The legal landscape for healthcare is changing in the United States and the risk for advanced practitioners is increasing more and more. And as the scope of practice for Nurse Practitioners, Physician Assistants, CRNAs, and other providers continues to expand, the liability grows, as well.  

So, if you’re an NP, PA, CRNA, RN, Aesthetician, or any other type of ancillary provider, what’s the best way to be covered for malpractice insurance?  Should you carry your own policy or accept the insurance being provided by your employer? And what if you’re self-employed doing 1099 or locums work?  

Today we’ll address these questions and more to help you understand malpractice insurance for advanced practitioners.

(1:21) Options for covering advanced practitioners and ancillary healthcare providers

(7:27) How to decide which option is right for you

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When it comes to malpractice insurance, one of the most critical times for doctors is when they’re looking to CANCEL their insurance to make a significant change… perhaps you’re leaving your current employer and moving to a new group, or maybe your premium has been going up and you want to move to a new insurance carrier, or you just want to switch to a different type of coverage to better meet the needs of your growing practice. 

Well, no matter the reason, when you’re getting ready make the switch you have some decisions to make – are you going to buy tail insurance? Or are you going to carry forward your prior acts? 

Wait a minute… you may be thinking… I don’t even know what those things are. Well, today we’re going to talk about Tail Insurance vs. Prior Acts…. What’s the difference between the two and when does it make sense to go one direction vs. the other?

(1:19) Tail Insurance

(3:28) Prior Acts Coverage

(5:16) Prior Acts Costs

(6:27) Four Reasons Doctors Might Have to Get Tail Insurance

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Today we’re continuing our Mail Bag segment with some more “real life” scenarios to talk through. We’re going to talk about making an agent change
– when it is and isn’t necessary, growing a practice and hiring more doctors when you’re in the E&S market, and dealing with a six-figure tail bill.

(0:54) How hard is it to just change an agent?

(4:38) Growing your practice in the E&S market

(7:25) Navigating a six-figure tail insurance bill

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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It can take awhile to finally land on a malpractice carrier that you really like. And once you’re all setup with them, it’s very comfortable and easy to just renew your policy year over year. And to be honest, there are many reasons why it makes sense to stay with the same carrier for the long-haul. But, there are also some drawback and potential issues with staying with the same malpractice company for a really long time. Today we’re going to talk about the Pros and Cons so that you can decide if it’s time for YOU to possibly make a change.

For the BLOG on this topic, visit: https://aegismalpractice.com/malpractice-insights/should-you-stay-with-the-same-carrier-for-a-long-time-here-are-the-pros-and-cons/

(1:20) Pros and Cons of Staying With Your Carrier

(5:40) Medical Malpractice Shopping Tips

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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Buying medical malpractice insurance can be a time-consuming, frustrating process. There are many different companies to choose from, policy types to understand and coverage nuances that can make it difficult to really know if you’re getting the best coverage at the best price. This is why most doctors prefer to work with an agent to help them compare options in the market. So, why not just have your current insurance broker – the guy who does your general liability, your business owner’s policy, your worker’s comp and your other commercial policies – do your malpractice?  Isn’t it just easier to have 1 point of contact for all of your insurance needs?  

Well today I’m going to tell you why this is actually a BAD idea. No offense to your commercial insurance agent, but there are a lot of reasons why you should NOT have him handle your medmal.  Let’s talk about it together.

(1:23) Direct vs. Independent Agents
(4:02) Why not have multiple agents shop for you?
(4:58) Why you need a specialised insurance agent

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📱💻 aegismalpractice.com
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According to the AMA, 1 in 3 doctors have been sued for medical malpractice. And the data that we see from the insurance carriers shows that number continues to go up, depending on your specialty, where you practice, and how long you’ve been working.  It’s very likely that you will be involved in at least 1 malpractice claim by the time you retire from the practice of medicine.  And if you’ve never been involved in a claim before, it can be a bit of an unknown… perhaps even a little scary and intimidating to think about what it's like to go through a lawsuit. So today, we’re going to talk about what happens after you get sued for medical malpractice… what the claim process actually looks like from the insurance side of things, so that you can be better prepared if and when it happens to you. 

FREE DOWNLOAD: Understanding the Medical Malpractice Claims Process: https://aegismalpractice.com/malpractice-insights/what-happens-after-i-get-sued-for-medical-malpractice/

1:32 The Five Stages of the Malpractice Claim Process
6:04 Three Tips to Protect Yourself

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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Today we’re continuing our Mail Bag segment with some more “real life” scenarios to talk through. We’re going to talk about RUSH malpractice insurance (like you need it in a few days), getting credentialed way before you actually plan on opening your practice, and how best to structure locums coverage.

0:53 Medmal in a Rush
4:48 Timing Your Credentialing
8:18 Structuring Locum Tenens

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📱💻 aegismalpractice.com
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If you’re just getting started in your medical training, you might be wondering how malpractice insurance works for medical school, your internship, residency or fellowship. So, today we’re going to talk about the things you need to know going into these programs, whether or not supplemental insurance is something you should consider, and what to expect when you finish your training and get started in the real world of medicine.

For the BLOG on this topic, visit: https://aegismalpractice.com/malpractice-insights/im-a-med-student-do-i-actually-need-malpractice-insurance/

Related Episodes:

💻Malpractice Insurance for Fellows: https://youtu.be/qCmvrDvY5ec

💻Claims-Made vs. Occurrence Explained in FIVE Minutes: https://youtu.be/zcDaZ7bx3k4

💻A Crash Course on Buying Your Own Malpractice Insurance: https://youtu.be/iM3hmsUkhss

1:10 Medmal for med students
 2:22 Medmal for fellows
3:57 Moonlighting

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📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

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So, you’ve cancelled your Claims-Made malpractice insurance policy and now, your carrier has given you a tail quote – but it looks like there are multiple options? And the price is significantly different, depending on which option you choose. Well, the reason for the different tail prices is that the coverage is different. You likely have an option for an unlimited tail and a few options for limited tails.  So, what’s the difference? And how do you know which one to pick?

💻 For the BLOG on this episode, visit: https://aegismalpractice.com/malpractice-insights/should-i-buy-a-limited-or-unlimited-tail/

Related Episode: How to Negotiate Tail Insurance https://youtu.be/q-tQe_ofRWI?si=4j0whjuEaF8HAEVS

1:14 Tail Insurance Review
3:30 Explaining Unlimited Tail
4:39 Explaining Limited Tail
5:58 Statute of Limitations
6:48 Comparing Costs

**********Contact us!**********

📱💻 aegismalpractice.com
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Interacting with patients on a daily basis exposes you, your employees, any independent contractors working for you AND the practice itself to professional liability.  And, while it’s pretty well-known that doctors and healthcare providers need to carry malpractice insurance, one of the most common mistakes that we see is forgetting to cover your medical corporation.  But for most start-up practices, cost is a major issue and providers need to make sure they get the coverage they need – without breaking the bank.  

So, what’s the best way to do this? We’ll talk about it today. 

1:15 Who actually needs malpractice coverage in your practice?
2:15 How do you get malpractice insurance for a business entity or corporation?
2:56 Shared limits vs. separate limits

💻 For the BLOG on this episode, visit: https://aegismalpractice.com/malpractice-insights/whats-the-best-way-to-insure-your-medical-practice-for-start-ups/

**********Contact us!**********

📱💻 aegismalpractice.com
📞 888.51AEGIS [888.512.3447]

**********Follow us on Social Media**********

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