Did you know that medical malpractice insurance companies often offer discounts for medical practices which participate in Risk Reduction programs? In fact, most reliable carriers offer risk reduction information and counseling free of charge. This is one of the discounts which may be available to your practice.
What is Risk Reduction? Methods of minimizing one’s exposure to loss from a liability suit are aspects of Risk Reduction. These already include several things which you may already be doing, such as disclaimers, waivers, etc. So how can this save you money if you’re already doing it?
For starters, you may not be doing all you can. One simple half-page document can reduce your risks greatly — both in direct financial exposure and also in terms of potential unwarranted damage to your reputation. There are also updates, small changes in details or wording that may have been precipitated by a judgment at a state or federal level. It is you medical malpractice insurance carrier’s business to be on top of such legalities and technicalities. A quality carrier will keep you abreast of such changes, advise you on ways to improve your protection.
Then there are ways in which your staff can be reducing risks. Thorough documentation is part of that, but they may not necessarily be aware of some subtle ways in which their interactions with a patient can put you at risk. Risk Management Programs will bring those small details to light, and bring your staff to be more mindful of such little details — little details which can add up to a LOT of money!
Even though this next part is blowing our own horn, it’s true that an independent insurance broker is your best source for medical malpractice insurance. As professionals, Presidio is on top of those changes in the laws and court cases, too. Unlike other agents, though, Presidio’s only loyalty is to you, the customer. We will find you the best rates, and strive to be sure you’re taking advantage of all the discounts available to you, to get you the best rate possible on quality coverage that truly protects you.
Get ahold of us. We look forward to the opportunity to provide a free consult, and to saving you money!