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Medical Malpractice Insurance "Slot" Policies
Today it is common to see larger medical groups and hospitals using multiple part-time physicians to to staff one full-time position. If the medical group or hospital is paying the malpractice premium for these part-time physicians, costs can add up fast.
In order to cover this need, insurance companies have developed a malpractice "slot" policy. The slot policy typically combines one or more physicians into a full-time equivalency or slot in the usual group policy. Multiple physicians (usually of the same specialty) occupy these slots within the year or over the life of the policy, allowing for greater efficiency and cost savings.
Obviously, there are rules that need to be followed. Some carriers will stipulate the maximum number of hours that the slot can be occupied per week. Other carriers may set a maximum for the number of doctors that can occupy a single slot. There may also be some limitations. Physicians in a slot may share one limit of liability as they share one position. Additionally, periodic reporting of physicians occupying the slot may be necessary. However, with a little planning, the ability to use multiple physicians while paying the malpractice insurance premium for a single full-time position can save a lot of money and add considerable flexibility to today's cost conscious medical group.
For more information on slot policies for your group, please contact PIAM at
800-522-7426.
— Jack King
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