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Monida offers its member physicians, and the staff employed by those physicians, an opportunity to obtain medical malpractice insurance from an excellent, A-rated malpractice carrier, the Utah Medical Insurance Association (UMIA). For those who qualify - after evaluation of their individual medical practice history - Monida offers a significant discount off UMIA's posted rates. |
Although UMIA's rates are very competitive, they may not necessarily be the cheapest. While we expect our rates to be reasonable, our goal is not necessarily to get the cheapest med-mal coverage. Medical malpractice is an extremely personal issue for a physician. Claims are reported to a national databank and follow the physician for the rest of his/her life. These claims will be reviewed every time the physician is credentialed by a healthcare entity or is privileged by a hospital or ambulatory surgery center.
Claims can be personally devastating, extremely time consuming and possibly career ending. As such, choosing a med-mal carrier is not simply a business decision, where the lowest price wins. It is imperative that physicians obtain insurance from a carrier that understands physician issues. UMIA, which is operated by the Utah Medical Society, approaches its policy, coverage decisions and each case with the doctor in mind. Physicians have an absolute right to settle, the right to choose defense counsel, a choice of limits and coverage for physician extenders and locum tenens. Individual physicians are also rewarded for having a claims-free history, and if we as a group keep our claims below an established limit, our renewal rates reflect that performance.
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