Medical Malpractice Insurance for Diagnostic Laboratories
Whether you run an independent clinical lab or you are an entrepreneur seeking to open a business serving doctors and pharmacists, it is best need to understand how to shop for medical laboratory insurance in a way that minimizes your premiums and costs and likewise minimizes your exposure to serious financial risks.
Or, maybe you are in a group of gastroenterologists, cardiologists, internists and you’ve decided to invest in a community, for profit endoscopy lab.
You can structure your medical lab policy to provide a separate limit covering the entity, protecting the investors, insulating the physician’s liability insurance policies and insuring the employees (non physicians) in the lab.
The important considerations are: Who uses the lab? Where are they insured? and How are they connected.
As a medical laboratory, patients rely on the testing and diagnostic services you provide; as agents of the nation’s innovative, specialty insurers in the healthcare liability niche, you can learn from your medical malpractice insurance company.
The Doctors’ Company, Admiral Insurance, Evanston, Catlin: these are just a few of the insurance carriers that have chosen these fields,Physician, physician group, facilities and outpatient centers.
They study claims, management, patient safety and they teach our physicians and owners and investors how to best manage the facility clinically and from an admin stand point to avoid being named in a claim.
- Pathology Laboratories
- Clinical Microbiology Laboratories
- Genetic Laboratories
- Clinical Biochemistry Laboratories
- Hematology Laboratories
- Drug Screening Laboratories
Medical Laboratory Insurance:
One of the biggest concerns on the minds of your co-owners and the doctors with whom you work is medical malpractice insurance. Professional liability and general liability insurance are there to respond to claims made against the physicians using the lab, and the lab services itself.
There could be both cases of negligence; the lab could make a mistake in diagnosis; the technicians could mis handle specimen, mis label, resulting in a positive test indication going unseen.
This coverage is to protect you in the event that, for instance, your lab makes a faulty diagnosis or swaps test results, causing substantial injury to a client or to a company.
On top of malpractice clinical laboratory insurance, of course, the other liabilities to consider are now, billing, proper coding, confidentiality, electronic data security, telemedicine, and failing to refer.
Medical Laboratory Insurance Solutions
We, not surprisingly, would suggest that the best way to obtain medical laboratory insurance is to work with an insurance agent. Our expertise and company relationships with malpractice insurance companies for medical labs helps us negotiate premiums and apply the most accurate coverage.
You can also speak with veteran lab owners — such as a mentor or someone in the field you trust — about ideas for how to maximize your coverage dollar.
Reduce Medical Laboratory Professional Liability Insurance
Medical laboratories are not as commonly discussed in this time of healthcare change as other medial entities (i.e. ACO’s, Medispa’s, PHO’s, etc. And, these facilities process millions of analytical tests; this is growing into a multi-billion dollar business fueled by a combination of need, real or perceived - and demographics, the ‘boomers are just getting numerous tests to detect illness and potential conditions. For a single laboratory that may be processing hundreds of thousands of specimens a year, the exposure to professional liability claims is equally great.
For more information regarding medical malpractice insurance for Diagnostic Laboratory medical malpractice insurance, please contact us or fill out the form. We would love to work for you to obtain the best possible Laboratory malpractice insurance quote.