In a category along with expanding dermatology and plastic surgery and pain management practices, nurse practitioners have to be among the fastest-growing, opportunistic and useful sections of the healthcare industry. The Doctors Insurance Agency has been writing medical malpractice insurance for medical doctors, medical groups, hospital systems, and other niche areas of healthcare for over 25 years. Recently we have formed close relationships with specialty liability insurance companies which write independent, stand-alone part-time nurse practitioner policies.
Broad-based, aesthetic and clinical care providers
Nurse practitioners, also known as advanced practice registered nurses (APRN), are registered nurses with additional education. This extra schooling allows these professionals to take patient histories, perform physical exams, order labs, analyze lab results, prescribe medicines, authorize treatments and educate patients and families on continued care. Nurse practitioners specialize by "population,” such as women’s health or pediatrics. And they can also work in research or academia.
Over the next decade, health officials are projecting a severe shortage of health care professionals, brought about by health reform and an aging baby boom generation. The Bureau of Labor Statistics predicts that by 2022, the nurse practitioner field will grow by 33.7 percent, opening up a whopping 37,100 new positions. This growth rate is more than double the national average for other occupation. Our agency thinks this outlook might be conservative. From growth areas in the clinical healthcare clinics, burgeoning telemedicine field, the explosion in clinical research, and positions for highly trained clinical aesthetic medical supervision background will open up more and more opportunities. That is why we think it is important to understand how premium policies work for professional medical nurse practitioner coverage.
Nurse practitioners are often employed by a medical facility supervised by a direct medical doctor or part of a large carefully planned infrastructure; which is not to say that they don't take on a lot of responsibility, they do. Nurse practitioners prescribe, diagnose, treat, provide hands-on care, consultations and contribute to administration of all kinds of healthcare clinics. However the liability expenses and indemnities on average for professional liability claims are still significantly less than medical doctors. This is why professional liability policies for nurse practitioners often include tail which known as an occurrence policy. It is important to consider the cost differences and advantages in the conditions of the policy of an occurrence policy versus the claims-made policy.
The Doctors’ Insurance Agency:
We have developed at least three markets that can provide competitive premiums and an option between part-time, full-time, claims-made, and occurrence coverage. We have nine professional liability agents trained and ready to speak with you about the differences and the options available.