Discounts Available for ECPs, Part-Time Practice
Q. I am in my last year of residency and have my medical malpractice insurance through the Psychiatrists’ Program, the APA-endorsed Psychiatrists’ Professional Liability Insurance Program, for moonlighting activities. Soon I will need to purchase full-time professional liability insurance for my practice. Does the Program offer discounts for my first year in practice?
A. Yes, the Program offers discounts for early career psychiatrists as follows:
First Year: 60 percent
Second Year: 40 percent
Third Year: 35 percent
Note: Due to state regulatory requirements, the early career psychiatrists’ discounts in New York are as follows: 50 percent for the first year, and 25 percent for the second and third years on claims-made policies only (not available for occurrence policies).
These same discounts are available to psychiatrists following discharge from active military duty. Additionally, if you are a qualified child and adolescent psychiatrist, you are eligible for a 15 percent rate reduction.
Q. I have recently reduced the amount of time I spend practicing to fewer than 20 hours a week. Do I need to notify you of this change, and is there a premium discount?
A. The Psychiatrists’ Program offers a premium discount up to 50 percent for part-time practice. The discount is as follows:
1 to 10 hours weekly: 50 percent
11 to 15 hours weekly: 40 percent
16 to 20 hours weekly: 30 percent
Note: Due to state regulatory requirements, the part-time discount in New York is 50 percent for 20 hours or less.
Please be sure to let your underwriter know of this change in your practice so that your next premium can be calculated accurately to include the part-time discount. Call (800) 245-3333 for assistance.
Q. I will be attending APA’s 2003 annual meeting in San Francisco in May. Will the Psychiatrists’ Program have customer service staff at the meeting? Will there be any risk management educational opportunities at the meeting?
A. The Psychiatrists’ Program will be located at booth #1106 in the Exhibit Hall near the APPI bookstore. Risk management consultants and insurance underwriting specialists will be present to provide individualized insurance information and risk management advice for psychiatrists. Complimentary copies of the HIPAA resource manual will be available for current Program participants.
Program staff will also present at the following sessions:
• “Contemporary Malpractice Liability: A Practical Guide”: Sunday, May 18, 8 a.m.-noon, Hilton, fourth floor, Union Square 15 and 16. Program participants may be eligible for a 5 percent premium discount for attending this session.
• “Risk Management Issues in Psychiatric Practice”: Monday, May 19, 9 a.m.-10:30 a.m., Moscone Center, exhibit level, room 122.
• “Risk Management and Insurance Issues in Private Practice”: Tuesday, May 20, 9 a.m.-10:30 a.m., Marriott, lower B-2 level, Salons 10 and 11. This is the first session of “How to Launch a Successful Private Practice.”
• “Career Development and Risk Management”: Tuesday, May 20, 11 a.m.-12:30 p.m., Moscone Center, exhibit level, room 113.
• “The Psychiatrists’ Nightmare: A Malpractice Lawsuit”: Wednesday, May 21, 9 a.m.-10:30 a.m., Moscone Center, esplanade level, room 304.
Please be sure to check the conference schedule for any last-minute changes to times or locations.
This column is provided by PRMS, manager of the Psychiatrists’ Program, for the benefit of members. More information is available by visiting the Program’s Web site at www.psychprogram.com; calling (800) 245-3333, ext. 389; or sending an e-mail to [email protected]. ▪
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Published online: 18 April 2003
Published in print: April 18, 2003
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