As the old saying goes, “The only thing that stays the same is change” …  Or it’s something like that anyway… 

This is especially true in healthcare, as the industry’s operations continue to evolve in response to impacting factors such as the introduction of updated care methodologies, new technologies, public health emergencies, or societal trends. 

  • The U.S. Centers for Medicare and Medicaid Services (CMS) reported a ~63% increase in telehealth in 2021, and the global telemedicine market is expected to grow from $83 billion in 2021 to ~$319 billion in 2025.1  Have you thought about how telemedicine may impact your risk landscape?
  • The COVID-19 pandemic brought the world an acute awareness of what a public health emergency could do to provision of care as well as impact supplies available to support it.  How did your pandemic planning match up to the actual event?
  • A spring 2022 jury verdict of $97 million in an Iowa medical malpractice case is a recent example of several higher medical malpractice verdicts across Iowa in recent years.  How would an outcome like this impact your organization?

Medical malpractice insurance has seen a hardening market come more to fruition in 2022, with an average 5.1% increase in premiums during 2022 Q1 according to an association for a leading insurance intermediary.2   Hard markets tend to see increased premiums and deductibles, with lesser or restricted limits.  Does your strategic planning include elements relating to risk management and quality of care?

Change doesn’t have to be hard.  PDCM’s dedicated experts in healthcare insurance and risk management can help you navigate the challenges from the insurance and risk perspectives.  It’s not about working harder.  It’s about working smarter.  Contact PDCM for more information.

1 AM Best; Neilson; “Medical Professional Liability Faces Headwinds as Outlook is Negative”; Posted 07/27/22

2 The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Index Q1 2022

Beyond Healthcare