Three Ways You May Be Able To Reduce Malpractice Insurance Cost For Your Medical Business
Having a private practice medical business is fundamentally no different from other businesses. You need to make a profit, or you will be out of business. However, as a physician, you will face the expensive issue of medical malpractice insurance. Any way that can help to bring down your premiums is something you should look into. The following are a few ways you may be able to reduce this expense.
There may be premium discounts for risk reduction courses
Some insurance companies offer courses that are aimed at the reduction of risk that can be found in a doctor's office. An insurance company may find this important enough to allow for a significant discount off their premiums. This may seem like it is too good to be true, but you need to look at the situation from an insurance company's point of view. Much of the claims against a policy stem from ignorance on the part of a doctor. What constitutes a risk from an insurance company's view is based upon claims and settlements, and not what makes sense to a doctor and their staff.
There may be premium discounts for risk assessment
Insurance companies often have experts who can visit your office to determine if there are any high-risk aspects to the facility. Even if you have taken a course in this area, the insurance representatives will have more experience and may spot something you have missed. This also includes the quality of your equipment. You may have one or more pieces of equipment that have a history of generating claims of negligence in treating or examining a patient. A new model may have a better design or a safety feature that reduces the possibility of an insurance claim.
There may be premium discounts for claims management
The area of claims management will usually begin with the procedure for reporting an incident. If your procedure is one that is approved by the insurance company and is followed step by step, this will help reduce your insurance costs. A procedure to ensure that all consent forms are properly filled out and signed is another important aspect of reducing claims. Your insurance company will have recommendations for your medical practice to follow.
Although the cost of malpractice insurance is very high, you should know that there are ways to reduce your premiums. The first thing you should do is inquire about reducing the cost of your premiums from your current carrier. You should then begin to request quotes from other insurance providers along with the discounts that they offer to their customers. You are likely to discover that there are several possibilities to save money on medical malpractice insurance.
Contact a local medical malpractice insurance agency to get started.