Dave Bounk honored for his career with MMIC
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| Retiring MMIC President David Bounk and MMA CEO Robert K. Meiches, M.D., at the May Board of Trustees meeting.
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MINNEAPOLIS, May 5, 2008— David Bounk, retiring president of Midwest Medical Insurance Company (MMIC) was honored Saturday at the May meeting of the MMA Board of Trustees.
MMA CEO Robert K. Meiches, M.D., presented Bounk with a gift on behalf of the board.
During Bounk's 18-year tenure as head of MMIC, the company evolved from a statewide medical liability insurance company to a multi-business regional powerhouse, providing insurance, information technology, and other services to health care providers.
Bounk was named president of MMIC in 1990. During his time with the company, MMIC achieved rapid growth and returned $95 million dollars to its policyholders. He played important roles in MMIC's successful mergers with the Iowa Physicians Mutual Insurance Trust in 1993 and the Medical Liability Mutual Insurance Company of Nebraska in 1996.
During remarks Saturday, Bunk illustrated showed just how successful MMIC has been for Minnesota physicians. During the 16-year period prior to 2008, Midwestern states showed varying rates of malpractice insurance increases. Indiana's malpractice rates more than doubled. Rates in Illinois almost tripled.
Average malpractice costs for an OB/GYN physician in Minnesota todays costs under $20,000. The same kind of insurance in Indiana costs physicians $88,000.
Minnesota's rates held relatively steady during this period with a modest 18 percent increase.
Bounk attributed Minnesota's relatively low rates to efforts made statewide in quality control, which have reduced the number of errors and saved Minnesota physicians millions. Physicians have “done a fabulous job” addressing the malpractice issue by providing higher quality care, Bounk said,
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