Cost Savings
Litiscape has the potential to save physicians more than just the cost of litigation with its pricing models. The first pricing model is a subscription-based model where the software is purchased as a standalone product. The second pricing model offers the most cost-saving potential because Litiscape works with physician malpractice insurance carriers to offset the net cost of the software. Currently, Litiscape works with about 15 different carriers that provide discounted quotes, and they are getting more all the time.
During his interview with OTW, Kamalu was excited to discuss the Litiscape insurance discount pricing model. He explained, ”As you can imagine, the decrease in claim risk is something insurance carriers are very excited about, so we have been able to negotiate with several of the top carriers across the nation to provide a discounted insurance policy that is specific to physicians who are subscribed to our software. It’s a new policy that we sell together with the software and so far we’ve averaged about a 10% discount from whatever their previous policy is. If they choose to go through us for their malpractice insurance, we only charge the amount that we are able to save them on their insurance so it ends up being a zero net cost to them.”
The cost savings carry over to the physicians on a case-by-case basis. Kamalu gave the example of a large institution they just brought on. Kamalu told OTW, “We ended up saving them 47% on their malpractice insurance and ended up charging about half of that on the software, so it was a net gain of about $30,000 a year for them. So not only do they get the incredible value of the software…but also very significant savings.”
Kamalu noted that there is sometimes an added bonus in savings. He said, “We also give them a discount on their general liability insurance. In certain situations that can be several thousand dollars as well. That always goes towards net savings, we never apply that savings to the software cost.”
About Litiscape
Litiscape’s core product is a software that allows physicians to vet prospective patients for potential liabilities— analyzing and weighing over 1,200 distinct background factors in real-time, and categorizing them by litigation risk, financial risk, criminal risk, and healthcare-influencing factors. By pulling from every public record and court database across the country, physicians have access to invaluable insights into everyone they treat. Litiscape is redefining the standard in provider protection and informed care.
The Litiscape portal is Health Insurance Portability and Accountability Act (HIPAA) compliant. Litiscape software is compliant with all privacy laws. Physicians do not need to obtain patient permission for the search. To learn more, visit www.litiscape.com.
