Capson saves physicians up to 20 percent on their medical malpractice insurance through a direct, online purchase model
AUSTIN, TX, Nov. 8, 2010 — Capson Physicians Insurance Company (Capson), a new medical malpractice insurance provider offering physicians exceptional policy value through a direct, online application, underwriting and purchase model, today announced its services are available to Texas, Kentucky and Idaho healthcare providers. Expansion into several additional states will be announced in the coming weeks.
Capson streamlines the process of acquiring medical malpractice insurance for healthcare providers. Capson shortens the lengthy process of applying for insurance to as little as 10 minutes by eliminating the typical 15-page application and providing physicians a simple, fast and sophisticated online application, underwriting and purchase model. While the tedious paperwork has been removed, the coverage itself remains robust—comparable or potentially broader than existing coverage—enabling healthcare providers to lower their premiums without compromising the quality of coverage or customer service. Capson’s customer service team offers physicians unparalleled support at every step in the process.
By allowing physicians to deal directly with the insurance company, Capson is able to pass along the savings that come from avoiding the high operating costs, agents’ commissions and inefficient processes of traditional insurance providers. Capson is able to offer physicians savings of as much as 20 percent off their existing policies.
In addition to simplifying the insurance process saving physicians thousands of dollars, Capson also offers CapsonCare, a patient satisfaction program designed to facilitate a better physician-patient relationship by soliciting honest feedback from patients via electronic surveys immediately following an office visit. CapsonCare can help healthcare providers address operational inefficiencies, reduce patient turnover, differentiate their practices and potentially reduce the number of medical malpractice claims filed.
“The complexity and cost of running a physician practice today is far different than it was 10 years ago and has created an increasing burden on physicians,” said Jon Foster, President and CEO, St. David’s Healthcare. “Capson is going to be a tremendous option for health systems because you are not only going to get a better value with respect to the cost of insurance, but also have a patient feedback mechanism with CapsonCare that most healthcare systems are not ready to implement in the physician practice setting. Capson will help physicians improve the efficiency of the business behind healthcare, freeing up healthcare providers to spend more time caring for their patients.”
“Capson has come up with some truly innovative ideas and offers a great deal of advantages to physicians. It’s not just the direct selling of insurance to physicians, I believe the Capson approach will decrease the frequency of claims being filed, and that alone will allow physicians to be more productive,” said cardiologist Dr. John A. Dieck. “Quality improvements made through CapsonCare will increase the level of care and satisfaction for patients, and, ultimately, physician satisfaction in the practice of medicine.”
Capson Founder Maury Magids has a proven track record in the medical malpractice industry. Prior to founding the company in August 2009, Magids served as president of the American Physicians Insurance Company (API), a Texas-based medical malpractice insurance company recently acquired by ProAssurance Corporation.
Capson Operations Team Lead Tom Cotten previously served as CEO and CFO of Texas Medical Liability Trust (TMLT), the largest writer of medical malpractice insurance in Texas with surplus in excess of $260 million, and played a pivotal role in the creation of the Texas Alliance for Patient Access, the group largely responsible for the Texas tort reform victory in 2003.
“Capson is modernizing the medical malpractice industry through its unique application, underwriting and purchasing model and facilitating an effective patient satisfaction program that helps physicians run a more profitable practice,” said Magids. “We’re challenging the status quo in the medical malpractice insurance industry. Policy acquisition and customer service processes are streamlined as a result of interacting directly and online with the company, and we’re enhancing the claims process by utilizing in-house defense expertise to complement outside counsel.”
Capson has strategically assembled a group of investors with significant experience in the healthcare industry, giving Capson the resources and financial stability to compete effectively in the medical malpractice insurance arena. Lead investors include Beazley Investments Ltd.—an investment subsidiary of Beazley plc., one of the largest insurers in the Lloyd’s market and a major underwriter of medical professional liability coverage including some of the leading U.S. hospitals and long term care facilities—and Blue Cross Blue Shield Venture Partners, L.P.—a $116 million corporate venture fund sponsored by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies.
Capson is a new medical malpractice insurance provider challenging the status quo by offering innovative products and services to help healthcare providers run their practice more profitably and increase patient satisfaction. Capson helps physicians realize significant savings in time and cost on their med mal insurance by using a direct, online purchase model. The company makes acquiring and purchasing coverage easy by streamlining the many inefficiencies of traditional med mal providers. Through CapsonCare, a sophisticated patient satisfaction program, physicians can potentially lower the number of medical malpractice claims filed by addressing patient concerns and strengthening the relationship between physician and patient. Capson is based out of Austin, TX. For more information, visit www.capson.com.