Save Big Medical Clinics Stop D&O Insurance Woes
Strategies to Mitigate D&O Insurance Costs
Despite the rising costs, there are strategies that medical clinics can adopt to manage and potentially reduce their D&O insurance expenses. Firstly, clinics should conduct a comprehensive risk assessment to identify and mitigate potential liabilities. Implementing robust governance frameworks and compliance programs can significantly lower the risk profile of a clinic, which in turn can lead to more favorable insurance terms3.
Moreover, clinics should consider shopping around for insurance providers. By comparing different policies and negotiating terms, clinics can find more competitive rates. It's beneficial to work with insurance brokers who specialize in healthcare to leverage their expertise in securing the best deals. Some clinics have also found success in joining group purchasing organizations (GPOs), which can offer collective bargaining power for lower premiums4.