Naturally, the practice of emergency medicine comes with higher risks than most specialties since most of the patients are being treated for emergency medical needs that can be serious or life-threatening. Due to the high-risk nature of emergency medicine, the cost of medical malpractice coverage for emergency medicine physicians can be high. In response to rising Emergency Medicine costs, many medical malpractice insurance carriers have introduced new programs developed for the unique needs of Emergency Medicine physicians and groups.
Emergency medicine groups and physicians are now able to obtain malpractice insurance where the price is structured and calculated based upon the average number of annual visits. A medical malpractice insurance policy that is priced per visit can help Emergency Medicine practitioners control and forecast their malpractice insurance costs. Depending on the unique needs of the practice, a medical malpractice insurance policy that is priced-per-visit can provide significant cost savings verse traditional liability policies.
Additionally, policies can also be structured on a “slot” basis where physicians can be added or removed from the policy without the need to purchase individual tail coverage for the departing physician. This not only helps reduce costs, but is an attractive mechanism to recruit new physicians to your group. This can be especially beneficial for larger Emergency Medicine groups who have many rotating staffed-physicians or cover more than one location or hospital.
Many Emergency Medicine physicians are faced with financial pressures, but lack the guidance and knowledge to properly evaluate the risk and benefits of various malpractice insurance policies. Diederich Healthcare’s experienced professionals can help Emergency Medicine physicians obtain quotes for coverage, as well as weigh the benefits and disadvantages of the coverage. To obtain a quote, please complete our quote form or call us directly at 800-457-7790 to speak to an experienced medical malpractice insurance professional.To contact the author, call 800-457-7790 and ask for Matt Thompson.