Even if you are not required by the law in your state to have medical malpractice insurance, is it wise to practice without it? Let us look at a few basic principles behind medical liability insurance and the risks and consequences of not obtaining coverage. You may be surprised at what you learn.
Why Is Medical Malpractice Insurance Important?
Also called medical liability insurance, medical malpractice insurance, transfers the financial risk to remove the liability of doctors and other healthcare providers delivering medical services in a private practice, hospital, or group practice setting.
Instead of the healthcare provider assuming the financial risks of diagnosing and treating patients, adequate medical malpractice insurance transfers those risks to the insurance company. The insurance company charges its customers premiums based on a number of factors (including location and specialty) and then uses these premiums to address the costs of any malpractice claims and judgements.
If medical mistakes happen, or a patient claims they have been harmed or neglected and wish to sue for malpractice, the insurance company protects the doctor. They do this by agreeing to pay compensation as necessary within the limits of the insurance policy and also to represent and defend that physician in a court of law.
According to the American Medical Association (AMA), one in three physicians will be sued by patients over the course of their careers. The average payout in the United States currently is more than $329,000, which would be a significant financial loss for any medical group practice or individual provider. With the right medical malpractice insurance, you canhelp protects yourself against the incredibly high payouts resulting from medical malpractice litigation.
What Other Consequences Does Insurance Protect Against?
There are a number of impactful events and consequences of malpractice litigation. If you are not protected, you could be at risk of losing your medical practice, license, and the valuable reputation developed over your many years of training and patient care.
Additionally, you may experience significant financial strain due to the costly litigation process. If required to finance large payouts out-of-pocket, you may have to mortgage your home and/or liquidate other assets. Even your credit rating and employability can be adversely affected by the financial burden of a medical malpractice lawsuit.
Finally, worrying about the unknown–in this case, possible claims of doctor negligence, harm, or injury to the patient–can have an adverse effect on your ability to provide attentive care to your patients, leading to low patient satisfaction and reduced patient retention.
Best Family Practice Medical Malpractice Insurance in St. Louis, MO
Whatever your medical specialty–family practice, cardiology, orthopedics, or another of scores of others–you owe it to yourself, your profession, your family, and your employees, to get excellent medical malpractice insurance. At eQuoteMD, we price, research and compare the policies of multiple A++ list companies to get you the best coverage at an affordable rate.
Call our office today at (855) 823-5283 discuss your insurance needs and to obtain complimentary quotes, or request a quote online.
We look forward to helping you protect yourself and the profession you love so much.