| new_wsma_member_benefits_for_you_and_your_practice | New WSMA Member Benefits for You and Your Practice | Partners in Medicine | Shared_Content/News/Membership_Memo/2025/january-10/new_wsma_member_benefits_for_you_and_your_practice | <div class="col-md-12">
<div class="col-sm-5 pull-right" style="text-align: center;"><img src="/images/Newsletters/MembershipMemo/2025/january/Sponsored-Content-Doctor-Illustration-645x425px.png" class="pull-right" alt="Washington capitol building" /></div>
<h5>January 10, 2025</h5>
<h2>New WSMA Member Benefits for You and Your Practice</h2>
<p>Being a member-driven organization, the WSMA is responsive to your needs. Over the past several months, we've been exploring partnerships to help our members both professionally and personally. At the jump are three key partners we are bringing to you with exclusive member benefits that will help you and your practice. Are there other services you need? Let WSMA's membership team know at <a href="mailto:membership@wsma.org">membership@wsma.org</a> and we will see what we can do to acquire more partnerships to benefit our members.</p>
<h3>Financial Planning, Wealth Management, and Retirement Services</h3>
<p>Based in Washington state, <a href="https://wsma.org/wsma/membership/why_join_the_wsma_/partners-in-medicine/northern-capital-management.aspx?_zs=HL9Ae1&amp;_zl=V2m0A">Northern Capital Management</a>* has supported the WSMA for 25 years in administering our employees’ 401(k) program, in addition to managing organizational investments. Their foundational belief is that, regardless of how much money someone has or where they are in their financial journey, NCM is able to bring expertise and guidance to maximize potential. We are collaborating with NCM so they can bring you robust financial services, including:</p>
<ul>
<li>A highly <strong>customizable financial planning service</strong> to address your specific needs and goals for a flat fee.</li>
<li><strong>Wealth management</strong> (including the above financial planning) to meet your investment objectives. WSMA members will receive a 10% discount on NCM’s standard rate.</li>
<li><strong>Retirement services</strong>: NCM’s affiliate, Northern Capital Retirement Services, can assist practices in determining a retirement plan based on your business size and needs, or manage the assets of a plan you may already have in place. WSMA members will receive a 10% discount on NCRS’s standard rate.</li>
</ul>
<p><a href="https://wsma.org/wsma/membership/why_join_the_wsma_/partners-in-medicine/northern-capital-management.aspx?_zs=A3aFd1&amp;_zl=V2m0A">Get help reaching your financial goals today with Northern Capital Management.</a></p>
<h3>Employment Contract Review and Negotiation</h3>
<p>In a recent survey of our members, a majority asked for help in reviewing physician employment contracts. To meet that need, we turned to <a href="https://go.resolve.com/wsma?utm_campaign=Washington%20State%20Medical%20Association&amp;utm_source=website&amp;utm_medium=partner-page">Resolve</a>—physician contract review experts who can deliver this critical service by helping physicians review and negotiate employment contracts to maximize compensation, improve work/life balance, and guard against unexpected workplace changes.</p>
<p>Resolve is bringing change to employment contracts by providing transparency into the physician market. By utilizing the most accurate data on compensation and other contract terms, paired with a specialized legal team, Resolve provides the insights and expertise you need to negotiate for fair contracts and take control of your career. Their services are offered exclusively to WSMA members at a 10% discount.</p>
<p>In addition, if you act before Jan. 31, Resolve is running a special offer for WSMA members for an instant contract review. You can get your compensation analyzed instantly to see where you stack up against both the Medical Group Management Association's most recent survey as well as your colleagues’ contracts. You'll also get a free risk report that identifies problematic contract terms and explains how and why they should be negotiated. WSMA members receive a special<strong> holiday discount of $100 off through Jan. 31</strong> by using the code <strong>WSMAHolidayComp</strong>.</p>
<p><a href="https://wsma.org/wsma/membership/why_join_the_wsma_/partners-in-medicine/resolve.aspx">Learn more about how Resolve can help you make the most of your employment agreements.</a></p>
<h3>WSMA World Elite Business Mastercard</h3>
