Insurance agencies are in the business of helping people in need. Though you must turn a profit in the end, your primary goal is to protect people from the risks in their life. However, certain clients take advantage of their insurance and try to rig the system. Here is what to know about insurance fraud investigations as an insurance agent.
The Types of Insurance Fraud
Every insurance agency must know the warning signs that a client is trying to pull their leg for more money. There are two main types of insurance fraud: hard and soft fraud. Hard fraud refers to claims that are entirely fabricated from top to bottom. The insured will make up a story and damages in an effort to scam an insurance agency for money.
Soft fraudsters take a situation and embellish it out of proportion. These hyperbolic claims can make a small problem look much worse than it is. For example, a doctor could bill a patient for more procedures than were given, increasing the insurance payout from the patient’s provider. Whether you offer insurance for the patient or the doctor, you will want to know what’s going on and conduct a proper investigation.
How You Conduct an Investigation
An insurance fraud investigation is just like any other investigation—you need a convincing array of evidence to connect the dots and confirm past events. You’ll likely look into video recordings, patient logs, medical records, incident histories, eyewitness accounts, and more. Each piece of the puzzle will help you determine the legitimacy of the insured’s claim and whether they falsified their claim.
A Word of Caution
Every insurance agent and adjuster must be careful not to make mistakes or wrongly accuse clients. If you make such mistakes, it is best to have an insurance agent’s errors and omissions insurance policy. This professional liability insurance exists specifically for insurance agents and adjusters who need protection from their clients.
Learning what to know about insurance fraud investigations can help you fill in any gaps and move against suspicious claims.
When you spend your time in front of patients all day, the likelihood of something going wrong increases. Grueling hours coupled with intensive care and nuanced treatment can prove disastrous. However, most medical professionals avoid mistakes day in and day out. Still, there’s always the chance that something could happen. Here are the main reasons physician assistants need malpractice insurance.
You Can’t Control Patient Responses
As a physician assistant, you focus on serving and treating your patients. However, the patients have their own interests at heart and they may not see the whole picture. The way you explain a procedure or give a patient treatment may not align with their personal values. A patient could change their mind about a medical procedure after the fact, but insist that it was the doctor’s fault. You can’t control what a patient says or does. If they level a claim of medical malpractice, you should have insurance in place to protect you.
You Can’t Stop All Errors
No one is impervious to error. In fact, it’s part of what makes us human. Though physician assistants endure years of intense schooling and training to avoid making any mistakes, they can’t help a slip of the hand or a mental oversight. Whether they admit it or not, every medical professional has made a mistake—minor or major. Since you can’t stop yourself from being human, it’s best to protect against any risk. If you don’t have malpractice insurance, you could face the financial, legal, and professional consequences of an honest mistake by yourself.
You Don’t Have Adequate Resources
Though they have higher salaries than average, medical professionals may have debts from school and other monetary responsibilities that make fending off a lawsuit financially devastating. Malpractice insurance coverage lifts that financial burden and equips professionals to handle any claim that comes their way. On your own, you can’t hope to fight a drawn-out legal battle, but with the help of an insurance agency, you’ll have all the resources you need.
Knowing the reasons physician assistants need malpractice insurance equips medical personnel to make the right career choices. If you need coverage, reach out to Baxter & Associates today. We offer premier malpractice insurance for healthcare professionals in many medical specializations, including physician assistants.
When medical professionals begin their careers or move locations, they need the security of an insurance policy to cover their bases. It is challenging to know exactly what you need and how to find that information. Here is a guide on what to look for in a malpractice insurance provider.
The Provider Itself
Every insurance policy begins with the carrier itself. They are the ones who decide what coverages to offer and how to follow through for their clients. This is what you should know about the insurance provider before signing on with them.
Response Time
If you already have trouble reaching an insurance provider as you set up an account, this could be a grave indication of their overall response time. The last thing you want is a medical malpractice insurance policy without a responsive representative on the other end. If you are in a pinch and need sound financial and legal aid, your insurer should have the quick-wittedness and tools to help. Otherwise, your insurer could leave you hanging though you have paid all your premiums each month.
