Medical Malpractice Premiums Are On The Rise
Medical malpractice insurance premiums are increasing by 10-15% on average in Oklahoma. More details are below.
Rising medical malpractice premiums in Oklahoma can be attributed to two factors:
- Growing amounts of jury verdicts and
- Increases in reinsurance costs.
The jury verdicts are not exclusive to Oklahoma. This increase in medical malpractice premiums is a nationwide trend over the last few years that has finally caught up to the carrier’s bottom lines and are showing up as underwriting losses.
Rising medical malpractice premiums for reinsurance are also a nationwide trend. Generally, all insurance risks end up “pooled” with other risks such as hurricanes, wildfires, and civil unrest.
Expanded Partnerships
Through our partnership with Fifth Avenue Healthcare Services, we have offered delegated credentialing with 25+ payers. At this time, Fifth Avenue Agency now has an agreement with numerous medical malpractice insurance carriers to accept your completed credentialing file for underwriting purposes.
This saves you the time of having to duplicate data for underwriting purposes; rather than have you or your group complete new, traditionally lengthy medical malpractice insurance applications, we can use your credentialing data.
This means we can request a quote for you easily and quickly, with minimal or perhaps no additional paperwork with a stronger underwriting file possibly resulting in lower medical malpractice premiums.
Synergistic Partnerships
Fifth Avenue is a family group of companies that includes Fifth Avenue Agency, Primoris Credentialing Network, and 5ACVO, as part of the Fifth Avenue Healthcare Services family.
Fifth Avenue Agency is the largest and longest-standing insurance agency specializing in medical malpractice insurance in Oklahoma. Fifth Avenue Agency represents almost every insurance carrier in Oklahoma, some of which are not seeing these rate increases.
The team at Fifth Avenue Agency is highly experienced, with 75% of the team having more than ten years of experience and will put their talent, technology, and expertise to work, putting together a medical malpractice quote quickly and easily for you based on your credentialing file and relationship with Fifth Avenue Healthcare Services.
More information about Fifth Avenue Agency
Fifth Avenue Agency specializes in MPLI and medical malpractice insurance, serving 1000s of providers nationwide. Fifth Avenue Agency is part of the Fifth Avenue Healthcare Services family. Sister companies include 5ACVO (credentialing and primary source verification specialists) and Primoris Credentialing Network (credentialing and provider enrollment specialists with 54+ health plan and network provider enrollment options).
Fifth Avenue Agency initially published this article here. For information on Fifth Avenue Agency, please visit FifthAvenueAgency.com or Contact Us.
