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Finance > Insurance > Insurance 101: How to Insure your Cash Pay Medical Practice
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Article rating : 0.00, 0 votes. Author : JamesE
No matter what type of medical practice you decide to pursue, every physician understands the need to take out quality malpractice insurance. Protecting yourself both monetarily and legally is, of course, vital in every business opportunity. Physicians in a cash pay medical practice will want to learn more about malpractice insurance before beginning to take patients.
Malpractice Insurance
Medical malpractice insurance helps protect physicians against claims of wrongdoing during the treatment of patients. Any healthcare consulting firm will tell you that the costs for malpractice insurance premiums, though stabilizing somewhat in recent years, is one of the largest operating expenses in a cash pay medical practice budget. You can attempt to search through healthcare advertising to find the most affordable insurance company, but remember that it is not beneficial in the long run to choose a company simply because it is the cheapest. Physician marketing firms should be able to direct you to a trusted company that is able to provide:
• Full Coverage for Malpractice Claims: In the medical marketing literature provided by the insurance company, look for specifics about coverage. Find hard numbers about the lifetime benefits available from the insurance company, along with the limits for cash pay outs.
• Stable Premiums. Many cash pay medical practice physicians purchase an insurance policy because the healthcare consulting firm lauded its affordable premiums. It is only later as they continue to pay their premiums that they begin to discover the gradual increases on their payments. Remember that you should be able to have an honest discussion with the insurance company regarding your history of on-time payments and the possibility of premium reductions due to a lack of claims against the company. A quality medical practice that has a complete lack of malpractice claims against it should be rewarded with affordable insurance premiums.
• Superior Customer Service. Any medical malpractice insurance company should provide their customers with 24 hour customer service. Most insurance companies will advertise their service quality through the medical advertising agency; however, be wary of those that do not. You should only accept the level of customer service that is at least as good as you offer your own patients through your cash pay medical practice—why should you settle for any less? Insurance professionals are often able to give you the advice you need about a possible malpractice claim directly over the telephone, saving you time and providing you the peace of mind you deserve. Often these customer service agents are able to provide you with some suggestions for administrative actions that could prevent you from having to make a malpractice insurance claim in the first place.
To help you as you decide whether a cash pay medical practice is right for you, contact the experienced professionals at Hippocrates Publishing. Since 2004, Hippocrates Publishing has provided helpful resources about insurance and other specifics to thousands of medical professionals around the world. Their unique specialty is publishing books and informative medical practice booklets that help physicians find success with physician marketing and niche medical practices. They have special knowledge in latino medical practice marketing as well. Visit us online at www.HippocratesPublishing.com today for more information, or call us at 877-408-2462.
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