Customer Service
Customer service is a crucial thing to consider when choosing a malpractice insurance provider. The quality of their client interactions speaks volumes about their dedication to the customer. Are they dismissive and unapproachable? Well, they may be that way with the other aspects of their business. As a prospective customer, you need help to be available in times of distress, like when a malpractice claim hits your desk.
Client Reviews
Many businesses nowadays engage the world and their customers digitally. From websites to social media profiles, there are dozens of ways for professionals to promote their company. This digital interface goes two ways, though. While insurance carriers can engage people online, customers can also engage the carrier. You should always check client reviews for an insurance agency. You may feel confident in their services or abilities from their website or from talking with an agent. But the lived experience of others under their care is a weighty testament.
Inner Workings
The inner workings of any business are essential for clients and customers to understand. Insurance providers essentially offer financial, logistical, and legal support to their clients in times of need. So, if an insurance company lacks the financial stability to cover their clients, they cannot fulfill their promised services. It would be best to investigate whether they are a state-admitted provider and have their certifications approved, too. Your malpractice insurance provider should be above-board in every respect. You don’t want any surprises down the line.
The Medical Malpractice Policies
Medical malpractice insurance is a form of professional liability malpractice insurance. It covers the insured for risks associated with their line of work. In the long run, these policies and their details protect the careers of thousands of doctors, nurses, and other workers. What should you look for in a malpractice policy?
Policy Options
Medical malpractice insurance is no one-stop-shop. There are a handful of policy types that many carriers offer their clients. Further, many providers only offer policies for those of specific specializations. These exclusions are important to consider, as they may impact your ability to find coverage with a particular insurer.
The Basic Policies
Most insurance agencies offer one or both of the basic malpractice insurance policies: occurrence and claims-made. Occurrence policies cover the insured from incidents during the time of coverage, regardless of when the patient files a claim. As an example, suppose a physician had an occurrence policy in 2019, and an incident occurs during that year. If the patient files a claim about the incident in 2020, the physician will still receive coverage even though their policy ended in 2019.
Claims-made policies have a slightly different scope of coverage. The insured receives coverage only if the incident and the claim fall under the policy period. If that same physician had a claims-made policy instead, their insurance would not cover them since the claim arrived after the policy ended.
Learning the differences between these policy types is vital for any medical professional. Though practicing is the primary work day to day, understanding the legal side of medicine is equally important.
Expansion Options
Malpractice insurance providers offer core policy types, but there are several expansion options. These additional coverages address particular gaps or changes in coverage when medical professionals switch jobs or retire. Tail insurance is an option in which medical professionals can extend their coverage past their expiration date without a whole new policy. Conversely, nose coverage is an add-on that you purchase from a new carrier to protect you while between policies.
Policy Details
Though you select coverage based on your anticipated risk, you’ll need to know the nitty-gritty of your policy before signing on the dotted line. Be sure to ask about these things after learning the basics.
Premium Price
The premium is the price you pay each month for the insurance coverage. Though this is standard procedure in all insurance situations, you should know the exact amount you will pay month to month. You should also ask whether there are any discounts available and see if your situation warrants better options.
Consent To Settle
The consent to settle refers to how an insurance company handles financial settlements. The patient who makes a claim will likely ask for monetary compensation. Your insurance company will want to offer a settlement based on their own calculations. As the client, many insurers give you the final say on whether you go forward with the offer or not. If you don’t want to settle the case, they have no choice but to back you in court. Sometimes, the consent to settle is not in your control. If a malpractice insurer refuses you the right to make this decision, they are not worth your time.
Knowing what to look for in a malpractice insurance provider can help every medical professional make the right decision. If you need help answering any questions about medical malpractice insurance, reach out to our team at Baxter & Associates for more information today.
Finding a job as a nurse anesthetist (CRNA) can be a challenging but rewarding process. The job market has its ups and downs, but there are always the added hoops when applying for positions as a certified registered nurse anesthetist. Medical professionals must prove their mettle—providing evidence for everything from licensure to clinical experience—before new practices will allow them to treat patients. But there are some steps you can take to increase your chances of finding a CRNA job. If you’re looking for a placement, here is how to find a job as a nurse anesthetist.
