Medical school is an intense enviornment, but life as a physician is even more challenging and fast-paced. As a medical doctor there is a lot expected of you, and a lot you are responsible for. One of the less discussed, but important of these responsibilities is purchasing medical malpractice insurance. It is critical that you go about this process the correct way, as a mistake during the selection process can put you at unnecessary risk. Learn about some mistakes you want to avoid.
1. Relying on Colleagues' Advice
It is okay to speak with your colleagues about their insurance selections, but you do not want to simply listen to their advice and pick the same policy they have.
A host of factors can influence the type of insurance a provider needs, including the location of the practice, the type of practice, such as private or a healthcare facility, the medical specialty, and so on. Unless your colleague is a perfect match of you in every box, use their feedback as advice, not law.
2. Providing an Inaccurate Procedure List
The insurance company will require that you submit a procedure list in order to finalize the policy. In short, this information is a listing of all the procedures you are licensed to perform and plan to do. Where you practice will typically predict what procedures you will perform, such as a clinic vs a hospital.
If you submit an inaccurate listing, and you perform a procedure not included on the list you submitted, and you need to file a claim — you will not be covered. You must submit an accurate list and update it as things change.
3. Assuming Automatic Coverage
Never make the assumption that you are covered. Again, where a physician works, in terms of the facility structure, will influence their coverage. For example, with some large healthcare networks, medical malpractice is granted to each practicing physician. The coverage and its cost are handled by the medical group.
However, in some other instances, the medical network will have its policy, but each practicing physician is required to carry their own individual policy. Just because you work for a large network, do not assume that you are covered. Perform research to find out this information.
Always keep these factors in mind as you search and speak with an agent to ensure your coverage is best suited for your needs.