From a business perspective, being a physician in Illinois can be tough. The state is slow to pay its bills, there is a lot of competition for patients and it’s becoming harder and harder to run a small, independent practice while trying to compete against major hospital-owned practices and their massive marketing budgets.
From a medical malpractice perspective, being a physician in Illinois is not too bad. The good news is that the number of claims are down. The bad news is that the severity of payouts for successful claims is up.
But, there is more good news. Because of the increased competition of medical malpractice insurance carriers in the state, prices are down for medical malpractice insurance in Illinois, as companies try and compete with one another for business. We are currently in what we call a “soft” market in Illinois. This is great news for physicians because medical malpractice insurance is often one of their greatest expenses. In a “soft” market, insurance companies (including us at DDI)battle each other to provide the best pricing. The owner of a medical practice is in a position to save a lot of money by shopping the market. Take advantage of the current medical malpractice insurance “soft” market by clicking here: Get a no-hassle, free quote now.