Organize Your Materials
The first thing anyone looking to land a job as a nurse anesthetist should do is organize their materials. You’ve gone through years of schooling and work experience, but you must prove it. To apply for your first job, you’ll need documentation like your degrees, your licensures, and a resume CV (curriculum vitae) detailing your CRNA residency or work experience. You must have a passing score from the national certification exam and a license to practice in your state before moving into a full-time position.
Consider a Recruiter
With your documents in hand, you can prepare a resume and cover letter. However, you can only throw these documents at open positions so many times. Many job seekers need the help of professionals with experience navigating the job market. CRNA recruiters are just such people—they have the skills and connections to help you find a job that fits your criteria. A recruiter can help busy students find their first CRNA jobs or current CRNAs find new positions. They will set up interviews and phone calls with their contacts to find the right fit.
Get Ready for Practice
Once you find a job, you’ll still have a few tasks to complete. To prepare for practice, you should liaise with your new office to clear up any outstanding paperwork. You’ll also need to find CRNA malpractice insurance to cover your assets. Failing to secure insurance is a common CRNA mistake. Professional liability insurance is essential to ensuring a long career, especially for those in medicine.
You may be an anesthesiologic luminary, but you still need a job. Knowing how to find a job as a nurse anesthetist is critical for career opportunities and growth. Explore our blogs to find more helpful CRNA career tips, and contact Baxter & Associates for information on malpractice insurance.
It is a common misconception that malpractice insurance is only for those who perform intensive care or in-depth medical procedures. Regardless of how you engage with people’s bodies, if you deliver any form of medical treatment or physical healing, you should have a malpractice insurance policy covering your bases. Here some of the professionals who need malpractice insurance.
Chiropractors
Chiropractors don’t use a scalpel like a surgeon, but they do manipulate people’s bodies to alleviate pain and align their skeletal structure. Chiropractors offer invaluable services to anyone dealing with joint and bone pain, so they must have chiropractic malpractice insurance that protects them from financial damages during potential lawsuits.
Dentists
Dentists perform a wide variety of oral hygiene treatments. Many of these are harmless, such as cleaning and flossing patients’ teeth. However, they occasionally pull a tooth or fill a cavity, which could result in harm to the patient. As such, these medical professionals need protection just like everyone else.
Podiatrists
Many people overlook the importance of taking care of our feet. From walking to driving, our feet are essential parts of the body that facilitate even the simplest daily activities. That’s why podiatrists are such necessary medical professionals—they give our feet the attention they deserve. Yet, the essential nature of feet can work against podiatrists who might face a serious legal battle if they cause irreparable and life-changing harm to someone’s life through their feet. Podiatrists should find professional liability insurance to protect their assets.
Nurse Practitioners
Nurse practitioners are invaluable members of the medical community who work tirelessly to assess and treat patients. Though they do not have a doctor’s title, they operate in similar capacities in primary and urgent care settings. Due to this breadth of practice and depth of patient interaction, NPs should look out for their careers and protect themselves from potential malpractice lawsuits.
Every expert who works in the medical field counts as one of the professionals who need malpractice insurance. If you see yourself on this list and need proper coverage, reach out to our team at Baxter & Associates to find medical malpractice insurance for your field.
As a medical professional, you’ve waited years to begin your career. Decades of school and specialized learning culminates in your first residency or job. From there, you see patients and help people to the best of your knowledge and abilities. Yet, there comes a time for many doctors when a mistake occurs that harms a patient. On top of the guilt, many patients file a claim against you asserting negligence or malpractice. These claims take time to process and may even end up in court. Learn what happens to doctors after a malpractice claim.
The Claim
The malpractice claim journey is a long and arduous road for both the physician and the patient. And it all begins with the claim.
The Patient Claims Malpractice
Though some patients claim malpractice for minor issues, the fact of the matter is that a legally binding claim is on your desk. The patient will likely have a lawyer with whom they drafted and filed this claim. The claim will describe the incident and subsequent harm patients experienced. Much thought and planning goes into the wording and presentation of the facts.
