Going Bare is the right option for good Florida doctors
Due to the ever increasing cost of wrongful death insurance, many doctors made the decision to drop their insurance plan. There is strong statistical evidence that “going bare” cuts down on the likelihood of being linked to a lawsuit. Not surprisingly, the insurance coverage industry has increased its campaign of scare tactics in order to place physicians in fear, in an attempt to drive them to purchase insurance. Without any doubt, insurance can be an useful way of risk spreading for most industries. However, for physicians in Florida having an average-to-clean history, going bare is the best option.
Insurance companies appreciate doctors in Naples Florida. These physicians pay their insurance charges and ask for nothing frequently. At the end of the year, the insurer has made a 100% profit, so when the doctor renews his coverage, another year of profits await. On the opposite end, the insurance companies are reducing reimbursements and denying medical claims for that labor which you have already done. Simply put, your practice is controlled on both ends by the insurance industry.
Should you get sued, careful analysis settle and defend your good name will not be yours. Your years of schooling and residency will have no role. Rather, it will be the decision of an insurance adjuster who received his license after an eighty (80) hour class. Whether the insurance company will lose money you aren’t will be the deciding factor. Whether you practiced inside standard of care will always be secondary.
Going bare creates peace of mind. Not only do you maintain your premium dollars in your pocket by going bare, however, you keep the power to moderate your case and your reputation. If you’re a good doctor who’s going to be rarely involved in lawsuits, then you will be saving hundreds of thousands of dollars, maybe millions, over the course of your career in premium savings. Instead of putting those hard-earned dollars in the insurance company coffers, you can save for you along with your family’s future. In case you are sued, you are able to choose to settle. However, if you’re confronted with a frivolous lawsuit, then you can definitely decide to defend your good name. With the insurer, you are just a number.
Plaintiff’s attorneys shouldn’t sue a doctor with no insurance. If these attorneys win, then they need to become collection attorneys to get better any money. It is much easier to gather from the deep pocket insurance agencies. Insurance is the bounty these attorneys seek. Finally, with asset protection strategies so prevalent and successful in Florida, any threat from your judgment can be minimized.
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