Medical Malpractice Insurance for Ketamine Services
Your Medical Malpractice Specialists
Ketamine therapy is becoming more mainstream with new clinics opening around the country each month. As this therapeutic treatment comes in many forms and can be administered by several means, the exposure of offering this service is anything but static.
Healthcare professionals that expand their offerings to include ketamine or create standalone clinics to administer ketamine therapy need a professional liability (medical malpractice) program that is tailored to address these exposures.
Why do you need medical malpractice coverage for your Ketamine clinic?
The cost of any medical malpractice claim for a ketamine clinic or related ketamine service provider 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 ketamine 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 ketamine clinics and other ketamine service providers procure a policy that addresses the unique services being offered.
Carriers are familiar with these clinics and some are more comfortable with the full suite of ketamine services than others. It is necessary to ensure the policy matches the ketamine clinic’s operations.
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How much will medical malpractice for Ketamine services cost?
The cost of insurance for a Ketamine 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 ketamine patients, and the claims history of the ketamine clinic and professional staff.
Further, underwriters will evaluate if ketamine 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 Ketamine administration.
How can a provider reduce the cost of medical malpractice for Ketamine services?
Ketamine 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 ketamine infusion therapy is an growing practice, 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 my Ketamine clinic?
Southeast Insurance has several product options that provide the customized terms for ketamine clinics with some having risk management support tools to aid in your endeavor.
Get in touch with our team!
SouthEast Insurance, Inc
154 Porter Ave
Biloxi, MS 39530