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The legal landscape for healthcare is changing in the United States and the risk for advanced practitioners is increasing more and more. And as the scope of practice for Nurse Practitioners, Physician Assistants, CRNAs, and other providers continues to expand, the liability grows, as well.
So, if you’re an NP, PA, CRNA, RN, Aesthetician, or any other type of ancillary provider, what’s the best way to be covered for malpractice insurance? Should you carry your own policy or accept the insurance being provided by your employer? And what if you’re self-employed doing 1099 or locums work?
Today we’ll address these questions and more to help you understand malpractice insurance for advanced practitioners.
(1:21) Options for covering advanced practitioners and ancillary healthcare providers
(7:27) How to decide which option is right for you**********Contact us!**********
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When it comes to malpractice insurance, one of the most critical times for doctors is when they’re looking to CANCEL their insurance to make a significant change… perhaps you’re leaving your current employer and moving to a new group, or maybe your premium has been going up and you want to move to a new insurance carrier, or you just want to switch to a different type of coverage to better meet the needs of your growing practice.
Well, no matter the reason, when you’re getting ready make the switch you have some decisions to make – are you going to buy tail insurance? Or are you going to carry forward your prior acts?
Wait a minute… you may be thinking… I don’t even know what those things are. Well, today we’re going to talk about Tail Insurance vs. Prior Acts…. What’s the difference between the two and when does it make sense to go one direction vs. the other?
(1:19) Tail Insurance
(3:28) Prior Acts Coverage
(5:16) Prior Acts Costs
(6:27) Four Reasons Doctors Might Have to Get Tail Insurance**********Contact us!**********
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Manglende episoder?
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Today we’re continuing our Mail Bag segment with some more “real life” scenarios to talk through. We’re going to talk about making an agent change
– when it is and isn’t necessary, growing a practice and hiring more doctors when you’re in the E&S market, and dealing with a six-figure tail bill.
(0:54) How hard is it to just change an agent?
(4:38) Growing your practice in the E&S market
(7:25) Navigating a six-figure tail insurance bill**********Contact us!**********
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It can take awhile to finally land on a malpractice carrier that you really like. And once you’re all setup with them, it’s very comfortable and easy to just renew your policy year over year. And to be honest, there are many reasons why it makes sense to stay with the same carrier for the long-haul. But, there are also some drawback and potential issues with staying with the same malpractice company for a really long time. Today we’re going to talk about the Pros and Cons so that you can decide if it’s time for YOU to possibly make a change.
For the BLOG on this topic, visit: https://aegismalpractice.com/malpractice-insights/should-you-stay-with-the-same-carrier-for-a-long-time-here-are-the-pros-and-cons/
(1:20) Pros and Cons of Staying With Your Carrier
(5:40) Medical Malpractice Shopping Tips**********Contact us!**********
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Buying medical malpractice insurance can be a time-consuming, frustrating process. There are many different companies to choose from, policy types to understand and coverage nuances that can make it difficult to really know if you’re getting the best coverage at the best price. This is why most doctors prefer to work with an agent to help them compare options in the market. So, why not just have your current insurance broker – the guy who does your general liability, your business owner’s policy, your worker’s comp and your other commercial policies – do your malpractice? Isn’t it just easier to have 1 point of contact for all of your insurance needs?
Well today I’m going to tell you why this is actually a BAD idea. No offense to your commercial insurance agent, but there are a lot of reasons why you should NOT have him handle your medmal. Let’s talk about it together.
(1:23) Direct vs. Independent Agents
(4:02) Why not have multiple agents shop for you?
(4:58) Why you need a specialised insurance agent**********Contact us!**********
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According to the AMA, 1 in 3 doctors have been sued for medical malpractice. And the data that we see from the insurance carriers shows that number continues to go up, depending on your specialty, where you practice, and how long you’ve been working. It’s very likely that you will be involved in at least 1 malpractice claim by the time you retire from the practice of medicine. And if you’ve never been involved in a claim before, it can be a bit of an unknown… perhaps even a little scary and intimidating to think about what it's like to go through a lawsuit. So today, we’re going to talk about what happens after you get sued for medical malpractice… what the claim process actually looks like from the insurance side of things, so that you can be better prepared if and when it happens to you.
FREE DOWNLOAD: Understanding the Medical Malpractice Claims Process: https://aegismalpractice.com/malpractice-insights/what-happens-after-i-get-sued-for-medical-malpractice/
1:32 The Five Stages of the Malpractice Claim Process
6:04 Three Tips to Protect Yourself**********Contact us!**********
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Today we’re continuing our Mail Bag segment with some more “real life” scenarios to talk through. We’re going to talk about RUSH malpractice insurance (like you need it in a few days), getting credentialed way before you actually plan on opening your practice, and how best to structure locums coverage.
0:53 Medmal in a Rush
4:48 Timing Your Credentialing
8:18 Structuring Locum Tenens**********Contact us!**********
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If you’re just getting started in your medical training, you might be wondering how malpractice insurance works for medical school, your internship, residency or fellowship. So, today we’re going to talk about the things you need to know going into these programs, whether or not supplemental insurance is something you should consider, and what to expect when you finish your training and get started in the real world of medicine.
