Colleagues, over three years ago a group of Florida physicians of different specialties and separate practices, but common interests, met to discuss their concerns with the then-existing professional liability marketplace. The five physicians collectively have been in practice for 133+ years with a total of two minor lawsuits. Collective premiums from this unrelated group surpassed $3,750,000 over the years paid to their respective insurance carriers. This distinguished group said “Enough. Why should we give our $$$’s to Wall Street, when we can invest in our own company and better manage our own risk?” This scenario has been seen before from 1974 with the rise of the original “bedpan mutuals” to the origination of the RRG’s in the late twentieth century. However, there is now an alternative plan that rewards physicians by returning dollars into their own segregated accounts. The traditional risk sharing basis is still there, allowing physicians with limited claims activity to “recapture” a substantial amount of the premium paid to their carrier. Furthermore, the facts are that the “old” bedpan mutuals, originally conceived in the mid 70’s are actually alive and are a growing force in today’s marketplace.

 

 

Lancet Indemnity RRG is PHYSICIAN owned, managed and directed, not managed by Wall Street or some other disinterested party. Your concerns and welfare are our primary interest. We welcome your inquires.