NEW PHYSICIANS’ LIABILITY “ASSURANCE” PROVIDER RECEIVES GREEN-LIGHT TO WRITE FROM 21 STATES WITHIN EIGHT MONTHS OF LAUNCH
Austin-based Capson turns medical liability insurance on its head with new “assurance offering” that makes improved communication between doctors and patients fundamental to insurance
AUSTIN, TX, July 5, 2011 - A unique new medical liability program that prioritizes improving patient/physician relationships is available in 21 states from Capson Physicians Insurance Company just eight months after its launch.
Capson, founded last year with the support of strategic investors including BlueCross BlueShield Venture Partners, L.P. and Beazley Investments Ltd., is breaking out of the traditional medical liability insurance model by expanding its offerings to address a key driver of patient/physician conflicts: poor communication.
The American Medical Association reports that nearly 61 percent of physicians age 55 and over have been sued. Before they reach the age of 40, more than 50 percent of obstetricians and gynecologists have already been sued, and 90 percent of general surgeons age 55 and older have been sued, indicating a clear need to improve relationships between doctors and patients.
Recognizing the impact of patient satisfaction and its ability to predict malpractice risk, Capson focuses its insurance on a new offering called CapsonCare™- a patient satisfaction program incorporated into a physician’s practice that for the first time will allow patients to give confidential, honest feedback to physicians at the time of their visit via an iPad interface.
Improving communication between doctors and patients and empowering patient feedback has been one of the major issues in medical malpractice reform. In fact, the Obama Administration and the Department of Health and Human Services funded a $25 million medical liability grant project last year to test and evaluate innovative approaches to reducing medical liability claims, with a specific focus on fostering better communication between doctors and patients.
“Though many hospitals conduct patient satisfaction surveys, the majority of physicians do not conduct them in their practices, and many healthcare organizations offering surveys have to wait up to six months for the results,” said Dr. Kyle Janek, a practicing anesthesiologist and Medical Director of Capson Physicians Insurance Company. “By asking patients for feedback at the time of their visit, we can assure that we’re responsive to their needs in a much more effective and timely way.”
According to a study in the American Journal of Medicine, physicians who ranked in the lowest one-third of satisfaction rankings were 110 percent more likely to have malpractice suits brought against them than those with top satisfaction survey rankings. Another survey by Press Ganey published in Medical Care found that physicians with low patient satisfaction scores were more likely to be involved in malpractice lawsuits.
“We founded Capson with the knowledge that the medical malpractice insurance industry was in desperate need of change,” said Capson founder Maury Magids, former president of American Physicians Insurance Company (API). “Insurance isn’t going to fix the broken liability system. And complicated politics and nuanced caps are just treating the symptoms. What we need is a common sense cure that gets to the root of the problem- and we believe that starts with listening to patients.”
Capson brings a common sense solution to physicians’ liability insurance that fundamentally improves physician-patient relationships through innovative conflict prevention programs designed to foster communication between doctors and patients. Capson is the first physicians’ insurance provider to employ automated quoting and underwriting to improve operating efficiencies to reduce the costs, hassle, and time it takes to acquire insurance. Capson operates nationally and is based out of Austin, TX. For more information please visitwww.capson.com.