By Shawna Bertalot, CIC, ACI, WisMed Assure President
Some good news for Wisconsin physicians, certified registered nurse anesthetists (CRNA), and the hospitals and clinics that employ them. At the last meeting of The Board of Governors of the Injured Patients and Families Compensation Fund (IPFCF) in December 2024, the Actuarial Committee made the recommendation to keep rates the same for the IPFCF’s Fiscal Year July 1, 2025 to July 1, 2026. The Board voted and approved that recommendation. The rates are not finalized until passing the Legislative approval process with the joint committee on finance. The deadline for that approval process is mid-April and we expect the rates to be approved.
In 2020, the Wisconsin Medical Society (WisMed) proposed the idea of a “premium holiday” to the IPFCF due to the impact and uncertainty of the COVID pandemic. The result was three years of no IPFCF premiums from July 1, 2020 to July 1, 2024. This afforded significant savings to physician practices, hospitals, and health systems in a time of crisis. When premium rates were resumed in 2024, they were kept at the same level as prior to the premium holiday. While it is important to keep medical malpractice cost low, it is critical to keep the IPFCF financially healthy. WisMed understands this balance and works closely with its insurance agency, WisMed Assure, to share knowledge and support with the IPFCF.
WisMed has two appointed seats on the IPFCF Board, which currently includes three physicians. WisMed board members and staff participate in several committees of the IPFCF and have long advocated for reasonable rates that keep the IPFCF financially sound but still provide incredible value.
There are only eight states in the U.S. that have excess medical professional liability funds, or “Patient Compensation Funds” and none of them offer the unlimited excess coverage for economic damages that Wisconsin’s IPFCF does. WisMed Assure works closely with the IPFCF to ensure proper coverage. Thanks to decades of advocacy by WisMed and others to keep the IPFCF strong and the litigation environment favorable to health care professionals, Wisconsin’s medical malpractice rates are amongst the lowest in the country. Because revenue and profits earned by WisMed Assure support the advocacy work of the Wisconsin Medical Society, physicians who purchase their insurance from WisMed Assure are helping us advocate to keep Wisconsin one of the best states to practice medicine.
For assistance with your medical professional liability insurance, please reach out to the WisMed Assure Service Team at insurance@wismedassure.org, or call 608.442.3810.
Shawna Bertalot, CIC
President, Wisconsin Medical Society Insurance and Financial Services
Reach out to me to learn more. You can contact me at shawna.bertalot@wismedassure.org or 608.442.3738.
Shawna Bertalot, CIC
President, Wisconsin Medical Society Insurance and Financial Services
Reach out to me to learn more. You can contact me at shawna.bertalot@wismedassure.org or 608.442.3738.
Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.
