- 1 What Is Medical Indemnity Insurance?
- 2 Is Medical Indemnity Insurance Compulsory?
- 3 What Types of Businesses Need Medical Indemnity Insurance?
- 4 What Kinds of Incidents Does Medical Indemnity Insurance Cover?
Being a healthcare worker is definitely more than just helping out your patients. It also comes with a whole bunch of paperwork and a range of other considerations. If you’ve only just opened up your medical office or it’s your first time going over your existing business’ insurance, then it’s no surprise that you’re ready to raise a few questions. Fortunately for you, we have all the right answers.
First thing’s first, we need to have a look at your insurance plan. Sure, you have all your patients’ best interests at heart but since we’re all human, accidents can happen. More often than not. That’s perfectly normal and expected despite the pressure of perfectionism that weighs you and your medical staff down.
To avoid any unwanted incidents and prevent inconveniences, our advice would be to look into the appropriate Medical Indemnity Insurance for your business. We’ll be giving you a push in the right direction by listing all the major things you need to know to make the right decision so that you can reap the insurance benefits for your business.
What Is Medical Indemnity Insurance?
You know how patients’ insurance is meant to cover some of the expenses? Well, Medical Indemnity Insurance is supposed to cover you whenever there’s a breach in your professional practice. It’s also known as medical malpractice insurance if that rings any bells.
Essentially, there’s always a slight chance of malpractice or medical negligence when you’re dealing with loads of patients on a daily basis. Some of them are understanding while others, not so much. Sometimes your actions may accidentally lead to illnesses, injuries or some sort of financial loss, all of which are unlikely to be taken lightly by anyone. This is why some individuals might hop on the opportunity to file a claim against you. When you have a medical indemnity plan set out, it’s supposed to cover any legal expenses and potential compensations when dealing with the said claim.
Is Medical Indemnity Insurance Compulsory?
Not only is it recommended but it’s also compulsory in the Aussie medical community. Registered doctors and medical staff are required to have an insurance plan readily available so as to minimise unwanted outcomes and potential consequences. Considering how unpredictable and complex the medical field is, you should definitely look for a high level of protection that can save you a lot of headaches in the future.
What Types of Businesses Need Medical Indemnity Insurance?
Let’s do a deep dive into all the businesses that can benefit from getting this type of insurance plan.
No surprise there, right? Hospitals deal with a wide range of people from various backgrounds so it’s oftentimes difficult to keep track of everything. Quite expectedly, the chances of medical negligence and malpractice increase with each new patient. For this reason, hospitals are required to have a well-thought-out insurance plan in place so that they can provide the best care possible for their patients.
This is where setting up your own doctor’s office comes into play. By no means does it mean that you’re not good at your job, it just means that you’ll have an extra helping hand when things go awry. Your best bet is to have the proper insurance to lessen the blow.
Whether you’re doing skincare treatments or adding lip fillers, sometimes things don’t go as smoothly as you were expecting. Some patients may develop a rash or swelling in certain areas and they’re more than likely to be dissatisfied with those results. While these inconveniences might seem minor compared to what happens in hospitals, they can have negative effects on both your patients and your business.
Alternative Health Practitioners
This goes out to all of the people that are in the acupuncture, aromatherapy and massage therapy department, as well as any and all related practices. While your alternative healing methods are much appreciated, there’s still a chance things won’t go exactly as planned in every scenario. But that shouldn’t stop you from going about your business as usual, all while looking into some good ol’ indemnity medical insurance plans.
What Kinds of Incidents Does Medical Indemnity Insurance Cover?
Regardless of the type of medical practice, there are a few key elements where indemnity insurance comes in handy. Let’s have a quick look.
You’ve probably heard the saying that there’s no such thing as a ‘minor surgery’. Whether you have patients getting their wisdom tooth removed or you’ve been assigned someone with an elaborate heart condition, your patients are still at risk. Anything that doesn’t follow the medical care standard, including something as minor as a misplaced stitch or wrong incision, is considered a surgical error.
Improper Diagnosis and Treatment
This serves as an umbrella term for a wrong as well as a delayed diagnosis. In the medical world, time is of the essence, so any delays can have detrimental consequences to a patient’s health.
Once you’ve gone over the misdiagnosis stage, it’s more than likely you’ll have assigned improper treatment and medication. It shouldn’t come as a surprise that taking pills for an unrelated condition can actually do your patient more harm than good. For this reason, any and all claims that arise from such situations are understandable and expected.
To avoid getting entangled in these unpleasant scenarios, it’s advisable that you look into the right medical indemnity coverage. Consider which fields of expertise you’re operating in and look for insurance plans that match your needs.