If you work in the medical profession, malpractice insurance is something that you might be familiar with. Medical malpractice refers to a negligent act by a healthcare professional, either by error or omission, that can lead to harm to a patient. Malpractice insurance is a type of professional liability indemnity that protects physicians from claims of negligence. While doctors might not intentionally set out to harm their patients, no one is perfect and the nature of treatment can sometimes cause harm or injury to patients. That is where medical malpractice insurance comes into play, as it protects physicians and other healthcare professionals from these claims in case of litigation.
Having medical malpractice insurance is extremely important for physicians and other healthcare professionals. Here are some of the reasons why medical malpractice insurance is important:
Rising Rates of Litigations
While there are still many countries around the world where doctors are revered and their opinion is considered final, there are people who are now aware of their legal rights. A patient can decide to sue a doctor for several reasons, including but not limited to a failure to diagnose, medication errors, treatment complications leading to injury or death, and an inability to provide appropriate treatment. ]
Ideally, doctors would strive to provide the best care to their patients but unfortunately, no one is immune to errors. In medicine, these errors can cost someone their life and that is why practicing medicine can be one of the riskiest professions out there. According to a report by American Medical Association, one in three physicians have been sued by their patients. As the rate of litigation against doctors continues to rise, effective medical malpractice insurance is essential for any practicing physician.
Legal Requirement to Work
While some physicians might decide to forego medical malpractice insurance because of the costs involved, some states require a minimum level of malpractice insurance as a requirement to work. GMC in the UK also demands that doctors have an adequate level of indemnity in place to cover their medical practice. Whether you’re working for an agency or as an independent contractor, you’ll find that medical malpractice insurance for a home health agency is essential. This is why you must do your research to understand what goes into the process and why you need it and get this information from a reliable source.
Around half of working physicians will be sued at some point in their career. Medical malpractice lawsuits can be incredibly expensive, and while very few lawsuits that go to trial are decided against the doctor, they still are a financial drain. Without an adequate level of insurance, a doctor can become financially bankrupt and that’s where medical malpractice insurance can help.
It will cover the costs involved in lawsuits, regardless of whether you win or lose the case, and can also protect your practice. Moreover, you will be able to practice medicine without any fear in the back of your mind. Fear of litigation will not stop you from taking risks in treatment that can prove to be beneficial for the patient.
As a healthcare provider, you will likely be sued at one point in time so it’s important to purchase medical malpractice insurance. Certain specialties are more liable to risk, such as obstetrics and gynecology, and surgery. While the cost of your insurance will depend on whether you belong to a high-risk specialty, effective insurance will give you greater freedom and ease of mind in your practice.