Notices and Summons
Depending on the state wherein you practice, legal processes differ. However, you will receive either a notice of intent to sue or a court summons. Either of these documents serve as the blossoming of the claim into legal formality. So, you could potentially open a letter in the mail one day and see a court summons without prior knowledge of the harmed patient. Many doctors do not even know the notice is coming until it’s already there. This surprise can leave many medical professionals reeling, confused about the patient and incident in question. The important thing to remember is that your insurance is on your side and will do everything they can to handle the claim.
The Negotiations
Many medical malpractice claims and lawsuits end with a settlement. This settlement is a form of payment equivalent to the damages suffered by the patient. Depending on the severity of the harm, these payouts can skyrocket. That is why both parties and their lawyers work together to negotiate a mutually agreed-upon resolution.
Contacting Your Insurance
After receiving your summons, the first thing you should do is notify your malpractice insurance carrier. Your insurance agency exists for this very purpose; it is their job to support you in the event of a career-threatening emergency such as this. Depending on the extent of your coverage and type of policy, your insurer will cover a predetermined amount for everything from lawyer fees to settlements. Insurance agents specialize in handling this process, so you should defer to their recommendations throughout the process, especially if this is your first malpractice claim.
Communicating with Lawyers
Your insurance carrier will either assign or help you find an attorney. This person will be your point of contact for everything related to the case. They will help you organize your information and issue a prompt response to the summons. The next steps will vary depending on the suit, but both sides will perform discovery and depositions to gather information about the opposing sides.
All legal communication will happen through lawyers who can help coach you on the proper etiquette and language when discussing matters of the case, especially with the plaintiff. Before entering a courtroom, you will probably go through the process of arbitration wherein both sides discuss and negotiate a settlement commensurate to the verified incident. This method settles legal matters outside the courtroom, saving everyone precious time and money. If the case goes to the courtroom, you will have a whole other issue on your hands. Regardless of the path your case follows, it all will end eventually.
The Aftermath
The legal battle is over; adjudicating bodies set the settlement or verdict in stone. Now comes the time for a resolution to this patient claim and malpractice incident. Here is what happens in the days, weeks, and months following a malpractice claim.
Settlements and Payments
The first order of business is settling any outstanding financial obligations. Depending on how the claim worked its way through the legal system, you could have a significant payment to make or none at all. If you have a settlement, you must coordinate with your insurance company to determine how much they will cover.
Career Impacts
One of the biggest questions many medical professionals have after a lawsuit is whether they can keep their licensure and still practice. The short answer is no, but it depends on the circumstances of your case. Even when courts find doctors guilty of malpractice, they don’t revoke their license to practice. If you lose your ability to practice, a court will make these terms clear, and other deliberations will happen; the authorities won’t take your license without your explicit knowledge.
Some may feel surprised by this reality, but it all boils down to the claim’s purpose. Harmed patients may desire that you don’t practice again because of what you allegedly did to them. However, the central matter in a malpractice or negligence lawsuit isn’t your medical career but rather the injured person’s compensation. Malpractice claims seek to make the harmed person whole. So, don’t worry about your practice unless the proper agencies notify you of this possibility.
Though your ability to practice is not as threatened as you once believed, it doesn’t mean your career is entirely safe. If you end up paying a large amount of the settlement, you could feel the financial ramifications of a malpractice suit for years to come. Consider finding the best malpractice insurance for your specialization and even save up for the eventuality of a lawsuit. With your financial resources in check, you have a chance to weather a malpractice storm.
Knowing what happens to doctors after a malpractice claim can deliver a sense of clarity and calm during an often-stressful process. If you’re a medical worker in need of professional liability malpractice insurance, reach out to our team at Baxter & Associates to find coverage that fits your career.
As a dentist, you work to better the oral health of all people, especially those who walk through your doors. However, dentists are not exempt from the risks associated with medical work. You could inadvertently injure or harm a patient during a procedure. Though you trust the quality of your work—and you should—the frustrating reality is that everyone will make a mistake at some point. Here is why every dentist needs professional liability insurance.
What Is Professional Liability Insurance?