<p>We are now offering a WSMA World Elite Business Mastercard®, a financial solution crafted to cater exclusively to the financial needs of physician practices in Washington.</p>
<p>WSMA’s physician practice members are spending up to hundreds of thousands of dollars, if not more, every year on operations, but may not be earning many tangible rewards or cash back on these expenses, which could be reinvested into savings or back into the practice.</p>
<p>This new benefit of WSMA membership offers unlimited 2.1% cash back on all of your purchases**, as well as 5% cash back on medical supplies and equipment**. Additionally, a $560 sign-on bonus can offset the cost of your WSMA membership dues**!</p>
<p>This card provides businesses with substantial cash-back rewards and a unique management platform that makes managing your finances simple. The card platform supports QuickBooks integration, and there are no annual fees, no employee card fees, and no impact on your personal credit when you apply. Visit the <a href="https://wsmacard.com/">card information page to apply today</a>, or <a href="mailto:onboarding@affiniti.finance">email Affiniti</a> to be introduced to a dedicated account executive to answer your questions. You can find out more <a href="https://wsma.org/wsma/membership/why_join_the_wsma_/partners-in-medicine/wsma-world-elite-business-mastercard.aspx?_zs=HL9Ae1&amp;_zl=c2m0A">here</a>.</p>
<p><em>* Washington State Medical Association is a client of Northern Capital Management and Northern Capital Retirement Services and receives compensation for promoting our services. As a result of the compensation arrangement there is an inherent conflict of interest.</em></p>
<p><em>**Important notice: Affiniti Finance, Inc. is the program manager of the WSMA World Elite Business Mastercard and is responsible for its operations, including but not limited to card issuance, rewards, management, and customer service. Cardholders are encouraged to review the comprehensive terms and conditions provided by Affiniti Finance, Inc., which can be </em><a href="https://affiniti.finance/legal/"><em>found here</em></a><em>. Affiniti Finance, Inc is not an FDIC-insured institution. WSMA World Elite Business Mastercard is issued by Patriot Bank, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated.</em></p>
</div> | 1/10/2025 12:00:00 AM | 1/1/0001 12:00:00 AM |
| understanding-policy-limits-settlement-demands-in-medical-malpractice-claims | Understanding Policy Limits Settlement Demands in Medical Malpractice Claims | Partners in Medicine | Shared_Content/News/Latest_News/2024/understanding-policy-limits-settlement-demands-in-medical-malpractice-claims | <div class="col-md-12">
<div class="col-sm-5 pull-right" style="text-align: center;"><img src="/images/Newsletters/Reports/2024/july-august/cover-wsma-julyaug-2024-645x425px.png" class="pull-right" alt="WSMA Reports July/August 2024 cover" /></div>
<h5>Dec.&nbsp;16, 2024</h5>
<h2>Understanding Policy Limits Settlement Demands in Medical Malpractice Claims</h2>
<p>
By Shauna Martin Ehlert
</p>
<p>
In the complex field of medical malpractice litigation<strong>,</strong> one common tactic used by plaintiffs' attorneys is the quick demand for settlement for the insurance policy limits. This approach can be stressful and intimidating for physicians and their insurers, as it aims to force a rapid settlement without a thorough investigation. Understanding this tactic and its implications is crucial for both physicians and attorneys.
</p>
<h3>Understanding the tactic</h3>
<p>
Attorneys often initiate this strategy by sending a demand letter in connection with the filing of a lawsuit. The letter typically insists that the physician's insurer settle the claim for the available policy limit within a specified period, typically 30 days. These letters may contain threats to seek amounts exceeding the policy limits and target the physician's personal assets, warn of time-consuming and stressful litigation, and raise the possibility of public embarrassment.
</p>
<p>
For example, a demand letter may take this approach: "Please inform Dr. X that this will be their only chance to gain protection from excess liability and pursuit of personal assets." Or, even more aggressively: "I will put my client in contact with the reality show 'Botched'. We'll see how that plays out." The obvious goal here is to instill fear, uncertainty, and doubt to push the physician and insurer into a quick and potentially unfavorable settlement.
