Who NeedsMedical Malpractice Insurance? Presented by: Madison Healthcare Insurance Services http://www.madisonhc.com/
Who Needs Medical Malpractice Insurance?• While surgeons are most often thought of when it comes to medical malpractice insurance, they are not the only medical practitioners who need it.• Every type of medical facility and medical provider needs to carry malpractice insurance.• This includes medical facilities, medical spas, primary care physicians, physical therapists and more.
Coverage Buying Tips• Make sure you know your options for extended reporting coverage or tail before you buy! Sometimes this cost can be triple of what the insurance costs each year.• Automatic coverage is not included for cosmetic procedures. If you are doing them, disclose it and provide proof of your training.• It is important to have administrative action/medical board coverage. With more people ﬁling claims and increased reporting requirements, it is now likely you may be involved in one.• There are charges for some ancillary providers. Be sure to disclose all of them so they are covered as well.
There Is No Automatic Coverage For Outside Medical Directorships• Make sure you can report incidents or bad outcomes as claims to your insurer of choice.• Some policies extend coverage to general liability such as slips and falls in your ofﬁce, but many don’t.You may need a separate policy for this.• A medical malpractice insurance policy that’s afﬁliated with an employer does not cover advice or actions that occur outside of those performed during the course and scope of your employer.• Be sure to ask for discounts such as part time, new to practice, group size discounts and afﬁliations to medical societies or groups.• Most policies do not automatically extend coverage to locums tenens so before you have someone cover your practice for your vacation, be sure to inquire.
What Beneﬁts Come With Malpractice Insurance? • Cost, charges and expenses associated with any case or potential case. • Indemnity or judgements that are awarded against you are subject to the terms of your policy. • Peace of mind.
Do I Need Entity Insurance For My Corporation?• Yes, yes and yes!• Claimants will often name both the provider and the entity in a lawsuit.• Entity coverage can extend to your vicarious liability situations.• Entity limits can be expensive if purchased on a shared limit basis. Separate Limits Coverage for your entity is less expensive than increasing your individual limits.
Errors And Omissions Insurance• Errors and omissions insurance coverage provides legal and expense reimbursement for investigations of billing and coding errors.• Protection for violations in the areas of HIPPA, EMTALA and STARK proceedings.• This coverage should be purchased for physicians submitting bills to public (Medicaid and Medicare) or private (health plans and HMOs) sectors payors.
Insurance For Medical Spas• Medical spas are becoming increasingly popular.• These medical facilities focus on cosmetic treatments such as liposuction, Botox injections, bariatrics, Bio-Identical Hormone Replacement Therapy, pain management and acupuncture.• Medical professional liability insurance policies can be designed speciﬁcally for medical spas. These policies provide unique coverage to protect the medi spa.
Director’s And Ofﬁcers Insurance • Physicians aren’t the only ones who need insurance coverage. • Ofﬁcers and directors of medical facility boards and medical corporations need insurance coverage as well. • This coverage will protect directors and ofﬁcers against claims from creditors, class action complaints, conspiracy and negligence, breach of agreement, breach of ﬁduciary duty, misrepresentation of trade secrets and many other allegations.
Cost Is Important, But Faulty Coverage Is More Costly• To protect your important to and lifestyle, it’s career, home carry malpractice insurance.• One lawsuit could beDiscuss yourwithout the right insurance coverage. devastating situation at length with an insurance professional to make sure you are covered for your entire practice.• While amounts vary according to specialty, a policy of at least $1,000,000 is recommended.
Is Your Current Coverage Enough?• The majority of medical malpractice lawsuits are frivolous and it’s common to be served at least once throughout a career.• Even if a doctor is fully exonerated, he or she can still spend thousands on a defense, without proper insurance coverage.• Take care to look at your current insurance coverage to determine if you have enough medical malpractice insurance coverage.
About The Author• Madison Healthcare Insurance Services is a full- service insurance brokerage that specializes in medical malpractice insurance, workers’ compensation insurance, property and casualty insurance and more. The company’s user-friendly online request for quote form allows medical professionals to obtain insurance quotes quickly and easily.