How the 2022-23 Proposed Executive Budget Impacts Medical Liability and Healthcare in New York

MLMIC’s The Albany Report offers policyholders a concise, insiders’ view of pending legislative, regulatory and political developments that have an impact on physicians, dentists, hospitals and other healthcare professionals practicing in New York State. The latest edition of MLMIC’s The Albany Report focuses policyholder attention on Governor Hochul’s 2022-23 New York State Executive Budget.

Specifically, the February 2022 issue of The Albany Report details these items of interest to the New York State medical professional liability insurance market:

  1. modification of the Physician’s Excess Medical Malpractice Insurance Program, commonly known as the “Section 18 Program;”
  2. extension of the Department of Financial Services (DFS) Superintendent’s authority to “set and establish” primary and excess rates for physicians’ and surgeons’ MPL insurance;
  3. proposed appropriation of $52 million for the NYS Medical Indemnity Fund (MIF);
  4. placement of New York State in the Interstate Medical Licensure Compact;
  5. establishment of reimbursement parity for telehealth; and
  6. lowering of the current 9% judgment interest rate to the federal market rate.

The February 2022 edition also provides insights on the unique fiscal circumstances associated with Gov. Hochul’s first executive budget.

You can access additional details in the full edition here.

For over 40 years, MLMIC has been committed to meeting the medical professional liability insurance needs of physicians, dentists, hospitals and other healthcare professionals. As a core part of its mission, MLMIC is, and always has been, a strong advocate for the healthcare community and has effectively lobbied for legislative and regulatory reform to address those issues that continue to impact healthcare professionals. The Albany Report is intended to enhance this advocacy.