For the BLOG on this topic, visit: https://aegismalpractice.com/malpractice-insights/im-a-med-student-do-i-actually-need-malpractice-insurance/
Related Episodes:
💻Malpractice Insurance for Fellows: https://youtu.be/qCmvrDvY5ec
💻Claims-Made vs. Occurrence Explained in FIVE Minutes: https://youtu.be/zcDaZ7bx3k4
💻A Crash Course on Buying Your Own Malpractice Insurance: https://youtu.be/iM3hmsUkhss
1:10 Medmal for med students
2:22 Medmal for fellows
3:57 Moonlighting**********Contact us!**********
📱💻 aegismalpractice.com
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So, you’ve cancelled your Claims-Made malpractice insurance policy and now, your carrier has given you a tail quote – but it looks like there are multiple options? And the price is significantly different, depending on which option you choose. Well, the reason for the different tail prices is that the coverage is different. You likely have an option for an unlimited tail and a few options for limited tails. So, what’s the difference? And how do you know which one to pick?
💻 For the BLOG on this episode, visit: https://aegismalpractice.com/malpractice-insights/should-i-buy-a-limited-or-unlimited-tail/
Related Episode: How to Negotiate Tail Insurance https://youtu.be/q-tQe_ofRWI?si=4j0whjuEaF8HAEVS
1:14 Tail Insurance Review
3:30 Explaining Unlimited Tail
4:39 Explaining Limited Tail
5:58 Statute of Limitations
6:48 Comparing Costs**********Contact us!**********
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Interacting with patients on a daily basis exposes you, your employees, any independent contractors working for you AND the practice itself to professional liability. And, while it’s pretty well-known that doctors and healthcare providers need to carry malpractice insurance, one of the most common mistakes that we see is forgetting to cover your medical corporation. But for most start-up practices, cost is a major issue and providers need to make sure they get the coverage they need – without breaking the bank.
So, what’s the best way to do this? We’ll talk about it today.
1:15 Who actually needs malpractice coverage in your practice?
2:15 How do you get malpractice insurance for a business entity or corporation?
2:56 Shared limits vs. separate limits
💻 For the BLOG on this episode, visit: https://aegismalpractice.com/malpractice-insights/whats-the-best-way-to-insure-your-medical-practice-for-start-ups/**********Contact us!**********
📱💻 aegismalpractice.com
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Today we’re continuing our Mail Bag segment with some more “real life” scenarios to talk through. We’re going to talk about rate increases on a Claims-Made policy, the best coverage options for medical director coverage, and how to setup malpractice insurance in a cost-effective way for a brand-new practice on a budget.
0:58 Unexpected rate increases
4:55 Coverage for medical directors
8:44 Budget friendly tips on covering a new practice**********Contact us!**********
📱💻 aegismalpractice.com
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So, you’re looking at malpractice insurance options and being the smart provider that you are, you’ve got quotes for both Occurrence and Claims-Made policies in front of you. You like the idea of an Occurrence policy, but the Claims-Made quote is so much cheaper in the first few years. So, why not just start with the Claims-Made policy now and then switch to Occurrence when you’re a little further down the road? Well, CAN you switch – Yes… but there are a few things that you need to be aware of before you make this choice. We’ll talk all about it today.
✔️For the BLOG on this topic, visit: https://aegismalpractice.com/malpractice-insights/can-i-switch-from-claims-made-to-occurrence-coverage/
1:11 The difference between Claims-Made and Occurrence
4:01 Long term cost breakdown
6:10 Switching from Claims-Made to Occurrence**********Contact us!**********
📱💻 aegismalpractice.com
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If you’re an employed physician, chances are, your malpractice insurance is being provided FOR you. And while this is certainly convenient, there may be limitations in your malpractice policy that you’re not aware of. For this reason, many providers wonder if they should get supplemental malpractice insurance?
So today, we’re going to talk about why you might want to consider getting additional coverage – and what kind of insurance you should get. Plus, we’ll talk about what supplemental insurance DOES and DOESN’T cover.
1:05 What is supplemental malpractice insurance?
2:30 What supplemental policies DO and DON'T cover
4:06 How much will supplemental insurance cost?
5:21 Should you get Claims-Made or Occurrence coverage for supplemental insurance?
6:29 Example costs
9:17 Let Aegis help!**********Contact us!**********
📱💻 aegismalpractice.com
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If you’re struggling to find malpractice insurance, your agent might suggest coverage options for you in the non-standard market. But, what exactly does that mean? Well today we’re going to go over the main differences between a standard malpractice insurance policy and a non-standard malpractice insurance policy. We’ll talk about the reasons why a healthcare provider may need to go the non-standard route and give you 5 key things that you need to be aware of BEFORE you accept coverage.
