Podiatrists Insurance Information
Podiatrists are physicians educated and licensed to care for conditions, diseases, or injuries related to the foot and ankle. They diagnose problems, remove calluses and ingrown toenails, prescribe medication, make foot supports, refer patients for physical therapy, set fractures, and perform surgeries. Along with the care of diabetic foot illnesses, pediatrics, and sports medicine, podiatrists have particular specializations. Some work from their own private practice and others are employed by hospitals and clinics.
Running a podiatrist practice is one of many specialty professions in the medical field, and it has its own specific risks as well. You may be required to pay sizable sums of money in compensation for claims and legal expenses if you experience liability or malpractice lawsuits, which may financially threaten the wellbeing of your practice.
You'll have the greatest success with your foot and ankle practice if you obtain podiatrists insurance which is a combination of several types of insurance policies. Having business insurance will allow you to care for your patients, knowing that many of the unexpected accidents and claims will probably be responded to by your insurer.
Types Of Podiatry Insurance
Below are listed various kinds of insurance claims that can impact podiatrists in Florida :
Malpractice Insurance
As a healthcare specialist, one small mistake or oversight in providing care could significantly worsen or permanently affect the health of your patient. Even though you may have been in the industry for many years, there is always the possibility that you or your staff members will make a mistake that can cause some kind of harm to your patient. Your patient may file a lawsuit for medical malpractice by making claims that your diagnosis, treatment, or medical advice resulted in greater injury or illness, or even financial loss. Few scenarios in which the patient can file a lawsuit against his physician are:
- An incorrect diagnosis that leads to an unnecessary surgery
- After several surgeries on a high-risk patient, treatment has failed and the patient’s foot has to be amputated.
- A patient is unhappy with a botched cosmetic procedure after an ingrown toenail removal, and decides to file a lawsuit.
- Mistakes during simple bunion surgery cause abnormal swelling and bone complications, causing the patient further pain and a permanent limp.
- Failure to properly identify a cancerous growth on a patient’s foot leads to a delayed diagnosis and poor prognosis.
Many malpractice lawsuits lead to large sums of compensation, which may be financially damaging to your medical practice. Nevertheless, your podiatrist malpractice insurance policy protects you against such claims.
If your patient files a lawsuit against you for medical malpractice, your insurance company will pay for associated legal fees and related compensation amounts for covered situations. Depending on your insurance policy, you may also be able to collect compensation if you need to appear at trial.
Almost all states require that doctors have professional liability coverage, and even if your state does not require it, you will need medical malpractice insurance for your hospital privileges.
General Liability
Bodily Injury- Regardless of what precautions you take, accidents can happen any time. A patient entering your office can fall and suffer injury. In some instances, the patient may make a claim against your business to cover all medical expenses that resulted because of their injuries. Bodily injury claim is among the most expensive liabilities, especially when you think about the cost of medical care and related attorney fees.
Property Damage-General liability policies also cover third party property damage, for instance, if your patient has an expensive designer purse and during a procedure, your assistant spills a solution all over it, ruining the bag. Your general liability coverage would respond to this accidental damage to you patient’s property.
Having a general liability policy in your practice will give you the peace of mind that your insurer will cover legal fees and settlement costs, should a third party become injured while at your office or if their property gets damaged.
Workers' Compensation
Virtually all states require that most businesses provide workers' compensation insurance for their employees. If your workers are injured while carrying out their regular jobs or accidentally exposed to either hazardous substances or pathogens by being in contact with them, and become very ill and are unable to work. The workers’ compensation policy will pay for the medical costs incurred for their recovery as well as a percentage of their lost wages until they are able to return to the job.
Establishing a workers' comp policy is an effective way to minimize liabilities associated with injured employees.
Property Insurance
As a podiatrist, you may own your office building and need to insure it. Also, the costly medical equipment you will need in your practice include diagnostic and treatment equipment. If any of these assets are damaged by covered perils or stolen, it will likely prevent you from working, which will result in loss of earnings as well as replacement of the equipment. Your property insurance policy will respond to these claims much like your homeowner insurance covers your house.
