Nurse Practitioners Practices are Growing

January 22, 2016

Many Americans use Nurse Practitioners (NPs) for much of their health care needs and NPs are now fully accepted by both health care consumers and most other care providers as an important and necessary part of our health care solution going forward.

If we are to hit the overarching goal of the Affordable Care Act, Nurse Practitioners and Physician Assistants are going to play a part in this. The affordable care act has, at its core, the three difficult goals of providing health care to more people at higher-quality for less money. The Doctors Insurance Agency provides affordable malpractice insurance plans for physicians, facilities, nurse practitioners, physicians assistants and many allied healthcare providers.

Nurse Practitioners have provided a vast amount of services in all specialties, acute, emergent and surgical settings.
making their presence in the health care system essential. Trends point to NPs becoming an even more crucial part of health care delivery as more Americans gain access to broader services through health care reform efforts.

Advanced practice nursing: nurse mid-wife, nurse anesthetist, nurse practitioner, and clinical nurse specialist. All of these roles require graduate degrees in order to qualify as a practitioner.

In most states, Nurse Practitioners must be registered nurses, graduates from accredited graduate programs, and hold certification ….as NPs become more commonplace in health care settings, the licensure, accreditation, and certification requirements continue to evolve in response to changing needs.

Practice requirements are confusing and in some cases can lead to inefficiencies in care, recent efforts on the part of nurse practitioner groups have been directed towards creating standards that are national …the 2008 Consensus Model, set national standards for nursing quality, training , roles in various practices , in six population-based targeted health care specialty areas:

  • (individual/family health - adult-gerontology, pediatrics, neonatal, women’s health/gender, and psychiatric/mental health).

Reliable Insurance Solutions

We provide you with a stable resource and experienced insurance professionals who can help you with your professional liability coverage for a wide variety of healthcare facilities and providers.

From Art Therapy to Ultra Sound, we can find you coverage for your area of expertise, license or employment.
Our exclusive professional insurance programs are endorsed by more many national and state healthcare associations. We work with our carriers and association partners to continually enhance our programs, ensuring they stay contemporary with the ever-evolving healthcare environment

The Doctors’ Insurance Agency specializes in healthcare liability insurance. Experienced, invested and connected to our clients, we work to provide support services that can affect the premium;

  • Underwriting
  • Rating
  • Policy issuance

Adding Nurse Practitioners to a per incident shared limit policy might be the right solution for example, or, if the physician for whom, or with whom you’re working is not comfortable sharing the limit, we can go to the market (one of three or four competitive specialty insurance carriers) to find either a claims made or occurrence plan that fits your practice and budget.

Which type of policy—occurrence or claims made?

There are two basic types of malpractice insurance: occurrence and claims-made.

An occurrence policy provides coverage against claims for incidents that take place during any period the policy was in effect. Even if the policy has expired or been canceled, if the incident occurred while the policy was in force, the coverage is there.

Even though many claims are filed relatively soon after the treatment There is a significant, measured lag between when an injury occurs and when the claim is presented….so, occurrence, although slightly more expensive than Its counterpart (claims made) is preferred as the cost of future claims is built in (embedded in the premium)

Claims-made coverage, on the other hand, offers protection for incidents that occur and are reported during the period the policy was in effect. The initial date of the policy is known as the retroactive date or “retro date.” Under this type of policy, if a claim is made after your claims-made coverage expires, your policy will not provide protection without the purchase of a sometimes very expensive tail policy.

When you cancel a claims-made policy it is important to purchase extended-reporting coverage, often called “tail coverage.” This coverage protects against claims for incidents that took place while the previous policy was in effect.

Claims-made policies generally cost less than occurrence policies in the first years—generally in five years—the cost is comparable to that of an occurrence policy.

The choice of an occurrence or claims-made policy is entirely up to you. Examine your own situation carefully to decide which type of policy would best suit your needs.

We can help you make that decision by running the numbers!