MIPS endeavours to offer competitive membership fees and as a not-for-profit we aim to keep fees low.

How your membership fee is calculated

Indemnity costs can vary significantly between healthcare practitioner types and specialities and reflect both your current and past practice. The following factors are considered when calculating your membership fee:

  • the membership classification that best describes your current and past practice
  • your current and prior practice locations
  • your registration, claims and personal history
  • your nominated retroactive cover date
  • actuarial advice and recommendations received by MIPS
  • the approach to management of risk shown by you
  • the cost of the membership benefits (including insurance cover premiums) that are provided to you
  • any government taxes or charges such as GST and ROCS levy.

The total costs of membership are determined following consideration of the current reserves and surplus members’ funds retained by MIPS and expected investment returns from those funds. Fees are subject to change, each year a ground up assessment is undertaken to ensure that fees adequately reflect a fair and equitable member contribution. 

Your practice profile determines your membership fee 

Your membership fee is individually calculated based on the information you provide about the nature and length of your practice. This approach ensures that your fee accurately reflects the contribution required to appropriately support and cover the risk. 

As your practice changes and develops, so does your membership fee. If you have recently commenced private practice (or moved to a higher risk practice classification), your membership fee for the current period will reflect a reduction (or discount) of the applicable ‘mature’ fee rate for the new membership classification. You can expect to see a stepped increase in your membership fee each subsequent membership period until you reach the ‘mature’ rate. If you move from a high-risk classification to a low-risk classification, the reverse will happen.

Mature rate pricing image

Each year, the membership fee reflects the risk development of a practitioner’s current practice and a portion of their past healthcare practice. Currently, the mature rate is payable when your membership classification and location are the same for four consecutive years (current and three prior periods).


Does MIPS ‘price match’ or discount? 

We believe that our risk assessment approach balances equity and fairness for individual members and that of the membership as a whole. On this basis, MIPS does not price match or discount as we only charge what we have calculated as the appropriate contribution required to cover your risk arising from both current and past practice.

We recommend you contact MIPS to ensure your membership classification is appropriate for the practice you undertake. Any adjustments to your current or past practice details may result in an adjustment to your membership fee.

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