Podiatrist's Risks & Exposures
Premises liability-exposure is moderate due to patients' access to facilities. Premises liability insurance coverage is covered under the general liability policy. Due to the nature of foot diseases and injuries, podiatry patients often have trouble walking and may not be independent since they are reliant on canes, crutches, foot supports, or walkers. Floors must be maintained in top condition, and all areas that are accessible to patients must be effectively prepared to prevent falls, trips, and slips. All exits must be adequately marked and well-lit with backup lighting in the event of electric power failures. Steps should have handrails, be well-lit, marked, and in complete working order. Parking lots must be kept completely free of ice and snow.
Housekeeping must be excellent, and all spills must be cleaned up promptly. If a surgical procedure is performed at a site, the site must always be kept sterile, and all personnel under escort must be reminded of the restrictions involved. Medical privacy is critical.
It's vital that checkup rooms be soundproofed, so one patient cannot overhear another patient's confidential information.
Professional / Malpractice exposures are significant. The exposure increases if the podiatrist does not conduct thorough background checks to verify employee credentials, education, and licensing. The more time a podiatrist is practicing, the more likely it is that malpractice is at issue. Before a prescription can be written, a podiatrist must check the patient's medical history. Medical malpractice insurance is recommended.
Failure to obtain the patient's authorization before performing procedures is cause for very serious losses. Ensure that proper training and safety equipment are in place before performing X-rays. Needles and other equipment must be sterilized and sanitized to prevent any occurrences of blood-borne illnesses, such as hepatitis, HIV, and AIDS. The surgical procedure should be carried out in a sterile setting by trained professionals and designated personnel who are monitoring anesthesia.
Workers’ compensation exposure may occur as a result of transmission of disease from a patient. Gloves and masks should be worn when working amid bodily fluids. Most podiatric patients possess limited mobility, which can result in back injuries, sprains, or strains as a result of lifting or supporting the patient. Unruly or unpredictable patients can cause injury, including strains, back injuries, and contusions.
The task of occupational training and the establishment of safety protocols can help avoid exposure to radiation when administering X-rays. Constant repetitive work performed on computers, can cause cumulative injuries such as neck strain, eye strain, carpal tunnel syndrome, and acute trauma injuries that may be prevented with adjustable workstations. Workers compensation insurance is a must have and should be purchased at the time employees are hired.
Property exposure is a must, due to the ownership of expensive di, agnostic medical equipment. Ignition sources include electrical wiring, heating and air conditioning systems, overheating of equipment, which could become a fire hazard. Wiring and appliances have to be up to code and in top condition to prevent fires from starting. A spark from a piece of equipment can cause significant damage if sterile equipment and environments are compromised.
Business Interruption and Extra Expense covers the replacement of revenue and extra expense exposure so that if a podiatrist has to arrange for temporary facilities in the event the practice is wiped out by fire or hurricane, a revenue stream will continue so you can pay ongoing expenses.
Equipment breakdown exposures are high since diagnostic equipment is needed for any operation to function. All equipment should be maintained as needed.
Crime exposure emerges from employee dishonesty or criminal activity. The potential for white-collar crime via identity theft is great. Background checks should be conducted on all workers handling money. All ledgers, billing, and disbursement must be processed separately, and the origin of funds must always be explained. If cash payments will be accepted on premises, money should be kept locked up in a safe. Frequent deposits should be made, and money should not be left unattended anywhere overnight.
Inland marine insurance Provides broader coverage than a typical property policy for essential medical equipment as well as your electronic equipment such as computers, phone systems, printers or scanner. When an electrical brownout occurs, it can wreak havoc on your sensitive electronic equipment and this type of damage is not covered under a property policy.
Automobile exposure is only for the exposure of business owned vehicles. It is generally limited to the owned, non-owned and hired use of vehicles in the course of business operations. Commercial auto insurance coverage will help. If there is a business auto exposure, then all drivers must be licensed with acceptable motor vehicle reports. Maintaining paperwork for the vehicles at a central point is recommended.