Do You Really Need Medical Malpractice Insurance?
If you are a doctor or a health care specialized you must surely have come across situations that baffled you. You may also have treated patients to the best of your ability, in addition they were nevertheless unsatisfied. They may have already doubted your skills and abilities as a doctor and made allegations of negligence against you. It is precisely for this reason that you need to buy medical malpractice insurance. It is perhaps the most important insurance a physician or health care specialized can buy.
Medical malpractice is any act by a physician or health care specialized where the care imparted by them is not up to the accepted standards of the profession, particularly if it leads to the death or injury of the patient.
In most situations buying the insurance is not a choice left to you. In most states of the US it is mandatory to have the same. Highly specialized doctors cannot think of going without it as they typically have very high risk patients. Wherever it is not mandatory, it is nevertheless advantageous to have it. Doctors who do not have medical malpractice insurance many be denied certain privileges in hospitals with regards to seeing patients. Patients themselves are reluctant to go to doctors who do not have medical malpractice insurance. Should something bad happen after or as a consequence of the treatment they cannot expect much monetary compensation either. As a matter of fact, in certain states, physicians are required to put up signs that they do not have the insurance so that prospective patients can take the required decision.
The main objective of this insurance is to reduce the cost of lawsuits that arise from specialized negligence and medical malpractice. It is sometimes obtainable as a group plan. Hospitals find it advantageous to take a group cover is well. Standards vary from country to country so you can choose to take the appropriate cover required.
In case your insurance is discontinued, you must not forget to buy ‘tail’ coverage’ to protect you from claims made after the policy is discontinued.
A physician who does not have medical malpractice insurance stands the risk of losing all his assets in a single malpractice suit. That is too much of a risk to take and the high insurance fees seem a trifling thing in comparison.