Medical Malpractice Insurance for Pain Management Clinics
Your Medical Malpractice Specialists
Pain Management is a necessity in the health care delivery model today. Despite continuous improvements in safety in every facet of life – the workplace, driving and other travel, sports, the home, etc. – injuries still occur and the management of pain, whether by prescription of some other means, is in high demand . The scope of pain management, including interventional pain management, can be very broad.
Pain management can be conducted through a specialized clinic or may be an offering of a larger scale provider. Anyone providing pain management, especially considering some of the less than positive news in recent year, needs a professional liability (medical malpractice) program that is tailored to address these exposures.
Why do you need medical malpractice coverage for your Pain Management clinic?
The cost of any medical malpractice claim for a Pain Management practice 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 both the clinic and the individual professionals involved in the claim can be stained for an extended period of time.
This holds true even if the Pain Management clinic 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 Pain Management clinics and related providers procure a policy that addresses the unique services being offered.
Carriers are familiar with these clinics and some are more comfortable with the many ways pain management is administered than others. It is necessary to ensure the policy matches the Pain Management clinic’s operations.
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How much will medical malpractice for Pain Management services cost?
The cost of insurance for a Pain Management clinic depends on a variety of factors. These factors include, but are not limited to, the experience of the staff employed, the geographic location of the operation, the scope of services being offered to pain management patients, and the claims history of the pain management clinic and professional staff.
Further, underwriters will evaluate if pain management offerings are the core of the operation or a small percentage of the revenue of the practice.
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 Pain Management administration.
How can a provider reduce the cost of medical malpractice for Pain Management services?
Pain Management clinics 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 pain management is an evolved industry, there are several steps carriers have identified that can assist in probability of a claim occurring.
How can Southeast Insurance assist in procuring medical malpractice / professional liability for my Pain Management clinic?
Southeast Insurance has several product options that provide the customized terms for Pain Management clinics 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