More and more, medical malpractice insurance is becoming a must-have for healthcare professionals. Because of this, every medical practitioner should be familiar with the Loss Run Report. What is a Loss Run Report in medical malpractice insurance, and why is it so important? We’ll be looking into that and more in this article.
Medical Malpractice Insurance Loss Run Report
A medical malpractice insurance Loss Run Report is a vital document showing the claims activity for the time a given provider insured a carrier. Because it shows your claims history, underwriters use the Loss Run Report to evaluate the risk of taking on a medical professional.
Information Obtained From Loss Run Reports
A Loss Run Report can carry several relevant data depending on where and how it was issued. However, some critical information peculiar to most of these reports is:
- The date of a claim(s)
- Information on the current status of the claim(s)
- The amount or value of the loss (where applicable)
How Does a Medical Professional Get Their Insurance Loss Run Report?
Typically, a medical professional must get their insurance Loss Run Report contacted by their previous employer, insurance broker, or medical malpractice insurance provider. Once there is a lodged request, they will prepare his report immediately. However, it can take longer in some cases. To be on the safe side, be sure to file your request as quickly as possible. That way, you can save on processing time.
Essential Things To Remember About Medical Malpractice Insurance Loss Run Report
If you plan to file a request for this report soon, some things to keep in mind are:
- Experience with Multiple Practices Can Affect the Processing Speed
Medical professionals who have worked with many practices and employers in the past will usually have more to do when it comes to getting their previous Loss Run Reports. The main reason is that, as there are multiple sources to consult and various information to collate, they must allot more time and exert more effort. Similarly, doctors who have just concluded their residency or fellowship can get this document faster and without much effort.
Claim History Can Affect Your Policy
Most medical mal insurance providers are always more willing to offer discounts and credits to healthcare professionals with a loss or claim-free history. It is likely because such individuals are considered lower risk.
Loss Run Reports Aren’t Absolute
You are not contesting that a Loss Run Report is critical to the underwriting process. However, this doesn’t mean that it tells the entire story. Using your professional letterhead to break down the specifics of the case and detailing the steps you’ve taken to improve yourself where patient safety and informed consent are concerned can make all the difference to an employer.
And that’s everything about medical malpractice insurance Loss Run Reports in a nutshell!
