Self-Insuring – A Viable Alternative to Malpractice Insurance?

Ted Doran pic

Ted Doran
Image: doranlaw.com

Ted Doran is a Daytona Beach, Florida-based attorney with experience in civil litigation and representing government entities. In 2005, he obtained a jury verdict and judgment in excess of $18 million on behalf of the State of Florida as Receiver of a failed medical malpractice self-insurance fund. Ted Doran’s work on the case helped to refund over $10 million to medical care providers across Florida.

Malpractice insurance premiums vary from practice to practice. Obstetricians, for example, pay premiums ranging from $20,000 per year to $200,000 per year depending on which state they practice in. Generally, the cost of insurance is about 10 percent of billed appointments and procedures. Suit resolution can take at least three years, and is very costly.

In an attempt to avoid cost-prohibitive premiums, some doctors seek alternatives such as self-insurance. Self-insurance is a strategy in which a firm will place money aside into an account to provide for losses in the event of a malpractice suit. This solution is impractical for many, as there are legal and business obstacles to this approach. The risk of litigation is maintained by the firm, and financial disaster in the wake of a large lawsuit is a very real possibility. Some doctors in atypical situations, however, may find it worth considering self-insuring in order to keep practicing. Experts recommend that physicians considering this strategy obtain legal advice on the best way to proceed.

Volusia County – A Place to Establish a Business

 

Team Volusia Economic Development Corporation pic

Team Volusia Economic Development Corporation
Image: teamvolusiaedc.com

Practicing law in Daytona Beach, Florida, attorney Ted Doran handles cases in a variety of practice areas at Doran, Sims, Wolfe & Ciocchetti. An active member of his community apart from dispatching his professional obligations, Ted Doran is a founding member of Team Volusia Economic Development Corporation (TVEDC).

TVEDC focuses on promoting Volusia County, which is situated on the northeastern coast of Florida. Made up of 16 cities, the county spans 1,200 square miles and offers numerous opportunities for prospective businesses.

With more than half a million citizens, its population can support a variety of industries. In the technology sector, the county takes part in the Central Florida High Tech Corridor (CFHTC). CFHTC advocates for the growth of high-tech companies, ranging from agritechnology to sustainable energy. Together, Volusia County and CFHTC improve the local economy.

The area is also home to more than 400 manufacturers. Manufacturers enjoy a 65-mile stretch of highway as well as an educated and skilled workforce, which can meet the demands of an advanced manufacturing environment. Further, business owners are eligible to apply for state and local incentives.