Policy forms include the claims-made, occurrence, and claims-made convertible. Typically, most policies are an occurrence made policy. However, due to a large number of claims and inflation of premiums in history, the insurance market created a policy form to reduce the burden of risk but also reduce premiums, which is the claims-made policy form. There are some caveats to be aware of which will be laid out in this blog with a healthcare-focus.
Improving Diagnoses In These Areas Can Reduce Malpractice Claims
A recent study found that improving diagnoses in three areas could help improve patient mortality rates, thus reducing malpractice claims. The main goal of this article was to identify the diseases that cause the most serious harm when the diagnosis is missed. The top three are cancer, vascular events, and infections.
Mistakes To Avoid When Dealing With Medical Board Complaints
Medical malpractice suits are the primary concern of the majority of physicians today. However, what they all may not be aware of is that a medical board complaint can be just as detrimental to their income and can even end their careers. Therefore, it is crucial to make sure that the complaint is handled in the appropriate manner and to avoid making the following crucial mistakes that can cost you, the physician.
Tips On How Physicians Can Prevent Data Breaches
Risk Prevention Fundamentals for Healthcare Cyber Liability
Shopping for Medical Malpractice Insurance in 2020 for Physicians
The Different Types of Medical Malpractice Insurance Companies
When searching and shopping for Medical Malpractice Insurance, there are different types of Insurance Companies styles, say different ways they form, but the outcome is comparably the same, to defend and indemnify providing insurance. We've listed out some of the different types of carriers along with a brief synopsis of each type.
Response to COVID-19 For Our Clients
5 Ways to Avoid Malpractice Lawsuits
Understandably, physicians worry about getting sued for malpractice, and even though the number of lawsuits has declined in recent years, malpractice payouts have increased by almost 3 percent.
Though the statistics on the number of lawsuits are daunting, some things can be done to minimize the chances of being sued, and one is understanding the real reason for the lawsuit. By doing so, physicians can even improve the odds of a favorable outcome if they are being sued.
Improving Patient Communication Will Lead To Better Outcomes
Technology has made an incredible impact on healthcare with breakthroughs that include 3D printing of medical devices or even biological materials, robotic-assisted surgeries, remote health tracking, and more. However, a critical but often neglected use of technology in healthcare is in communication. Traditional ways of communicating can often create communication gaps that ultimately hurt outcomes. There are so many small gaps that when they add up, they can potentially hinder your practice from running efficiently.
The Most Effective Financial Planning For Today’s Busy Physicians
Doctors spend years managing their education and training in undergrad and medical school and then continue to internships, residencies, and fellowships. Once that is complete, it is then time to manage the health of patients. Many additional duties come with managing patients’ health, including coordinating with other physicians, keeping up with current medical research, and various clinical/administrative responsibilities. There are so many aspects of managing the health of patients that the physician’s financial health can easily be overlooked.
Key Medical Malpractice Terms All Doctors Should Know
Medical professional liability insurance is one of the most costly expenses doctors will have during their careers. However, most doctors do not know what to look for in a medical malpractice insurance policy. Not only is it time-consuming, but having inadequate or the wrong type of coverage, or going with the wrong carrier could end up becoming extremely expensive.
Attention: Extortion Scam by Fake DEA Agents
The Medical Board of California has recently become aware of scam artists posing as U.S. Drug Enforcement Administration (DEA) agents or Medical Board staff trying to extort physicians in California. These scammers play fake DEA agents or Board staff members as part of an extortion scheme stating that they are calling in regards to ongoing investigations regarding the physician’s license that was issued by the Medical Board of California. These physicians are told that their license is at risk of being suspended for illegal drug trafficking, and therefore, may end up having to stop practicing, at least temporarily. The scammers may even provide what is called an “Agreement for the Bond and Protocols” which includes statements that licensees cannot share or disclose the investigation to a third party as well as agree to pay a bond fee of $25,000. The scammers’ phone number may even show up as the Medical Board’s toll free number (800) 633-2322.
Top 10 Apps or Websites to Improve Physicians Productivity
Medicine has gained considerably from technology. In the last decades, it has drastically changed the patient-doctor relationship and the way doctors work daily. Telemedicine, for example, connects patients with their specialist remotely, without the need to go to a hospital. On the other hand, many digital platforms help physicians identify symptoms or choose the best medication.
Necessary Types of Insurance for Doctors & Healthcare
When it comes to purchasing insurance, physicians tend to focus solely on professional liability insurance. This is understandable considering it applies to the risk that is most worrisome as well as it being the largest premium they will have to pay. There are, however, other kinds of insurance that can be just as crucial to protecting their assets and securing their practice. Physicians may not be aware of this but certain forms of coverage are required by law. Many practices do know what is required or needed until it is too late. Not all practices need every form of coverage but the following is a simplified guide to the most common types of insurance physicians purchase for their practices.
