March 23, Wisconsin Medical Society Insurance and Financial Services
The Injured Patients and Families Compensation Fund (Fund) Board this week approved a 10 percent decrease in Fund fees for the 2018-2019 fiscal year. This is the sixth decrease approved by the Fund Board in as many years.
Wisconsin’s excellent medical liability environment is good for your organization’s business: money not spent to obtain coverage and settle claims can be allocated to improve quality and the overall patient experience.
Your Wisconsin Medical Society (Society) continues to work vigilantly to preserve Wisconsin’s relatively stable medical liability environment, most recently by filing amicus briefs at both the appellate and Supreme Court level in Mayo v. the Injured Patients and Families Compensation Fund—a case that has challenged the constitutionality of the state’s cap on noneconomic damages in medical liability cases. We are also maintaining our active involvement in the primary insurance market, working with our exclusive partner, ProAssurance. Additionally, the WMS Holdings Risk Purchasing Group and Captive are designed to help health systems decrease liability costs and improve quality and efficiency.
The Society was influential in obtaining this rate reduction through its participation on the Fund Board. This is a great example of how the Society’s advocacy efforts—which the profits generated by Wisconsin Medical Society Insurance & Financial Services help support—benefit the medical community in Wisconsin.