Professional liability insurance is a kind of insurance coverage related to the risks involved in a person’s line of work. Medical professionals are at a much higher risk of legal claims against them than individuals in other careers. Though many dentists don’t perform the same kinds of invasive procedures as other medical professionals, they still put their patients at risk with their tools and methods. Professional liability insurance covers dentists from alleged malpractice, negligence, and other injury-causing errors.
Who Do Dentists Need It?
Like all other medical professionals, dentists need a safeguarded career from the claims of their clients. Dental procedures involve strong and sharp tools moving in vulnerable places—not to mention that the mouth is near other critical organs such as the brain and eyes. Debilitating complications rarely occur from dental work, but the fact is that it’s a reality from which you should protect yourself.
Where Can Dentists Find It?
Research is the first step in finding insurance as a dentist. Reach out to friends and trusted colleagues for recommendations and details regarding their insurance. Professional liability policies vary in their size and scope, but our medical malpractice insurance for dentists is the perfect option for any practicing dentist in the US.
Once you know why every dentist needs professional liability insurance, you can take the proper steps to protect your career. The last thing you need is to deal with a legally and financially ruinous problem as you advance your career. Contact our team at Baxter & Associates to get the coverage you need and the peace of mind you deserve.
Whether doctors commit medical malpractice or not, patients file claims against their physicians due to damages sustained during treatment. Because of the persistent threat of a malpractice or negligence claim, medical malpractice insurance companies exist to protect physicians from career-damaging financial ruin. This form of professional liability insurance supports medical professionals when they need it most. If you are new to the insurance field, here are the types of medical malpractice insurance companies you should know.
What Are Medical Malpractice Insurance Companies?
There are many kinds of insurance companies, but what exactly is a medical malpractice insurance company? Well, this sort of insurance company provides their insured medical professionals with top-notch malpractice insurance. Professionals use this insurance when claims of medical malpractice or negligence land on their doorstep. With their insurer’s help, they can weather the financial storm that these claims often become.
Malpractice claims and lawsuits are expensive. From legal fees to settlements to damages, insurance companies aid their clients in times of financial distress. Though the specific policies limit the extent of these financial obligations, the essence of insurance companies lies in their ability to protect their policyholders’ financial assets. Insureds pay the insurance company regular fees every month to keep their policy. However, an insurance company’s value lies in its ability to provide the funds they commit to their clients in times of need.
Medical malpractice insurance companies typically offer two kinds of insurance for individual professionals: claims-made and occurrence policies. These policies differ in handling the timing of claims and incidents, but they both offer measured risk reduction for medical professionals. Medical malpractice insurance companies primarily protect people like doctors, nurse practitioners, and certified registered nurse anesthetists with policies like our malpractice insurance for healthcare professionals at Baxter & Associates.
The Main Types of Malpractice Insurance Companies
Now that you have a handle on the scale of medical malpractice insurance companies, it’s time to look at their structure. When learning about insurers, it is essential to know about their organization, ownership, legal responsibilities, and financial stability. The following are the key types of malpractice insurance companies that you must know.
Mutual Insurance Companies
Mutual insurance companies vary from commercial insurance companies in their ownership. The policyholders in a mutual medical malpractice insurance company are also the owners of the company. This somewhat democratic form of insurance allows policyholders to determine who manages their funds and policies. Due to its structural differences, mutual insurance companies appeal to those who can afford a place in the group. When researching medical malpractice insurance companies, you should determine who owns the company and how the management operates.
The profits from their financial portfolio directly impact policyholders in the form of dividends or premium reductions. In the field of medicine, a mutual insurance company may look like a group of similarly specialized doctors sharing their funds and creating better coverage and cost solutions for their shared risks.
Captive Insurance Companies
A captive insurance company is a form of self-insurance that addresses the risks of its owners. These owners are usually a group of parent or related companies that need a specific form of insurance. Captive insurance companies exist because insurance policies don’t always cover the exact risks many businesses encounter. When these companies form a captive insurance entity, they have the leeway to tailor policies to their own needs and lower their insurance costs. The process involves significant personnel, tax, and overheard considerations, but the benefits far outweigh the cost. Depending on the nature of a medical facility, they may decide to band together with others in their respective field to cover gaps in their insurance.
