What is the average cost of medical malpractice insurance for orthopedic and spine surgeons?
PS: Average medical malpractice costs vary widely by state. In Indiana for example — one of a handful of states that limits medical malpractice damage awards — an orthopedic surgeon may still pay $20,000-$30,000 in medical malpractice premium. In states where no such limitations apply, premiums can be significantly higher. Q: What kinds of trends are you seeing in terms of how physicians are insuring themselves against medical malpractice claims? PS: Orthopedic groups are often frustrated with insurance costs as well as insurers’ willingness to settle medical malpractice insurance claims. As a result, we are seeing groups consider self-insuring their medical malpractice coverage. Groups are also considering partnering with other orthopedic practices to collectively self-insure their malpractice exposure in a group captive or risk retention group. Essentially, these physicians form their own insurance company. Q: How popular are captive and risk retention groups? PS: They are a popular
