Written by Stephen Lim, Lic# 0M66738
Opportunities of becoming a Medical Director and the business behind it
Physicians and surgeons have many opportunities to utilize their licenses and education in the healthcare space. Doctors have the opportunity to work hands-on in their specialty, the faculty in an educational setting as an attending physician, or even as a medical director providing administrative and or supervisory duties to mid-level and advanced-level practitioners. Many have seen the onset of clinics owned and operated by nurse practitioners, and in some states, they require mid-level and advanced-level practitioners to have a medical director who is a physician. Physicians may have the opportunity to not only service multiple providers as a medical directors but also continue their private practice which only helps benefit and supplement their income and their exposure.
With this opportunity comes the need for protection in the services you provide. As a medical director. There are a few options that a physician or surgeon may take in order to properly mitigate their liabilities.
First, you can take out an individual policy covering yourself as a medical director, which gives you the most freedom and flexibility to utilize this coverage under multiple other providers and or organizations that may need you as a medical director. The cost for this coverage typically is around 1500 to $5,000 annually and does not typically mature. This type of coverage is typically on a claims-made basis from a surplus lines carrier so you will need to consider tail coverage to cover prior acts when you decide to cancel this policy.
The second would be to inquire whether or not the mid-level or advanced-level provider can add medical director coverage to their policy. Typically, the cost for this coverage to add the medical director to another individual's policy is about 500 to about 1500. However, you will have to keep in mind that each provider will have to pay an additional premium to add the medical director to their policy. You will also need to consider if you need tail coverage based on the individual policy's terms.
Many of our clients have taken the opportunity to seek out work or additional work as medical directors. If you are a current client of ours, We encourage you to reach out to your dedicated specialist to discuss whether or not your current policy includes medical director coverage. California attending physicians is here to be of service to anyone looking for coverage for medical director, and medical malpractice insurance with an obligation-free quoting process