</p>
<h3>What's behind early settlement demands</h3>
<p>
The main objective of early settlement demands is to use fear of the unknown to convince the defendant and their insurer to offer the policy limit as soon as possible. The early settlement demand is also designed to create risk to the insurer. In states such as Washington, if an insurer declines to make an early offer of the policy limit, the plaintiff's attorney may later argue that the insurer missed its chance and acted in bad faith. The goal is to create an argument that the insurer acted in bad faith by failing to settle early, and that therefore the insurer should be liable for amounts in excess of the policy limits. The practice is so common that some plaintiffs' lawyers have stated that it would be malpractice on their part if they did not attempt to set up the insurer for bad-faith exposure beyond the policy limits.
</p>
<h3>What happens if you settle early</h3>
<p>
There are several risks in meeting early settlement demands:
</p>
<ol>
<li>
<strong>Insufficient time to evaluate merits.</strong> A quick settlement does not allow adequate time to evaluate a case's merits. Malpractice cases are inherently complex and require thorough investigation. This can take 12 to 24 months to ensure that relevant information is discovered.
</li>
<li>
<strong>Questionable justification.</strong> Settling quickly may not be justified by the case's facts. Without a thorough review, it can be challenging to determine whether a claim is meritorious.
</li>
<li>
<strong>Reputation and reporting.</strong> For physicians, a malpractice settlement leads to a report to the National Practitioner Data Bank and the state Department of Health. This can damage a physician's reputation and career.
</li>
<li>
<strong>Encouragement of repeat claims.</strong> Early settlements can make a physician and insurer look like an easy mark, encouraging repeat claims.
</li>
<li>
<strong>Increased insurance costs.</strong> Settlements can lead to increased costs for professional liability insurance, both for the physician and the broader industry.
</li>
</ol>
<h3>Financial implications for plaintiffs' attorneys</h3>
<p>
Most plaintiffs' attorneys work on a contingency basis, typically receiving 30ñ50% of the settlement amount. For a $1 million policy limits settlement, the attorney's fee could range from $300,000 to $500,000, plus out-of-pocket costs. This leaves the patient/client with a fraction of the settlement amount. Quick settlements also mean less work for plaintiffs' attorneys, giving them a powerful financial incentive to demand an early resolution.
</p>
<h3>The importance of complete investigations</h3>
<p>
Medical malpractice cases are inevitably complex. Because of that, a complete investigation is essential. Demand letters often come as a surprise to both the physician and their insurer. The insurer needs time to digest the allegations, review medical records, and talk to its own experts. A thorough investigation helps in understanding whether the claim is valid and determining the extent of any potential liability.
</p>
<p>
Many medical malpractice policies require the insurer to obtain the physician's consent before settling. This provision helps ensure open communication and partnership between the insurer and the physician, protecting the physician's interests. Early settlement demands seek to undermine this partnership by creating a sense of urgency and fear.
</p>
<h3>Coping with high-pressure settlement demands</h3>
<p>
It is crucial for physicians and their attorneys to understand early settlement demands, and to respond appropriately.
</p>
<p>
This means staying informed and understanding that early settlement demands are a common tactic. Moreover, at times like this it is important to rely on your insurer, defense counsel, and retained experts, who are experienced in evaluating claims. They will work to evaluate your case and determine the appropriate course of action. For example, if potential liability exists, a defense counsel and the insurer may recommend early mediation. This allows a thorough discussion of the facts and can lead to a fairer and more informed settlement.
</p>
<p>
While the pressure to settle quickly can be intense, it is often in the best interest of physicians to allow time to fully evaluate early settlement demands. An investigation and a measured response can lead to a more favorable outcome, protecting both the physician's professional reputation and their monetary interests. By understanding and navigating these tactics, physicians can ensure they are making the right decision when faced with medical malpractice claims.
