Over the last twelve months several medical malpractice insurance risk retention groups and companies have gone or are going the way of the Titanic. This creates a multitude of problems for their insureds, a range of bad to worse. Bad enough to have paid a premium for medical malpractice insurance that is now worthless. Worse if you have an open claim being defended by a company that has now abandoned you. If you purchased your medical malpractice insurance through a reputable agent, most likely your agent has contacted you and facilitated changing your coverage to a financially stable company. However, if you are with a “direct-writer”, meaning you placed our coverage directly with the insurance company, you have no advocate to advise you and to represent your best interests. If you have any concerns about the financial viability of your current malpractice insurance company, contact one of our agents, we would be happy to assist you. 1-866-321-8745, extension 101 or 104.
We view malpractice insurance as a necessary professional expense, a “must-have” in today’s litigious society. You might be surprised to learn that some malpractice insurance companies give financial rewards and loyalty incentives to their insureds.
Dividend Credits -Several companies give a dividend on prior year’s coverage, once that year’s claims are closed and resolved. Any remaining premium dollars are returned to the insureds as a premium offset or a cash dividend.
Cash Retirement Allocations -Two major carriers allocate a percentage of each year’s premium to a retirement account and give a cash benefit to the insured upon retirement.
Stock Buy-Back -Several privately held insurance trusts and reciprocals have converted to stock insurance companies, and then purchased by a larger company. The physician founder-owners were compensated over the course of their coverage with dividends and then a stock buy-out. A recent transaction netted our clients a collective $1.7M.
For a more rewarding coverage experience, contact one of our agents today.
EHR vendor Allscripts suffered a ransomware attack on January 18, 2018. Physicians and Medical Groups who have been affected should contact their medical professional liability insurer. Most standard malpractice insurance policies include some Cyber Liability coverage. Your insurer can put you in touch with their cyber liability defense firm to advise you. If you would like a quote for stand-alone Cyber Liability/Data Breach coverage, give us a call and we will send you the application.
We at CLS are exited to announce that one of our our coverage partners, Centurion Medical Liability Protective , RRG, has been approved to write medical malpractice insurance in Tennessee! Centurion offers affordable pricing along with a broad coverage form including license and reluatory defense and Cyber Liability (Data Breach). Tennesse physicians interested in a quote can contact us at 1-866-321-8745.
LTT Protection Solutions New Tail Program is exclusive to CLS Healthcare Liability Specialists.
Click here for more information.
It’s commonly said now that when new graduates enter the healthcare field, they should not wonder if they’ll get sued, but rather wonder when they’ll get sued. All healthcare practitioners assume a high degree of risk, which is why affordable malpractice insurance is so crucial. However, locum tenens physicians have unique concerns when it comes to risk management. Contracting with a recruiting agency that provides locum tenens insurance in Miami is just one step toward risk management.
Review the Locum Tenens Insurance Policy
Every locum tenens physician should fully understand the extent of their healthcare liability insurance coverage. Typically, staffing agencies provide claims-made coverage, which provide coverage for claims that arise during the active period of the policy. If your recruiting agency offers claims-made locum tenens insurance, make sure you will also have tail coverage. Additionally, remember that different states and hospitals have varying minimum coverage requirements . Make sure that your policy meets the requirements for a particular area before accepting a position. Bear in mind that when you apply for future licenses and medical staff privileges, you may be asked to demonstrate proof of prior liability insurance. Always keep a certificate of insurance in your personal records.
Request an Orientation
When you begin a new locum tenens position, it’s wise to request an orientation. Some healthcare facilities routinely offer formal orientations to new staff members. If not, you can ask a co-worker to introduce you to the system. You may need to be shown how to use the clinic’s electronic health records (EHR) software, for example. Be sure to ask questions about anything that isn’t clear to you.
Maintain Solid Documentation
Meticulous documentation is especially important for locum tenens providers. Record all pertinent information in a patient’s record, and exercise caution when ordering procedures and tests. After ordering a test or imaging study, make sure you receive the results in a timely manner. Help your patients gain confidence in your ability by carefully explaining diagnoses, discussing side effects and complications, and discussing other relevant matters.
Communicate with Your Agency
Don’t hesitate to speak up if you have concerns about the quality of patient care or the safety of the hospital environment. Let your staffing agency know immediately about any issues and incidents, even if you were not directly involved in an incident.
Many different types of professionals need to be protected by professional liability insurance , such as locum tenens insurance in Palm Beach Gardens. This is true even of leading industry specialists who are generally regarded as being above reproach. For example, affordable malpractice insurance protects healthcare providers in the event that a patient or family suffers losses as an alleged result of medical errors.
