Medical Malpractice Insurance for Anesthesiologists
Your Medical Malpractice Specialists
Administration of anesthesia – whether it be general, regional, or local – is far more detailed than the patient realizes. Most patients will associate the anesthesiologist with counting backwards or a little prick in the arm before undergoing surgery and do not realize the work that occurred before and during whatever procedure is being performed.
Health review, proper administration, and patient monitoring are critical in providing top level service.
Why do you need medical malpractice coverage as an Anesthesiologist?
The cost of any medical malpractice claim for an anesthesiologist can be devastating if no medical malpractice / professional liability coverage is in place. The costs of a claim include third party damages and legal defense costs as well as possible license forfeiture. The brand of individual professional and affiliated clinic / hospital involved in the claim can be stained for an extended period of time.
This holds true even if the anesthesiologist is not directly responsible for a claim. In today’s litigious environment, plaintiff attorneys could include several parties in a suit that, even if found not negligent, could incur a significant legal defense bill.
Why is the right coverage important?
As with most health care offerings, an uncovered claim can lead to capital strain and reputational damage while having long-lasting effects.
It is necessary that an anesthesiologist, whether it be an individual, a member of small group, or a large practice procure a policy that addresses the unique services being offered.
Carriers are familiar with this exposure and some are more comfortable with the full suite of services than others. It is necessary to ensure the policy matches the anesthesiologist’s scope.
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How much will medical malpractice for me as an Anesthesiologist or my group as a whole cost?
The cost of insurance for anyone provide anesthetics depends on a variety of factors. These factors include, but are not limited to, the experience of the individual employed, the support staff, the geographic location of the operation, the scope of services being offered to surgical patients, and the claims history of the clinic and professional staff.
Further, underwriters will evaluate if the anesthetic offerings are part of a larger practice (hospital) or the exclusive offering and are offerings general or specialized such as obstetrics or pediatric.
All of these factors come together to allow underwriters to determine first, if they will entertain and quote the risk, and, second, how much they will charge for coverage for Anesthetic practice.
How can a provider reduce the cost of medical malpractice for an Anesthesiologist or an Anesthetic Practice?
Anesthetic / Pain Suppression Clinics and individual anesthesiologists can best manage the cost of medical malpractice insurance by being proactive in risk management strategies while maintaining a clean claims history.
One of the first questions an underwriter will ask is “Have there been any claims?” For some carriers, an affirmation of claim activity could lead to a rejection of the application leading to reduced carrier competition.
A solid strategy in keeping a claims-free resume is to implement industry-based best practices for loss prevention and risk management. While anesthetics is an evolved arena , there are several steps carriers have identified that can assist in reducing the probability of a claim occurring.
How can Southeast Insurance assist in procuring medical malpractice / professional liability for me as an Anesthesiologist or my Anesthetic Clinic / Group?
Southeast Insurance has several product options that provide the customized terms for anesthesiologists with some having risk management support tools to aid in your endeavor.
We would be happy to answer your questions on this specialization. Please contact us by submitting the form below.
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SouthEast Insurance, Inc
154 Porter Ave
Biloxi, MS 39530