Anti Aging- Lifestyle and Functional Medicine Liability Insurance

Medi Spa's have been exploding onto the scene for years..

And so has evolved the issue of how to provide medical malpractice insurance for these services.

The Doctors Insurance Agency has been working in this market for over 10 years, providing Medical Professional Liability Insurance for Anesthesiologists, Plastic Surgeons, Dermatologists and many other specialties who have invested time and energy into this creative niche within the medical field.

What we have learned is how not to do it..how insuring individually can potentially cause gaps….not providing a clinic/center wide medical professional liability policy for your functional medicine practice can 'kick the can down the road', causing expensive tail insurance premiums or worse -- gaps of coverage.

From the medical doctors who own and invest and manage the clinics to the aestheticians, registered nurses, advanced practice providers and laser technicians who invest hours and hours building clientele and need medical professional liability insurance for their anti aging, injectable aesthetic practice…it is important to provide an affordable policy that allows you to onboard technicians. These policies should also cover medical directors which allows you to continue the coverage as you grow.

The functional medicine antiaging industry is growing! And, you need to work with an insurance broker/agent who understands the specialty markets so all procedures will be covered.

Some services which may need to be included:

  • Bioidentical hormone replacement therapy (can alleviate the problems caused by hormone depletion. These services should be somewhere represented on the liability insurance application.

  • Any counseling or treatment that serves the preventative treatment of age-related conditions, should be included.

  • Anti-aging strategies and prescriptions should also be included: These help you preserve your physical and mental health by treating underlying causes of age-related problems, like hormonal, metabolic and nutritional deficiencies.

Some of our insurance carriers are not quick to include PRP, PDO Threading or Stem Cell injections.

These are all part of the anti aging business; perhaps as you grow and the procedures become more mainstream, we want to be sure we have carriers which will include them in their standard forms or by endorsement.

These are some additional strategies for anti-aging:

Medical Managed Weight Loss Services:

Weight Management is a complex problem that requires a variety of treatment options. No single treatment will work for all people. Some of our insured clinics provide custom weight loss and maintenance solution for each of patient to ensure that the treatment conforms to the lifestyle, medical needs and weight loss goals of the individual.

The application for medical professional liability insurance should include room to specifically describe the scope of service provided so that any procedure that causes injury and therefore a malpractice claim against the weight loss clinic will be included in the insurance.

Lifestyle and Functional Medicine Consulting Coverage - Including Telemedicine.

If you are expanding your functional medicine practice to include telemedicine follow up appointments, thee policy should be clear to include those services:

Malpractice coverage for a single physician, Telemedicine practice that will focus on lifestyle and functional medicine consultations are unique and they are available.

The Doctors Insurance Agency's national brokerage partners have access to the market with some of the leading insurance companies for the most competitive premiums to rate the risk of your lifestyle and functional medicine – including Telemedicine Medical Malpractice Insurance   

It is hard to say how the underwriters within the group of companies with which we work will price this risk. But, if you represent all that you do, estimate revenue and show clear proof of training and patient safety practices, these innovative clinics are easily insurable.

Including aesthetic injectable and PDO Threads

Thread lifts used to involve surgery and became associated with undesirable side effects such as infections and thread breakage. However, the thread lift procedure has radically changed. Most thread lifting procedures today are non-invasive.

Not all insurance companies are comfortable with this procedure.

The Doctors Insurance Agency will work with our specialty carriers like Admiral, RSUI, Markel and National Fire and Marine to obtain a proposal which breaks down the services so you can choose what to insure and when.

Functional Medicine Liability Insurance Premium Factors are variables such as:

  • Length of time (maturity) of the practice,

  • Number of patients/consults existing or projected

  • Number of state (or states)

  • The nature of the consults

There is a multistate aspect to it. Some of the 'states' in the Southeast, particularly Virginia and Washington DC will drive up the premium and, Maryland and Texas will balance the premium down lower.

The fact that there is Telemedicine combined with a noninvasive lifestyle/ functional medicine will keep the premiums down. The underwriters want to understand where you're practicing as it is one of the variables that goes into developing premium.