Medical Malpractice News

What Is Medical Malpractice Insurance? Do You Need It?

Tags: , , | Comments: 0 | March 11th, 2016

Medical malpractice is defined by legal-dictionary.com as, “Improper, unskilled or negligent treatment of a patient by a physician, dentist, nurse pharmacist or other health care professional.”

In general terms, a physician will be held liable if his or her conduct fails to meet the “standard of care” provided by other doctors under similar situations. Many mistakes can fall into this category including: prescribing the wrong medications, misdiagnosing the patient, diagnosing the patient too late, failing to educate the patient about the risks and side effects of a procedure, not having the proper consent of the patient, and making an error during anesthesia, childbirth or general surgery.

 

What Is Medical Malpractice Insurance and How Can It Help?

 

Medical malpractice insurance can help protect doctors in all specialties from the financial and professional devastation of a patient’s malpractice claim. Many doctors ask why they should have medical malpractice insurance, and the answer is clear. Even the most experienced professional can make a mistake and should be protected against that possibility. Lawsuits can even be made against medical professionals who do not make a mistake. Medical malpractice insurance is necessary to every practice because anyone can be sued and the costs can be life shattering.

According to recent statistics compiled by TrustedChoice.com here are some Medical Malpractice Facts:

• Hospitals incur approximately 20 billion dollars per year due to medical mistakes. 

5% of physicians carry 54% of all medical malpractice claims.

• Preventable medical errors cause approximately 60,000 deaths annually

1 in 8 medical errors that could have been prevented have resulted in a medical malpractice claim.

 

Do Doctors Need Medical Malpractice Insurance?

 

Physicians should purchase medical malpractice insurance for their own protection. Key factors to consider when choosing a medical malpractice company is the type of insurance company as well as the financial strength of the company. The financial strength of the company chosen is extremely important because it allows physicians to know the company has the financial capacity to support and defend them if and when necessary. Once a trusted and valued company has been selected, doctors will be ensured that their legal defense, settlement costs, and potential costs to their practice will be protected. That provides real peace of mind.

It is important to find dependable coverage at an affordable price with a trusted carrier. If a physicians does not have medical malpractice insurance and a lawsuit comes up it can be financially as well as emotionally devastating. A physician in that position will not only be at risk of losing a lot of money in a lawsuit, but also of losing her reputation and even her career. Ultimately – medical malpractice insurance ensures medical professionals have peace of mind and allows them to keep treating and caring for patients.

eQuoteMD is here to help healthcare providers with just that, finding medical malpractice insurance. We work with trusted brokers, advisors who know the market better than anyone. We work with any specialty in any state. Meeting the needs of our clients is our top priority.