Recently, we had a prospect who was a surgeon in the standard insurance market (Medical Malpractice insurance companies that offer the lowest prices and best coverages for MD’s with favorable risk profiles). He had been insured with them for several years and was in line for free tail (when he retires he pays nothing for lifetime prior acts coverage).
His Bookkeeper was always paying bills late to maximize cash flow, including his medical malpractice insurance. Expenses were exceeding revenue, and the bookkeeper kept ignoring the late notices/cancellation notices from the medical malpractice insurance company.
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What is medical negligence?
Medical negligence occurs when a medical provider fails to exercise the kind of care and prudence that other providers in the same field of medicine provide. Medical negligence can occur in the form of recklessness, inattentiveness, or an omission. Common types of malpractice include misdiagnosis, failure to provide proper treatment of a patient’s ailment, administration of the wrong medication, and the failure to inform the patient of the risks associated with a treatment or with information about alternative treatments. Tort law governs medical negligence. To establish that a provider’s negligence was malpractice, a claimant must establish the following:
1. The healthcare provider owed a duty to the plaintiff;
2. The healthcare provider breached the duty;
3. The healthcare provider’s breach caused the injury; and
4. The patient suffered damages because of the defendant’s negligence. Continue Reading…
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