Do you have a question for our mail bag? Ask it here! https://aegismalpractice.com/malpractice-insights-podcast/
RELATED EPISODE: Understanding Consent to Settle https://youtu.be/NJx-nVStEM4
1:03 Standard Market vs. Non-Standard Market
2:33 Why you might need non-standard market coverage
3:48 Five key things to know before you get non-standard coverage**********Contact us!**********
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Today we’re continuing our Mail Bag segment with some more “real life” scenarios to talk through. We’re going to talk about coverage provided by a contracted entity, advice for practice administrators on onboarding and offboarding providers, and buying malpractice insurance again after being bare.
0:48 Tail insurance and consent to settle
5:20 Advice for onboarding and offboarding
9:06 Malpractice insurance after being bare**********Contact us!**********
📱💻 aegismalpractice.com
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Malpractice insurance premiums can be pricey. In fact, they’re one of the top expenses for a medical practice today. This is why we’re so adamant that providers shop around, compare their options thoughtfully, and work with a knowledgeable agent who can keep their eyes on the market to ensure you’re always getting the best coverage at the best price.
But once you’ve been given your quote for coverage, is that it? How negotiable is your price?
Well, today we’re going to talk specifically about how to reduce your malpractice insurance premiums. In this highly complex world of medical malpractice, there are some levers that you CAN pull and others that you CAN’T.
1:19 Factors that Affect Your Premium
4:00 Discretionary and Non-discretionary Credits
10:08 Common Pitfalls When Shopping for Insurance**********Contact us!**********
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A malpractice claim comes in for a patient that you treated on April 1, 2019. Wait a minute… where was I even working back then? And who did I have for my malpractice insurance at that time? Well, if you haven’t been keeping good records of your prior work history and your medmal coverage over the years, this situation can quickly turn frantic as you search your files to see who you should be contacting for help.
Today, we’re here to help you get your malpractice files in order by giving you tips on how to keep track of your coverage history so that you can easily see who you were insured with and when.
RESOURCE: The National Practitioner Data Bank https://www.npdb.hrsa.gov/pract/selfQueryBasics.jsp
1:14 Employment Contract
2:52 Certificate of Insurance
4:37 Tail Endorsement
5:47 Claim History / Loss Runs
7:07 Claim Activity Documents
7:46 Contact Information**********Contact us!**********
📱💻 aegismalpractice.com
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When it comes to Claims-Made malpractice insurance, there are some nuisances with this policy type that can make it a bit more complicated to understand. One of the most distinctive characteristics of this type of coverage is how it starts at a low premium and then increases in price every year for 5 years. And if you weren’t made aware of this when you first BOUGHT the policy, it can be incredibly frustrating to see your rate go up year over year.
But, why does it do that? And what can you do to make sure you don’t get caught off guard with this in your policy? Well, today we’re going to talk all about Claims-Made step factors… what they are, how the underwriter prices them, and how you can be one step ahead when it comes to your malpractice coverage.
📱Related Episodes: Understanding Occurrence vs. Claims Made https://youtu.be/zcDaZ7bx3k4
1:18 Understanding Claims-Made Coverage
5:32 Step Factors**********Contact us!**********
📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]
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It’s our 100th episode of Malpractice Insights – I can’t even believe it! And I just wanted to say thank you to everyone who has tuned in over the last few years. Whether you’ve just stumbled upon our show with a question on a specific malpractice-related topic, or you’re a regular listener, I’m so grateful that you’ve taken the time to be here and I TRULY hope that you’ve found the information that we’ve shared helpful. So thank you, again!
Today we’re going to do a little question and answer session and I’ve put together some top malpractice insurance tips for you. So, let’s dive into them together.
Related Episodes:
Understanding Occurrence vs. Claims Made https://youtu.be/zcDaZ7bx3k4
Malpractice Insurance for Locum Tenens Providers https://youtu.be/IibpmzHRchg
Malpractice Insurance for Telemedicine https://youtu.be/6RYvhmb6v3I
Malpractice Insurance for Employed Doctors https://youtu.be/AtKqKwFrdiA
Five Questions for New Grads to Ask Their Future Employers https://youtu.be/ULQRm_3N7bE
1:04 New Grads
3:34 Employed Doctors
5:48 Administrators
8:40 Telemedicine
11:22 Independent Doctors
12:30 Let Aegis help!**********Contact us!**********
📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]
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Why do doctors actually need malpractice insurance? And what does it even cover? Healthcare providers need malpractice insurance to protect them in the event of medical negligence, but this insurance policy is more robust than most doctors realize. Beyond simply paying for claims and compensating injured patients, your medical malpractice insurance policy actually provides defense and reimbursement for a number of other things.
Let’s dive into this topic more together.
1:00 What exactly IS medmal?
3:35 Compensatory vs. Punitive Damages
5:06 Defense Costs
5:46 The Four Things Your Medmal Policy (likely) Covers
8:22 One Thing Your Medmal DOESN'T Cover
9:31 Let Aegis help!**********Contact us!**********
📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]
**********Follow us on Social Media**********
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YouTube: https://www.youtube.com/channel/UCyDVJQuU4ihcZl3gcL6L16A - Vis mere
