INSIGHT BEYOND INSURANCE resources | Current trends in medical malpractice & Managed care
watch for these 2019 trends in Medical Malpractice & Managed Care:
1. Volatility in Medical Professional Marketplace
At present in the medical liability marketplace, some clients are noticing significant increases. Think Senior Care. Many in the Senior Care business are struggling simply to access coverage due to these spikes (particularly in markets such as South Florida, Kentucky, West Virginia). This industry segment is experiencing an extended soft market and the trend with clients is currently to expect regular annual decreases.
2. Significant Changes Across the Board in Premiums
Stakeholders should be preparing for the marketplace shift by establishing a concrete "Plan B". Don't rely on a single insurer to deliver extended consistent results. You'll benefit by working closely with underwriters and providing them thorough data such as detailed claims filed over the past decade.
3. Blurred Lines Between Managed Care and Medical Professional Liability
Managed care systems have moved beyond treating patients to treating populations. Their current focus is on taking responsibility for patient care across the board. Congruently, It's critical that risks are addressed holistically by your broker in order to coordinate coverage and leverage data for all facets of a program.
4. Shifting from Volume based to Value Based Care
The recent Triple Aim initiative's goal is to reduce the price of healthcare in order to bend the cost curve downwards overtime by improving patient outcomes, experiences and the satisfaction of a provider's care. Healthcare reimbursements will continue to trend in favor of the quality of care rather than increasing numbers of tests and procedures.
5. The Relationship Between Payers (Health Insurers) and Providers (Physicians providing services) to Change
The traditional "pay-per service" model is shifting. Again, we're focusing on value taking priority above volume. We're seeing Health Insurers are now engaging with physicians on a capitated basis, where the health care services are rendered on a per member, per month basis. Providers are receiving steady revenue streams before any tangible services are provided.
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Thanks to our friends at AB Risk and KB Risk for sharing their insights with the bks-partners team. To learn more about their organization, please visit ABRisk.com