003, 02:20 PM
MIAMI--(BUSINESS WIRE)--Aug. 18, 2003--An application has been
filed by the Florida Healthcare Providers Insurance Exchange, (The
Exchange), to offer medical malpractice insurance to physicians in
Florida. The Exchange expects to begin issuing policies that would
take effect as of January 1, 2004.
The Exchange is managed by an affiliate of Duane Morris LLP. Duane
Morris is among the hundred largest law firms in the nation with
offices in twenty-one cities including Miami and Palm Beach.
Known technically as a reciprocal insurance exchange, The Exchange
is a program in which participants in the plan share insurance risk.
Essentially, each participant is also an owner who contributes capital
in addition to paying premiums. The program is designed to attract
physicians who have a strong record of sound clinical practice and are
willing to assume some risk as well as a certain amount of practice
oversight. The program's objective is to assure that
Florida's physicians and hospitals have adequate access to
medical malpractice insurance over the long term.
"Recognizing a market need for medical malpractice insurance
coverage in Florida, we are utilizing the successful experience of our
Pennsylvania Exchange which provides medical malpractice insurance to
physicians in Pennsylvania," said Charles C. Pappy III, partner in
charge of Duane Morris' Miami office. "There is clearly a
strong parallel between the Pennsylvania and Florida medical
malpractice insurance situations. We will offer a viable alternative
for medical malpractice insurance that will benefit the physicians,
hospitals and people of Florida."
"Duane Morris is able to leverage its resources including a
nationally recognized health law practice to create a business
opportunity that satisfies a significant public need," said Sheldon
Bonovitz, Chairman of Duane Morris. "Our firm is among the
nation's law firm leaders in the creation and successful
operation of non legal services businesses. This opportunity in
Florida enables us to continue to expand this unique aspect of Duane
Morris."
The Exchange will be based in Miami. Thomas S. Gaudiosi, an
insurance professional with extensive medical malpractice insurance
experience, will serve as president and chief executive officer of The
Exchange's management company. In addition, there will be
locally-based management, marketing and underwriting operations.
According to Gaudiosi, The Exchange will use the same tenets of
operation that have proven their success in the Pennsylvania Exchange.
This "behavioral modification" methodology includes an
underwriting approach that incorporates both quantitative and
qualitative elements encompassing not only the frequency of claims,
but also the specific details of each case including the
physician's role; scope and type of treatment; the alleged injury
or bad result; medical record documentation; the defensibility of the
"medicine"; and changes in practice as prompted by specific
incidents/claims.
The Exchange will also seek to partner with self-insured hospitals
and health systems to work cooperatively on risk management and claims
management efforts such as early intervention on adverse patient
events as well as joint claims defense when feasible.
Prospective insured physicians will be required to agree to the
Exchange's Conditions of Membership as criteria for both initial
underwriting as well continued insurability. These criteria include
early reporting of adverse outcomes; coordination of legal defense;
mandatory risk management education; and compliance with office
practice audits.
Finally, prospective insureds will need to submit detailed
claims/loss information with their applications. They must also commit
to direct discussions with the Exchange's staff to discuss
underwriting, risk management or claims issues that are identified.
About Duane Morris
Duane Morris LLP, among the one hundred largest law firms in the
nation, is a full service firm of approximately five hundred and fifty
lawyers. In addition, Duane Morris affiliates have approximately forty
professionals engaged in non-legal service businesses. The firm
represents clients across the United States and around the world
through a combination of twenty-one offices and relationships with two
international networks of independent law firms. For more information,
visit the firm's Web site at www.duanemorris.com.
filed by the Florida Healthcare Providers Insurance Exchange, (The
Exchange), to offer medical malpractice insurance to physicians in
Florida. The Exchange expects to begin issuing policies that would
take effect as of January 1, 2004.
The Exchange is managed by an affiliate of Duane Morris LLP. Duane
Morris is among the hundred largest law firms in the nation with
offices in twenty-one cities including Miami and Palm Beach.
Known technically as a reciprocal insurance exchange, The Exchange
is a program in which participants in the plan share insurance risk.
Essentially, each participant is also an owner who contributes capital
in addition to paying premiums. The program is designed to attract
physicians who have a strong record of sound clinical practice and are
willing to assume some risk as well as a certain amount of practice
oversight. The program's objective is to assure that
Florida's physicians and hospitals have adequate access to
medical malpractice insurance over the long term.
"Recognizing a market need for medical malpractice insurance
coverage in Florida, we are utilizing the successful experience of our
Pennsylvania Exchange which provides medical malpractice insurance to
physicians in Pennsylvania," said Charles C. Pappy III, partner in
charge of Duane Morris' Miami office. "There is clearly a
strong parallel between the Pennsylvania and Florida medical
malpractice insurance situations. We will offer a viable alternative
for medical malpractice insurance that will benefit the physicians,
hospitals and people of Florida."
"Duane Morris is able to leverage its resources including a
nationally recognized health law practice to create a business
opportunity that satisfies a significant public need," said Sheldon
Bonovitz, Chairman of Duane Morris. "Our firm is among the
nation's law firm leaders in the creation and successful
operation of non legal services businesses. This opportunity in
Florida enables us to continue to expand this unique aspect of Duane
Morris."
The Exchange will be based in Miami. Thomas S. Gaudiosi, an
insurance professional with extensive medical malpractice insurance
experience, will serve as president and chief executive officer of The
Exchange's management company. In addition, there will be
locally-based management, marketing and underwriting operations.
According to Gaudiosi, The Exchange will use the same tenets of
operation that have proven their success in the Pennsylvania Exchange.
This "behavioral modification" methodology includes an
underwriting approach that incorporates both quantitative and
qualitative elements encompassing not only the frequency of claims,
but also the specific details of each case including the
physician's role; scope and type of treatment; the alleged injury
or bad result; medical record documentation; the defensibility of the
"medicine"; and changes in practice as prompted by specific
incidents/claims.
The Exchange will also seek to partner with self-insured hospitals
and health systems to work cooperatively on risk management and claims
management efforts such as early intervention on adverse patient
events as well as joint claims defense when feasible.
Prospective insured physicians will be required to agree to the
Exchange's Conditions of Membership as criteria for both initial
underwriting as well continued insurability. These criteria include
early reporting of adverse outcomes; coordination of legal defense;
mandatory risk management education; and compliance with office
practice audits.
Finally, prospective insureds will need to submit detailed
claims/loss information with their applications. They must also commit
to direct discussions with the Exchange's staff to discuss
underwriting, risk management or claims issues that are identified.
About Duane Morris
Duane Morris LLP, among the one hundred largest law firms in the
nation, is a full service firm of approximately five hundred and fifty
lawyers. In addition, Duane Morris affiliates have approximately forty
professionals engaged in non-legal service businesses. The firm
represents clients across the United States and around the world
through a combination of twenty-one offices and relationships with two
international networks of independent law firms. For more information,
visit the firm's Web site at www.duanemorris.com.
