The present day physicians not only have to treat their patients but also entrepreneurs. They need to protect themselves from malpractice, which means they do not have the liberty to overlook the smallest of risk possible. They need to save themselves from any kind of medical malpractice. The legal risks associated can make it difficult for the doctors to protect their assets.
In order to avoid these disagreeable situations, physicians should review their policies and procedures, preferably at the end of every year.
Read on below to find out how to manage the risk factors that are often overlooked in practices:
· Having a disability overhead insurance on top of a personal insurance helps ensure continual personal as well as professional income.
· Patients are more forgiving when the doctors have an honest opinion, gives clear instructions & communicate openly with them. As Graham Billingham states, "A bad outcome is not always synonymous with malpractice. However, a bad outcome and poor communication are usually the driving force when a patient or family considers litigation".
· Apart from malpractice, there is a bigger threat - A Lawsuit. To dodge this bullet, have an employment practices liability insurance for your practice.
· Maintaining a good cyber hygiene is a must. Check if the passwords are not jotted on any paper or notes. Switching from email to secure messaging for a protected communication with your patients. Use complex passwords, and avoid sharing the same with anyone. Make all of your connections and devices shielded with the help of encryption.
· Hire the right employee! Conduct background checks as a mandatory step during every recruitment process. Doing so will help you make a better judgment. Having trusted employees help you provide quality service.
· It is extremely important to protect your practice from any kind of cyberattacks or data breaches. All the HIPAA-protected patient information and other valuable electronic protected health information should be safeguarded and insured, in the case of any loss of device, hacking, etc.
· Keeping a tab on your daily balances and collections. Check your balance every month and make sure to cross verify the same with your practice-management report of the total collections. Further, audit your systems every year.
Providing the enough coverage with the proper insurance plans and a trustworthy staff can help you minimize the risks better, resulting in a smooth operating business.