New Malpractice Insurance Program for Massachusetts Physicians

CMICLaunches New Malpractice Insurance Program- Premium Reductions Up to 35%

Mass. State DoctorsThe Connecticut Medical Insurance Company (CMIC) has introduced a new insurance program to reward Massachusetts physicians that have good claims experience. The program is called the Malpractice Quality Initiative (MQI). The program provides up to 35% premium reductions based upon the physician's claims experience and specialty, which includes an additional 5% premium credit for physicians using a CCHIT certified Electronic Health Record (EHR) system.
The MQI Product has been reviewed and approved by the Massachusetts Department of Insurance. The policy is written on a “modified claims made form.” This form eliminates the need for the policyholder to purchase tail coverage. Historically many Massachusetts physicians have been reluctant to purchase a claims made policy. The principle concern was the need to purchase tail coverage. The MQI product eliminates this concern by providing the physicians with a fully paid tail policy if they choose to leave the program.
“At CMIC we want to recognize the effort physicians and their staff put forth to improve patient safety and reduce insurance losses. The MQI product was designed to reward these efforts by allowing qualified physician groups significant premium reductions, focused loss prevention strategies and risk management education,” stated Denise Funk, CMIC CEO. In addition, Ms. Funk stated, “advances in information technology allow physicians to utilize electronic health records, improve the quality of patient care and reduce errors in many circumstances. Groups utilizing CCHIT certified Electronic Health Record (EHR) systems for one year or more are eligible for an additional CMIC premium credit.”
Mass. State DoctorsMichael Morgan, CMIC’s Director of Business Development stated, “MQI will appeal to physician groups regardless of whether they are currently part of or considering a captive or conventional insurance program. Eligible groups benefit from significantly reduced premiums and unique ancillary services.” Mr. Morgan continued, “MQI has the ability to offer some features not available from many insurance carriers including captives. For example, if an MQI practice is hiring a physician with a claims made policy, CMIC may accept the new physician’s ‘retroactive’ date depending on the previous state of practice. This could help a great deal in the recruiting process. Occurrence forms of coverage and most captive plans are generally unable to offer prior acts.”
CMIC, established as a mutual company in 1984, is a provider of professional liability insurance and services to doctors and health care professionals. CMIC is AM Best A- rated (Excellent), headquartered in Glastonbury, CT, and serves Connecticut and Massachusetts exclusively.

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