COVID-19’s financial impact on physician practices has been severe. Here is some news that may help take some of the sting out of the economic losses you may be facing. If you made changes to your practice in response to the crisis – shorter hours, hiatus on surgery or procedures, or even closing your doors for a period of time – you may be entitled to financial relief from your malpractice carrier.
Physicians Reciprocal Insurers (PRI), one of the larger malpractice insurers in New York State, confirmed with E Central Medical Management that they are offering several options to assist their insured practices during this challenging time.
Among the options they are offering is policy suspension with no premiums due for up to one year. Practices that have reduced their hours may qualify for part-time rates, which can be 35% - 50% less than standard rates. For physicians who have adjusted their scope of practice, there is the possibility of changing the class of their policy to a lower risk class (e.g., Orthopedic Surgery Class 84 to Office Orthopedics Class 97). Lastly, practices that are facing financial hardships may request premium deferral which would enable them to pay in installments.
Bottom line, regardless of who your malpractice carrier may be, you should be in touch with them to find out the options you have to lower your expenses until your revenue is back on an even keel.
Please feel free to reach out to our office to learn more. We are always available by phone at 516-775-8605, or email at anthonyv@ecmmgt.com.