Trust Insurance Companies
As the name implies, trust insurance companies operate with the financial backing of a trust. Like an unincorporated trust, a trust insurance company must have trustees who manage the use of funds on behalf of the beneficiaries. Physician-owned insurance companies can take the form of a trust when they want particular financial securities. These medical malpractice trust insurance companies often have a select group of doctors and insurance agents as their trustees. With their specialized knowledge and leadership, trust insurance policies have better direction than if non-physicians ran it.
Risk Retention Insurance Companies
Risk retention groups offer forms of liability insurance to both commercial and government entities. Like captive insurance companies, risk retention groups serve a group of like-minded businesses who pool their funds to manage their similar risks. Risk retention groups are different from these other insurance companies in that state and federal law regulate them. This legal binding changes how they operate, how the government monitors them, and where they can do business. Medical malpractice insurance is one of the most popular policy types that these groups provide.
These are the types of medical malpractice insurance companies out there, so find the right coverage today. If you need anything, from dentist to surgeon to chiropractor malpractice insurance, reach out to our team at Baxter & Associates today.
If you studied medicine, you likely spent very little time diving into the nitty-gritty of law. But medical malpractice claims and legalese can creep into your professional life when you least expect it. Here are a few of the medical malpractice terms that all doctors should know.
Informed Consent
Informed consent refers to the explicit acknowledgment and approval of medical treatments by the patient. This consent is critical for medical professionals to begin treatments and perform operations. Informed consent requires that a patient be fully aware of all risks from their treatment. You must obtain a patient signature and have it on record in case a claim arises later. If you have a physician or physician assistant medical malpractice insurance policy, you will need these documents for financial coverage.
Standard of Care
Standard of care refers to the quality of care expected from a credentialed professional. As a doctor, you should perform your duties to the highest degree possible, treating patients with the utmost respect, timeliness, and attention. Without these key elements, a patient could claim negligence or malpractice. Always give each patient the same high quality of care, and you will reduce the probability of negligence claims.
Malpractice Insurance
Medical malpractice refers to improper actions by a medical professional. Medical malpractice insurance comprises the policies that cover such professionals from their actions, or lack thereof. Malpractice insurance comes in all forms depending on your insurer, but you should know the basic differences between claims-made, occurrence, nose, and tail policies. Each policy covers certain incidents and claims that the others do not. If you don’t have malpractice insurance to protect you, reach out to our team at Baxter & Associates today for immediate assistance.
Equip yourself with the medical malpractice terms that all doctors should know. If you treat every patient and procedure with high regard, you should seldom have to worry about claims of negligence or malpractice.
Students attend medical school to help people and practice the intricate art of medicine. Nurse practitioners train for years and have their practice regulated by the state. From restricted to reduced to full practice, NPs have an array of work options depending on where they work. Here are how nurse practitioners can practice on their own.
Obtain the Right Certifications
The first step in practicing as an NP is proving your qualifications. By now you’ve finished the right programs and joined the correct associations, but you must verify all this before practicing with patients. Collect all your certificates, degrees, and licensures and present them to the state where you want to work. Practicing on your own requires direct state approval, so do your due diligence to establish your scope of practice.
Find the Best Location
Apart from the standard queries all business startups must consider, nurse practitioners beginning their own practice or looking to join an established practice must find the right location. Since NP regulations vary from state to state, research where your degree has the most value and allows you the most freedom. Though nurse practitioners don’t hold a classical MD or DO, they are highly trained medical professionals capable of independent practice. So, look for a state where you can work independently and find a city or town that interests you.
Protect Your Career
When you step out on your own, you must protect your career. One of the primary ways you can do this is to find a medical malpractice insurance policy. These policies will drastically change your ability to recover in the face of patient claims, financially and legally. In fact, our nurse practitioner liability insurance at Baxter & Associates is one of the most comprehensive options out there.
Understanding how nurse practitioners can practice on their own equips newly graduated NPs to find their way into the workforce. If you need medical malpractice insurance for your budding career, reach out to our team at Baxter & Associates to find the right solution for you.
