Nashville Physician Practices
One thing Nashville is known for is its health care. Across the state of Tennessee, there are over 175 hospitals and over 10,0000 board-certified physicians. Imagine spending over a decade training, working well above the average 40-hour work week, and incurring six figures in debt to finally get your dream job.
That is the life of a Nashville physician.
For the selected elite who dedicate themselves to wellness, medicine is a calling. It is nothing short of rigorous and chaotic schedules with continued learning.
Educational Journey of Physicians
As undergraduate students, aspiring doctors take prerequisite courses and the Medical College Admissions Test (MCAT) in the hopes their efforts are enough to earn a spot in medical school. After 4 years of medical school, physicians begin residency which is 3-6 years depending on specialty. Some choose to complete subspeciality training in a fellowship which adds one to three years of additional work.
As you can see, a significant amount of time and money is invested before earning a meaningful income.
Lack of time, long hours, growing patient demand, laws and regulations, and EHR are considered some main factors of physician burnout. Preoccupied by these external factors, financial nuances are often overlooked and may unknowingly add to the stress without warning. This burnout is toxic for physicians, their families, and patients.
Why Malpractice Insurance Matters
Financial stability and safeguarding physicians’ careers in cases of possible errors should be a part of wellness. Medical malpractice insurance, a type of professional liability insurance, provides coverage for liability originating from disputed services or patient’s injury or death.
Education and Health Services dominates the Nashville landscape, making up 24% of the total industry breakdown. While it is common knowledge that the type of specialty plays a role in risk, the location, such as a Nashville healthcare hub, also play a factor.
According to the American Medical Association, 34% of all physicians have been sued, and 16.8% have been sued two or more times. This probably increases with age and/or specialty.
Common specialties (listed in charts below) show the frequency of lawsuits from surveyed physicians.
Understanding medical malpractice insurance is tricky and providers must have a full understanding of what is covered and what is not.
Medical Malpractice Insurance What is Covered
Medical malpractice insurance protects a range of expenses defending and settling malpractice suits along with damages if found liable. Costs include:
- Medical damages
- Punitive and compensatory damages
- Attorneys’ fees and court expenses
- Arbitration expenses
- Settlement costs
- Inappropriate alteration of medical records
- Criminal acts
- Sexual misconduct
If you are a medical provider and seeking malpractice insurance, here are some key questions to ask your agent.
1. What kind of violations are protected?
As mentioned above, medical malpractice insurance protects against a variety of claims. It is important for every physician to know the details behind the liability.
2. What does the “Consent to Settle Clause” state or who decides to settle?
You take pride in providing great care for your patients and should have the ability to defend yourself. Review your policy to know if you have the right to reject settling a case without a penalty.
3. What are the liability limits?
Litigation can be an expensive process. You need to know how much coverage you have. Ensure the coverage amount is adequate to cover you in the event of a claim.
4. How long does the policy protect you or what is the tail insurance?
If you retire or leave the practice, your previous patient care still follows you. The cost of tail insurance can be costly, but necessary for your own life changing events.
5. What is the carrier rating?
Liability claims may take years to develop. You want to make sure your carrier has the financial stability and reputation to stand by you in the event of a claim.
Our medical professionals are under enough stress today. The applause, shop discounts, or complimentary treats are nice gestures, but they do not alleviate the root cause of the pressures faced. Many are treating sick and dying patients. The intense circumstance and unprecedented demands only amplify stress and burnout.
Insurance agencies can play a small part in mitigating outlier stressors. Providing adequate protection helps a physician confidently walk into a patient’s room, the OR, or their own home knowing they have accomplished their goal patient wellness goals without ramifications.
The decision to become a doctor for many is a calling. They accepted sacrificing holidays, time with family, and working long nights and weekends to serve others.
What is the cost of medical malpractice insurance?
Many factors come into play, such as type of medical specialties, prior claim history, length of time practicing, location and more.
Which insurance carriers are best for medical malpractice insurance?
The best carriers are often the most experienced. Malpractice insurance is provided by specialty insurance carriers. Some of the top carriers include Berkshire Hathway Group, The Doctors Company, and CAN Insurance Group.
Montgomery & Associates Insurance & Financial Services is a leader is protecting doctors using medical malpractice insurance in Tennessee and across the nation.
Call for a free rate quote: 855.207.9492