Choosing telemedicine medical malpractice insurance is one of the most important decisions you can make as a healthcare provider. The right policy limits, affordable rates and deductibles and other factors impact how well your telemedicine insurance protects you. In this blog, we will investigate the top five mistakes to avoid when choosing telemedicine medical malpractice insurance.
Mistake #1 – Buying the First Malpractice Insurance Policy Quote Offered to You
You comparison shop when you purchase a car, a home or even groceries. So, when choosing medical malpractice insurance, use a reputable and knowledgeable insurance broker who provides multiple quotes from different, high-quality insurance carriers.
You want the best possible coverage at the lowest rate. Don’t settle for the first quote you receive. It may not be the best fit for the specific needs of you, your medical specialty, your state, location, employees and other important considerations.
Mistake #2 – Failing to Understand Your Policy Coverage
It is important to review and understand the terms of your telemedicine medical malpractice insurance policy. Many policies have exclusions or limitations which leave you vulnerable in certain situations. Know what is and is not included in your policy.
For example, telemedicine visits carry certain medical malpractice risks–things such as:
- Software malfunctions
- HIPAA violations
- Misdiagnoses
- Improper storage and transmission of patient records
- Consent to treat
- Limited ability to medically evaluate patient complaints, symptoms and conditions
Plus, as a healthcare provider, you must be sure that you are covered if a telehealth patient resides or even is vacationing in another state.
So, your medical malpractice insurance policy must specifically spell out how you and your telehealth practice are protected in case a patient files a claim against you.
Mistake #3 – Not Understanding the Difference Between Claims-made and Occurrence Policies
There are two main types of medical malpractice insurance: claims-made and occurrence policies. A claims-made policy covers any claim made during the active policy period. An occurrence policy covers incidents which happened during the time the policy was in effect, regardless of when the claim is actually filed.
Both types of policies have their own benefits and drawbacks. So carefully consider which one aligns with your needs and in particular, your telemedicine services.
Mistake #4 – Taking the Lowest Rate Without Considering Your Specific Coverage Needs
While you want to wiselymanage all the costs of running your healthcare practice, never cut corners on your malpractice insurance. A lower rate–particularly if it is a lot lower than other insurance quotes–may mean that you are sacrificing important coverage.
A very low rate also may indicate that the insurance company is not financially stable enough to handle all potential claims, including telehealth malpractice claims. Be sure your final choice comes from an A++ list insurance company which is financially healthy.
Mistake #5 Not Consulting with a Telemedicine Insurance Expert
Navigating the world of medical malpractice insurance in regard to telemedicine can be daunting. So, consult with an expert in the field. A professional who specializes in medical malpractice insurance will have the knowledge and experience to guide you through the process. He or she will ensure that you have adequate coverage for your specific needs, including the telehealth aspects of your practice.
A high-quality and experienced insurance broker company, such as eQuoteMD, will review your practice needs. You will discuss your possible risks as a telehealth provider. Plus, your eQuoteMD representative will shop for the best coverage at the best possible rates.
Our representatives are not insurance agents which represent one company alone. Rather, we have solid relationships with many reputable malpractice insurance companies. Your representative will custom-tailor coverage and quotes to suit your clinic’s location, number of employees, specialty, telemedicine risks and more.
The Best Telemedicine Malpractice Insurance Coverage Near You
When offering telemedicine services to your patients, you assume a number of risks unique to this cutting-edge method of healthcare. At eQuoteMD, our highly trained representatives can discuss those risks with you and how they may affect your practice.
Plus, we offer education on how to mitigate those risks. We clearly explain the insurance policy features you need to protect your reputation, income, assets and employees.
Contact us today to learn more about telemedicine malpractice insurance coverage. Remember, at eQuoteMD, we only deal with A++ insurance companies you can rely on.
Call our St. Louis, MO, office (855) 823-5283 to speak with a knowledgeable eQuoteMD representative. You also may request a quote here. We assure you of quality coverage tailor-made for you.
