When I got my kids a dog, I had no idea that it could affect my homeowners insurance. I happened to run into my insurance agent in the store when I was buying dog food and he asked me what kind of dog we had. When I told him, he said I should stop in the office the next day. I had no idea that things like this could affect premiums, so I started asking what else could do it as well. I created this site to help others understand some of the finer points of homeowners insurance and what they should think about to manage their rates.
If you're a physician that treats patients on any level, there is a risk of being sued by patients because of alleged medical malpractice. That's why medical malpractice insurance exists and your practice will certainly need it for the following reasons.
Security Blanket When Honest Mistakes are Made
Even if you've dedicated your entire life to medicine and are highly skilled in a particular field, you can still make mistakes. It's going to happen to every physician at some point. If these mistakes lead to medical malpractice situations with patients, you want to have insurance. Then you can use it as a security blanket.
It's going to save you and your medical practice a lot of money. You just need to make sure you get enough out of this insurance policy and make sure it's active before you ever start treating patients on a professional level.
Show Your Practice is Professional and Financially Responsible
In order to get new patients into your medical practice, you have to show them certain things before they agree to visit your facility and use your services. One way you can have success doing this is by getting medical malpractice insurance. It's designed to protect you from lawsuits when negative outcomes happen with patients, but it also shows your practice is financially responsible.
You got this insurance before working with patients and that can go a long way in showing your practice is both professional and legitimate. Then you may have an easier time attracting new patients on a consistent basis.
Give Other Medical Personnel Peace of Mind
You may have other medical professionals working at your facility, such as nurses and medical assistants. They deserve to have protection from medical malpractice situations just like you do. Fortunately, when you get medical malpractice, your entire practice is going to be covered.
Whoever makes a mistake and thus negatively affects a patient, they're going to be protected from a financial standpoint. That will give them peace of mind and this can actually improve their effectiveness in whatever role they're fulfilling for your medical practice.
If you plan on running a successful medical practice for a long time, then you need to consider getting medical malpractice insurance. Even if you have the best doctors and assistants, this insurance is going to be necessary to keep your practice protected from a financial standpoint when accidents and mistakes happen.
Share28 March 2022