</p>
<p>
<em>Shauna Martin Ehlert</em><em> is an attorney at Cozen O'Connor in Seattle specializing in professional liability claims and insurance coverage disputes.</em></p>
<p>
<em>This article was featured in the November/December 2024 issue of WSMA Reports, WSMA's print magazine.</em>
</p>
</div> | 12/16/2024 12:00:00 AM | 1/1/0001 12:00:00 AM |
| wsma-introduces-two-point-one-percent-cash-back-mastercard-to-empower-physician-practices | WSMA Introduces 2.1% Cash Back Mastercard to Empower Physician Practices | Partners in Medicine | Shared_Content/News/Press_Release/2024/wsma-introduces-two-point-one-percent-cash-back-mastercard-to-empower-physician-practices | <div class="col-md-12">
<div class="col-sm-5 pull-right"><img src="/images/Logos/Press-Release-Graphic-2019-Branding.png" class="pull-right" alt="WSMA press release logo" /></div>
<h5>Dec. 2, 2024 </h5>
<h2>WSMA Introduces 2.1% Cash Back Mastercard to Empower Physician Practices </h2>
<p>
<em>A financial solution to meet the needs of physician practices throughout Washington </em>
</p>
<p>
The Washington State Medical Association (WSMA) is excited to reveal the WSMA World Elite Business Mastercard®, a financial solution crafted to cater exclusively to the distinctive financial needs of physician practices throughout Washington. This outstanding new benefit of WSMA membership offers 5% cash back on medical supplies*, up to 2.1% unlimited cash back* on everything else, and an opportunity to get your WSMA dues rebated. All of these rewards were designed for practice owners to be able to invest more into their business and add to their savings.
</p>
<p>
"The WSMA World Elite Business Mastercard® is a game-changer for physician practices, offering unparalleled benefits that directly address the unique needs of our profession," says WSMA CEO Jennifer Hanscom. "This innovative card provides businesses with substantial cash-back rewards and a unique management platform to make managing your finances simple."
</p>
<h3>Key Highlights of the WSMA World Elite Business Mastercard </h3>
<p>
<strong>Up to 2.1% unlimited cash back*</strong> - Enjoy the savings of earning up to 2.1% unlimited cash back on all purchases, empowering practices to maximize their profit margins.
</p>
<p>
<strong>5% Cash back on medical supplies and equipment* </strong>- Your physician practice can earn 5% back on $5,000 of medical supplies and equipment every year as a cardholder.
</p>
<p>
<strong>$560 sign-on bonus*</strong> - The WSMA World Elite Business Mastercard ® offers a $560 sign-on bonus that can offset the cost of your WSMA membership dues*!
</p>
<p>
<strong>No annual fees and unlimited employee cards</strong> - The WSMA World Elite Business Mastercard® has no annual fees, making it a cost-effective choice for physician practices.
</p>
<p>
<strong>QuickBooks integration</strong> - Easily sync your credit card transactions into QuickBooks, so you can spend more time focusing on your practice, and less on accounting hassles.
</p>
<p>
<strong>Included expense management software</strong> - The included expense management platform allows businesses to issue free and unlimited cards to different users/departments/locations, manage all of their spend limits, track all of their spending in real time, and request receipts or memos associated with each purchase.
</p>
<p>
<strong>Apply with no effect on personal credit* </strong>- Applying for the WSMA World Elite Business Mastercard ® has no impact on personal credit.
</p>
<p>
Learn more or apply today at <a href="https://WSMACard.com">WSMACard.com</a>. Experience the new method of reinvesting into your physician practice without any impact on your personal credit.
</p>
<p>
<em>*Important notice: Affiniti Finance, Inc. is the program manager of the WSMA World Elite Business Mastercard and is responsible for its operations, including but not limited to card issuance, rewards, management, and customer service. Cardholders are encouraged to review the comprehensive terms and conditions provided by Affiniti Finance, Inc., which can be accessed at <a href="https://affiniti.finance/legal/">affiniti.finance/legal</a>. Affiniti Finance, Inc is not an FDIC-insured institution. WSMA World Elite Business Mastercard is issued by Patriot Bank, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated.</em>
</p>
<p>
For more information:
</p>
<p>
Graham Short <br />
WSMA Director of Communications <br />
206.956.3633 <br />
<a href="mailto:gfs@wsma.org">gfs@wsma.org</a> </p>
<p>
<strong>About the Washington State Medical Association </strong>
</p>
<p>
The Washington State Medical Association represents nearly 13,000 physicians, resident physicians, physician assistants, and medical students across all specialties and practice types in Washington state. The WSMA has advocated on behalf of the house of medicine for more than 125 years. Our vision is to make Washington state the best place to practice medicine and receive care.
</p>
</div> | 12/3/2024 12:00:00 AM | 1/1/0001 12:00:00 AM |