A dif­fer­ent vi­sion

Costante launched New Jer­sey in­surance com­pany that plays other roles

Modern Healthcare - - Special Feature -

Pa­tri­cia Costante is not one to shy away from dif­fi­cult jobs. In fact, she’s made a ca­reer out of it. She founded MDAd­van­tage In­surance Com­pany of New Jer­sey in 2002 even as other mal­prac­tice in­sur­ers serv­ing the state failed, in­clud­ing the one where she worked. Costante was given the job of CEO of MIIX Group in 2001, specif­i­cally to wind down the com­pany’s med­i­cal mal­prac­tice busi­ness, which in­sured 37% of New Jer­sey’s physi­cians. At the com­pany’s height, it sold in­surance in 26 states.

Costante be­lieved that the root of MIIX Group’s prob­lems was her pre­de­ces­sors’ de­ci­sion to ex­pand into states out­side of New Jer­sey. Her vi­sion for MDAd­van­tage—where she is board chair and CEO—is dif­fer­ent, and in­cludes three key tenets:

In­sure only physi­cians and only in New Jer­sey.

Be 100% physi­cian-owned with each in­sured physi­cian own­ing one share. Costante and other ex­ec­u­tives don’t own shares in the com­pany.

Pro­vide ed­u­ca­tional pro­grams, a peer­re­viewed jour­nal, group dis­counts on prod­ucts and other means to help physi­cians prac­tice high-qual­ity medicine and, thus, avoid law­suits.

“I feel very strongly that we are a health­care com­pany, which is dif­fer­ent than be­ing just an in­surance com­pany,” Costante says. “So we pro­vide a lot of re­sources to physi­cians, our in­sureds, as well as the gen­eral health­care com­mu­nity.”

For her ac­com­plish­ments, Costante, 53, has been cho­sen as the 2011 Trustee of the Year rep­re­sent­ing a for-profit health­care com­pany.

Launch­ing MDAd­van­tage, based in Lawrenceville, N.J., wasn’t easy. New Jer­sey’s Depart­ment of Bank­ing and In­surance granted Costante per­mis­sion to open MDAd­van­tage in May 2002. But the depart­ment’s bless­ing

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