The State of Disclosure

A surgeon at a St. Louis hospital performed a “right-sided craniotomy procedure,” when instead he should have performed a “left-sided craniotomy bypass” in April 2013. A wrong-sided surgery that left the 54-year old patient crippled and dependent on around-the-clock care. The correct surgery was performed six days later but the damage was done. The surgeon, an employee of the hospital, apparently confessed his mistake quickly, but a lawsuit was filed the first week of May 2013 coupled with a sensational media story. A few days later the CEO of the hospital publicly apologized for the wrong-side surgery, but, again, the damage was done. Why wasn’t disclosure and apology including fair, upfront compensation addressed immediately after the wrong-side surgery? Why did the hospital wait almost 30 days? Why did the family have to file a lawsuit? And many other questions.

You can read the entire story including the video coverage here.

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How to Save Money on Medical Malpractice Insurance: Three Tips

“Beware of little expenses.  A small leak will sink a great ship.”  Wise words from the man that also said, “A penny saved is a penny earned,” Benjamin Franklin.  The problem for medical practices today is that it seems there are no “little expenses.”  All businesses are faced with large expenses that continue to grow, and that is especially true in healthcare.  With the changes in reimbursements and the uncertainty of the future of healthcare in the U.S., it’s more important than ever for practice managers to control costs and cut spending where possible.  The cost of medical malpractice insurance is one of the largest expenses that needs to be carefully considered.

Practice administrators are constantly managing the costs related to day-to-day operations.  Some of those costs are variable, based on the volume of patients, such as office supplies, equipment, medical supplies, and pharmaceuticals.  Many of these items are consumable, so when patient loads are high the costs in this area obviously rise.  These are costs that can be controlled to some degree by choosing the most cost-effective suppliers.  Saving a little here and there can make a difference to the bottom line.

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What Your Medical Malpractice Insurance Policy May Not Cover

Physicians buy medical malpractice insurance to give them peace of mind.  Most hope they will never have to use it, but they know it’s there to protect their practice and personal assets if a lawsuit should arise.  But did you know that physicians face many risks that may not be covered by a malpractice insurance policy?

Does your malpractice insurance policy cover the following exposures? [Read more →]

Five Things to Know Before Purchasing a Medical Malpractice Insurance Policy

Medical malpractice insurance policies are all about details. This type of insurance, possibly more than any other, requires a physician, office manager or insurance broker who fully understands the product when compared to a simpler product such as life insurance. Knowing some of the finer details of medical malpractice insurance can not only keep your premiums lower, but more importantly, can help ensure the policy will be there when it is needed most: when a claim comes in against the insured. Here is a list of 5 things you need to know before you purchase a medical malpractice insurance policy.

1. What type of policy are you buying and what are the long term implications of each?

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Physician Shortage Puts Pressure on U.S. Healthcare System

A waiting room at a doctor’s office is full of patients. The Nurse Practitioner on vacation this week, the office manager squeezes in several unscheduled patients before Noon followed by a lunch meeting with the malpractice insurance broker. Meanwhile a pharmaceutical rep hovers in the hallway waiting for a signature, and the current patient in room 4 is complaining because he had to wait 30 minutes for a 5 minute visit.  Sound familiar?  This is a typical, stress-filled day for most busy physicians in private practice.

Now add 32 million previously uninsured patients looking for healthcare to that scenario – how will doctors keep up with the demand?  And where will patients find care if doctors can’t keep up?

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What’s Next on the Affordable Care Act Timeline?

Your opinion of the Affordable Care Act (ACA) probably depends on what role you play in the U.S. healthcare system.

• Physicians and other healthcare providers seem to fear each and every new provision as it’s unveiled and are anxious about how to implement the requirements placed upon them.
• Hospitals are trying to stay ahead of the game (and their competitors) by forming Integrated Health Systems and Accountable Care Organizations, and purchasing physicians’ private practices.
• Consumers are attempting to navigate the system to take advantage of improved health insurance coverage or to obtain it for the first time.
• Businesses of all sizes are looking for interpretations of what the law says about employee benefits.
• Health insurance companies are evaluating in what ways they will participate and what that participation (or lack of) will mean to them in the future.
• States are trying to decide if they will accept federal money to expand Medicaid and Medicare coverage within their borders.

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4 Easy Steps for Physicians Applying for Malpractice Insurance

Admit it. Applying for medical malpractice insurance isn’t the most enthralling of chores a physician must complete each year. In fact, it can be quite a burdensome to those with limited amounts of time. Organization is key, and becomes quite helpful in limiting the amount of time consumed in the shopping and application process.

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8 Files Physicians Should Never Throw Away

As a new physician getting ready to start your career, you may be wondering, “How do I deal with all of the details and paperwork related to my medical malpractice insurance?”

Yes, this important coverage can be confusing, but your qualified insurance specialist is always there to help.  Organization is the key – making sure all necessary documents are kept in one place for easy reference.

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Everything Physicians Should Know About Tail Coverage

Whether carrying medical malpractice insurance on your own as a private practice physician or as an employee of a group or hospital, tail coverage should be a top priority when considering any changes to your coverage.  The topic of tail coverage typically raises a few commonly asked questions from physicians:

• What is tail coverage?
• How many years can a tail policy cover?
• When is tail coverage necessary?
• How much does tail coverage cost?

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The Vicarious Liability of Physician Malpractice – Am I Responsible?

Could you or your business be held liable for someone else’s medical error or omission?  Short Answer: Yes.  This is called vicarious liability.

What follows is an explanation of how you could be found vicariously liable for someone elses’s wrongdoing whether or not you have knowledge of the act and how you can ensure your protection against these often overlooked situations.

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