Medical economics has forced changes in the level of expertise that requires policies to protect more than just the professional reputation of the doctor. All medical malpractice policies start with protecting the medical provider. The Doctor’s Insurance Agency can write policies for many types of practitioners including Physicians, Nurse Practitioners, Physician Assistants, Optometrists, Chiropractors, Podiatrists, and Naturopaths.
In addition to the changes in medical economics, the rise in chronic disease, addiction, and allergies (both to food and environmental allergens) has brought about moving a “wellness” ideology into the mainstream. Experts in wellness emphasize making choices that support a person’s health instead of just addressing problems once they arise. These professionals need the right insurance, and the medical doctors who work with them need protection since the physicians are the ones who tend to carry the load of liability. Despite the wellness experts having their own insurance coverage, the medical doctors, unfortunately, continue to be the biggest targets for plaintiff attachments.
A common mistake tends to happen when committed wellness practitioners come together to form a center. As it becomes a vital part of the community and begins to grow a client/patient base, each practitioner, from massage therapist to internist, tends to carry his own insurance. Why is this a problem? As professional medical staff turns over, insurance cancellations can trigger a high-cost tail policy to go into effect.
A liability policy for the wellness center facility can solve this problem and includes everyone. All integrative physicians and providers need their policies that include coverage for them, of course. But with the technological changes happening in the healthcare field, medical providers and practices need to consider adding endorsements that accommodate easy onboarding and allow the physicians to cancel without the high cost of tail inhibiting the growth of the practice. A roster of physicians on the policy allows cancellations without triggering tail.
The Doctor’s Insurance Agency can work with The Doctor’s Company to design a custom solution to the prohibitively expensive cost of tail, enabling your group to recruit and compete in an environment of large industrial size medical groups.
One of the benefits of these wellness center policies is that they include previously controversial procedures excluded by clinical malpractice policies. Additionally, they allow for the professionals to transfer in and out (and on and off of the policy) without triggering tail payments. The coverage is ongoing as long as the policy is active and premiums are paid. Claims brought against past providers are covered.
Cost-effective solutions to the prohibitively expensive tail insurance include a separate limit of liability with full network security and cyber data protection. You also need the business and management policies as the practicing medicine requires a directors and officers policy. This measure solves the tail dilemma.
Health Tech Telemed Medical Malpractice
An important evolution of these medical professional policies covering Wellness and Functional Medicine is that they contemplate integrating telemedicine into the business model. It stands to reason that asynchronous communication is an efficient way to provide ongoing support for new clients committed to wellness. Thus, the malpractice policy must include an endorsement for virtual care. As the virtual health tech and emerging technologies expand, so too must the policy endorsements and the ability to price and manage telemedicine. Virtual healthcare supporting integrative medical practices may indeed be a part of the answer to the rising cost of healthcare.
The increasing use of PRP IV hydration therapy, vitamin B injections, management of testosterone levels, and more recently, stem cell treatments create new challenges for carriers. It is important to find a policy that includes coverage for all that you are doing in the aesthetic and integrative field.
The Doctor’s Insurance Agency has specialized in preferred medical professional liability insurance policies for physicians and healthcare facilities for over 30 years. We spend all day everyday understanding, studying, and executing the right policies to protect you and your practice. We will help your center protect against unfair and unfounded claims and will protect your physicians from third-party claims of injury resulting from a medical service. We will also provide defense and expense money as well as expertise in the event of a licensing action.