There are cases where medical professionals cause injuries to patients because of a medical decision they made themselves, which will in turn make the patients file lawsuits against them.
Sometimes this decision the medical staff makes sometimes may result in the death of the patient, if the patient's condition is very critical.
So, if sued by the patients or the patient's family members and found guilty in the court of law, there are chances that the medical professional will be sentenced to years in jail, if not sentenced to life imprisonment, in serious cases.
But what could've the medical professional did to prevent this unpleasant situation?
He or she could've purchased malpractice insurance!
Why? Read along to find out.
On this writeup, I'll be pointing out topics under the malpractice insurance, while explaining it also.
By topics, I mean I will be talking about;
• What is Malpractice Insurance?
• How To Get Malpractice Insurance
• Types Of Malpractice Insurance
• Key Things To Note About Malpractice Insurance
• How Malpractice Insurance Works
Now that we've known what we're going to be talking about, let's get right into talking about it.
WHAT IS MALPRACTICE INSURANCE?
Malpractice Insurance is a type of professional liability insurance that provides protection for medical professionals and other healthcare providers against legal claims and lawsuits from patients that they(the healthcare workers) attended to, who claim that due to the medical professional's intentional harmful treatment decisions and actions or negligence, they(the patients) were harmed.
Even in the case of a patient's death due to the professional's negligence or harmful decisions, the policy also provides coverage.
A research shows that from the year 2006 to the year 2016, an estimated 143,713 payments were made for the purpose of medical malpractice.
Strongly because of this, about 60,788 medical practitioners had no choice but to seek reinstatement to their respective positions.
Another study reveals that in the United States, as much as 251,000 deaths annually are being accounted for by medical errors, thus giving medical errors a strong third place in the causes of deaths as it stands.
Medical malpractice however, is one ongoing issue in many top countries, sadly.
There have been many advocates coming out to speak on the case, and they have advised that any individual who thinks that he or she has been a victim of medical malpractice should reach out to an experienced attorney for medical malpractice, and he or she will get a free case evaluation.
HOW TO GET MALPRACTICE INSURANCE
In the procurement of a malpractice insurance, there are many options.
However, in the most basic form, a malpractice insurance policy can be purchased for a group or an individual by a private insurer.
A medical risk retention group (RRG) can also purchase an individual or group policy.
Wondering what a RRG is? Worry no more!
A risk retention group(RRG) is a group of medical professionals which is organized in essence to provide malpractice insurance.
Another method available in successfully obtaining a malpractice insurance plan is under the coverage plan of an employer, like a hospital, for example.
People that work under the government as healthcare providers do not have to stress themselves in obtaining a malpractice insurance, as they are already insured by the federal government, against liability claims. Talk about government benefits!
The malpractice insurance policy can also be purchased through local and state agencies, if necessity of the current situation at that time demands it.
TYPES OF MALPRACTICE INSURANCE
There are two types of malpractice insurance policies available for purchase to a healthcare provider.
These are;
• Claims-made malpractice insurance policy
And
• Occurrence malpractice insurance policy
Claims-Made Malpractice Insurance Policy
This type of malpractice insurance policy is designed to provide coverage to legal claims if only the policy was in full effect when the treatment in question took place and the lawsuit was made.
Occurrence Malpractice Insurance Policy
This type of malpractice insurance policy provides coverage for claims that were made due to a treatment that took place while the policy was in effect, even after the policy expires.
If you have been thinking of what type of costs the malpractice insurance covers exactly, I won't blame you for being confused, because the costs covered are wide.
Ranging from all legal fees, medical damages, settlements and arbitration costs, punitive damages and lawyer fees.
KEY THINGS TO NOTE ABOUT MALPRACTICE INSURANCE
There are a few things important for individuals wanting to get a malpractice insurance policy to know. They include;
✓ Malpractice insurance was created for the purpose of providing cover for medical professionals.
✓ The affected patients can file legal claims against the medical professionals
who treated them, seeking damages for negligence on the part of the healthcare worker that resulted in more health problems or in extreme cases, eventual death.
✓ Like I said before, research has shown that the third leading cause of death in top countries, most especially the United States, is medical error due to negligence, so, if you are a healthcare professional working in the United States, you need malpractice insurance most likely than not.
HOW MALPRACTICE INSURANCE WORKS
The truth is, most medical professionals will, sometime in their career, need a malpractice insurance.
Studies have shown that over 17,000 malpractice legal claims are brought annually to the medical professionals in the United States.
So, on an average, a medical professional in the U.S expects at least one lawsuit brought against him or her every seven years.
This being said, malpractice insurance is paramount for healthcare providers in the United States to get.
Some states make it necessary for medical professionals to have effective current malpractice coverage for them to be able to work in hospitals and other medical facilities.
The malpractice insurance premiums also depend on the field the medical personnel specializes in and the geographic location, not even on claims experience.
This is simply giving the idea that even if a healthcare worker has not ever been sued, he or she can still end up paying considerably high premiums.
The factors affecting the premium rate are;
√ Location of practice
√ Amount of needed coverage
√ Claims severity
√ Laws existing in the area
√ Claims frequency.