You can hear more about the basics of professional liability insurance by watching this video. This insurance expert explains the circumstances in which an individual needs insurance coverage and offers some examples of occupations to which these circumstances might apply. He also discusses the difference between professional liability and product liability.
Most healthcare providers go into the field out of a keen desire to help others, even while they understand that medicine is a business. Still, “risk management” is not a term that one often hears at medical school. Yet, it’s an essential practice for all healthcare providers, given the unfortunate likelihood of being served with a medical malpractice complaint at least once during a career. Although having healthcare liability insurance is absolutely essential, it doesn’t protect physicians from the emotional burden that a lawsuit can inflict. After you visit a malpractice insurance agency near Palm Beach Gardens to obtain affordable malpractice insurance, take some time to consider ways of reducing your risk of a lawsuit.
Ensure Informed Consent
One way that you can reduce the risk of having to fall back on your healthcare liability insurance policy is by prioritizing each patient’s informed consent . This is particularly true of patients who are anticipating a medical procedure, whether it be brain surgery or the insertion of an IUD. Remember that there are exceptions to the standard guidelines for informed consent. If your patient is a minor, mentally disabled, or otherwise does not have decision-making capacity, you must obtain informed consent from the individual’s legal guardian or proxy.
Follow Current Developments
Healthcare liability insurance companies often encounter claims made against a physician who has allegedly been negligent for failing to keep up with the latest medical research, techniques, and approaches for disease management. It’s simply impossible for healthcare providers to stay current in all areas of medicine. However, when you do have the time, you should brush up on major industry changes, particularly those that apply to your specialty.
Follow-up is another area that is rife with the potential for disputes. It’s not uncommon for a patient to be referred for imaging scans or other tests, and then for the results to be overlooked. In some cases, your office might not even receive the results at all or the patient may fail to report to the clinic for testing. Implement an effective system in your office that tracks follow-up requirements so that omissions can be detected promptly. Likewise, establish a reminder system when referring patients to specialists. If reports are not received by a certain date, your office will need to contact the specialist.
For more than 25 years, CLS Healthcare Liability Specialists has been providing healthcare professionals across the country with innovative solutions for medical malpractice insurance, including locum tenens insurance in Miami. As the foremost writer of locum tenens staffing companies, it’s no surprise that we’re able to offer exclusive policies that feature non-auditable flat premiums. For busy healthcare professionals, the thought of avoiding the dreaded audit process upon the expiration of a policy is a welcome change. With our non-auditable locum tenens insurance policies, you’ll only need to provide us with your estimates without having to worry about underpayments.
Unlike many professional liability insurance carriers, our affordable malpractice insurance offers blanket additional insured coverage. There’s no need to name the specific third parties to which you would like to extend coverage. Simply provide a general description and you can rest assured that any third party claims will be covered. Healthcare professionals who turn to CLS Healthcare Liability Specialists will also find that our locum tenens policies feature extremely competitive premiums with defense costs outside available limits.
When a medical malpractice lawsuit is filed, the odds are actually in the doctor’s favor. However, this is often cold comfort for a dedicated healthcare professional who has just been served with a notice of the complaint. It’s always best to be prepared and solid preparation involves having a strong healthcare liability insurance policy. If you’re in the market for a new policy or it’s been a while since you’ve reviewed the terms of your current policy, you may need to brush up on some basic insurance terms and concepts. Remember to contact a malpractice insurance agency near Miami if you have questions.
When reviewing your policy or selecting new coverage options, always check the liability limits. For locum tenens insurance policies, the usual limits are one million per incident and three million for the life of the policy. The former is often referred to as the “individual limit,” while the latter is typically known as the “aggregate limit.”
Modified Occurrence Policies
You probably already understand the differences between claims-made hospital malpractice insurance and occurrence coverage. Occurrence policies cover all claims made that stem from incidents that took place during the life of the policy, while claims-made policies only provide coverage while the policy is active. But did you know that there’s a hybrid policy? You might select healthcare liability insurance in the form of a modified occurrence policy. This means that you’ll have coverage on a claims-made basis. However, the policy also includes an Extended Reporting Period (ERP), commonly referred to as a “tail.” This tail will expire after a set period, which begins at the expiration of the policy. Often, the period is seven years. Sometimes, the healthcare professional may be able to purchase an unlimited ERP upon the expiration of the initial ERP.
It’s always a good idea to fully understand your coverage exclusions. The policy exclusions for healthcare liability insurance are fairly standard. Policies do not typically cover claims that arise from illegal conduct, records alteration, or sexual improprieties. Exclusions also tend to apply when items have been misrepresented on the policy application. If your policy contains additional exclusions that you’re unfamiliar with, contact the healthcare liability insurance company for clarification.