Revolutionary secrets reduce medical malpractice insurance burden today
Exploring Captive Insurance Models
Captive insurance companies offer another avenue for reducing malpractice insurance costs. These are insurance entities established by healthcare providers to insure their own risks. By forming a captive, providers can gain more control over their insurance policies and premiums. This model can lead to significant cost savings and offers the added benefit of potential profit from underwriting gains4.
Leveraging Group Purchasing Power
Joining a group purchasing organization (GPO) can also help reduce costs. GPOs leverage the collective purchasing power of their members to negotiate better rates with insurance providers. This collaborative approach can lead to substantial savings on premiums, making it an attractive option for smaller practices that might otherwise face higher individual rates5.