Insurers offer physicians ways to earn discounts on the size of medical malpractice premiums, according to a May 10 report from Medscape.
Five ways to qualify for insurer discounts on medical malpractice premiums:
1. Physicians can earn discounts after they complete their internships and residencies. Several insurers offer 50 percent discounts to new physicians in their first year of practice. New physicians don't have the same amount of lawsuit risk, according to the report.
2. If a physician remains claims free for a certain number of years, they can receive discount opportunities. Some physicians can earn up to 25 percent by going three years claim-free.
3. Physicians who only work part-time can qualify for up to a 75 percent discount on premiums.
4. Some medical societies offer rates and discounts through their own liability companies. Some societies offer their members a 5 percent discount by endorsing a particular insurer.
5. Enroll in a risk management program. Physicians can be eligible for both premium discounts and credits. Several companies offer discounts for physicians who enroll in risk management training programs.