As telemedicine continues to grow, it seems we (The Doctors Insurance Agency) are working more and more in this space. The last ten years of medicine has seen investment in consolidating medical groups building infrastructure to better manage costs and encourage profits in medicine.
Technology and innovation has brought integrative wellness remedies into the mainstream.
The number of lifestyle, aesthetic, and functional medicine professionals is creating a multibillion dollar industry.
Patients are looking for natural solutions to get off medications and to feel healthier. Medical professionals are leaning into this niche…
And the traditional medical malpractice solutions do not always fit.
Healthcare professionals are supporting society as we live longer and healthier.
Because they are incorporating other modalities (acupuncture, chiropractic, aestheticians, life coaches, nutritionists and mental health professionals),
you need to pick your insurance policy carefully.
Specifically the reason you need to pick carefully is that the wrong policy can cost you more (hundreds or thousands more) in premium.
The restrictive policies can prevent the kind of growth and ease of adding and subtracting providers that you need in the startup phase of a company.
The Medical Professional Liability Insurancepolicy should be able to accommodate additional services and professionals.
The professional liability policy also should have a limit to protect you against failings of technology resulting in allegations against you and the organization.
Technology is making all of this more accessible by improving the quality of care and by reducing the cost.
One of the important elements of growing and managing a telehealth business such as this is proper selection of a medical malpractice insurance policy.
These policies are written to reflect the services provided (mental/behavioral health) and to cover the owners investors executives administrators
and all health care professionals: medical doctors allied and mental health providers.
The application includes a description of your services. Most telemedical malpractice applications also contain a telemedical supplement which provides details concerning the patient selection process, the use of technology, the maintenance of the data,
the protection and security of the server, and important information regarding the credentials and provider selection.
All of this information informs the underwriting of the pricing and the structure of your bespoke telemedical malpractice insurance policy.
The four pillars of these policies are representative of the risk each type of insurance carries its own $1,000,000 limit all contained in one package with one premium.
The four pillars baked into these policies are professional liability, technical liability, general liability, and cyber data network security.
There are limits within each of these pillars such as protecting against HIPAA or administrative disciplinary medical issues:
- Allegations of sexual misconduct or abuse
- Media advertising personal injury liability
The doctors insurance agency works closely with risk managers and practice management consultants as well as healthcare lawyers to partner with you as you grow your mental health telemedicine model.