Medical Clinic Insurance Maryland Policy Information
Medical Clinic Insurance Maryland. Medical clinics - also called ambulatory clinics or outpatient clinics - play a tremendously important role in providing primary care to patients.
Medical clinics provide healthcare services on an outpatient basis. While originally formed to provide low-cost medical services to the poor and destitute and to provide a learning facility for medical students, they now provide the services one could normally obtain in a doctor's office.
Many clinics have become specialized treatment centers that provide a service or group of services in a particular field of medicine such as pediatrics or physical therapy. Other clinics are part of a Health Maintenance Organization (HMO) and provide medical treatment to group participants.
A clinic generally employs licensed primary care doctors who pre-screen patients according to their symptoms, prescribe medication for common ailments, and refer patients in need of more focused medical attention to specialists.
Most doctors working in clinics refer patients to a hospital or other medical facility for laboratory tests, surgery, or post-operative care.
Basic health care needs like the treatment of minor traumas, the diagnosis of common medical conditions, and the routine monitoring of and treatment for chronic illnesses can all be overseen by these clinics. They are typically staffed by primary care physicians as well as nurses and physician assistants.
While MD medical clinics frequently serve as a first point of call for patients in crisis, these facilities themselves are also vulnerable to a range of risks. To protect a clinic's financial health, it is vital to "diagnose" the vulnerabilities and take proactive steps to minimize the odds that a clinic will encounter a major peril.
Should disaster strike regardless, a comprehensive insurance plan comes in as the "treatment". What types of medical clinic insurance Maryland are needed, though? Discover more by reading on.
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Why Do Maryland Medical Clinics Need Insurance?
MD medical clinics can, like any other business or public entity, be struck by a wide range of perils that could all have devastating financial consequences. The risks a medical clinic faces include those specific to the medical field as well as the very same risks that could befall any commercial venture.
Acts of nature - as natural disasters such as earthquakes, floods, and wildfires are called in the insurance industry - could ravage a clinic overnight, destroying valuable medical equipment in the process. Threats of vandalism and theft are likewise ever-present.
Perhaps a patient with a substance abuse problem raids the clinic's pharmaceuticals, or maybe a hacker breaches sensitive patient data stored electronically. Employees, but also members of the public, could be hurt on the premises as the result of an accident or an act of negligence.
All these perils, and many others, can do such damage to a clinic's bottom line that it would, without insurance, be almost impossible to recover. For this reason, carrying the best possible medical clinic insurance Maryland should not be seen as a burden but an investment - a backup plan in case things go wrong.
What Type Of Insurance Do MD Medical Clinics Need?
Each outpatient clinic is unique, and the factors that make it so include the clinic's location, the scope of the care it provides, and its number of employees. These same variables also determine what type of insurance coverage a clinic may require.
That is why it is crucial to consult a reputable commercial insurance broker, who, armed with insights into your clinic's risk profile, can help you craft a tailor-made medical clinic insurance Maryland program. Any MD medical clinic should, meanwhile, carry these important kinds of insurance:
- Commercial Property: This essential form of insurance protects you from financial damage in cases where your property is struck by unforeseen circumstances that can range from acts of nature to theft. It covers not only the building, but also valuable assets inside, such as X-ray machines and pharmaceuticals.
- Commercial General Liability: Any commercial operation will also require this general form of liability insurance, which covers legal fees associated with common mishaps that result in third party bodily injury or property damage. Scenarios covered by it would include those like a tree damaging a patient's car, or someone tripping on a loose tile.
- Medical Malpractice: This type of medical clinic insurance Maryland covers scenarios in which a patient or their family allege misdiagnosis, improper treatment, or negligent medical care. It is a specialized form of insurance for medical professionals.
- Workers' Compensation: Should an employee sustain workplace injuries, these policies pay for their medical costs as well as any income they lose as they recuperate. In the process, the employer is partially released from liability.
- Cyber Liability: If a clinic stores electronic data, it is imperative to also carry cyber insurance, which covers costs related to the theft or breach of digital property such as patient records.
Because medical clinic may have complex insurance needs, it is important to keep in mind that an individual clinic may require additional forms of coverage that are not mentioned here.
A commercial insurance broker familiar with the medical field will be able to answer all your questions, and advise you on the types of medical clinic insurance Maryland you need to optimally guard your facility from disaster.
MD Medical Clinic's Risks & Exposures
Premises liability exposure is moderate due to patients' access to the premises. To prevent trips, slips, and falls, all areas accessible to patients must be well maintained with floor covering in good condition.
The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Steps should have handrails, be illuminated, marked, and in good repair. Parking lots should be maintained free of ice and snow.
Housekeeping should be excellent and spills must be cleaned up promptly. If surgery is performed, the area must be kept sterile at all times and carefully controlled. The patients' area must be designed for patients who are physically impaired following surgery.
Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical. Examination rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's' confidential information.
Professional liability exposure is extensive as most clinics serve patients either who have no regular physician or whose regular physician is unavailable. Decisions are made based on limited background information with verification of medical history generally unavailable. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing.
Staff turnover is high in clinics, disrupting continuity in patient care. Records must be well-documented and prior data obtained as much as possible. The prescreening questionnaire is vital. Very serious losses may result from failure to secure patient approval before performing procedures, including vaccinations.
Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS.
On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic. Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposure is due to the possible transmission of disease from a patient. Gloves and masks must be worn at all times when working around any bodily fluids. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.
Employees should have access to vaccinations to prevent diseases. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Because patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Workers who travel off site may encounter difficult circumstances, especially when going into patients' residences. Procedures should be in place to monitor the off-site exposure and provide for emergency backup.
Property exposure is high due to the use of expensive diagnostic and medical equipment. Ignition sources include electrical wiring, heating, and air conditioning systems, and overheating of equipment. All electrical wiring must be up to code and equipment properly maintained.
Excellent housekeeping is required and smoking should be prohibited. A small fire, which produces smoke, can cause considerable damage when sterile equipment and environments are compromised.
If pharmaceuticals are kept on premises, theft is a concern. These items should be inaccessible for unauthorized use and stored in a protected area after hours. Most property items are better covered on inland marine forms such as a computer form or the physicians and surgeons floater.
The business income and extra expense exposure can be minimized if the clinic has arranged for temporary facilities with another clinic.
Equipment breakdown exposures are high as operations are dependent on medical equipment being available. All equipment should be maintained on an ongoing basis.
Crime exposure comes from employee dishonesty of both money and inventory, particularly relating to drugs on premises. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees with access to drugs or money.
Since drugs are tempting and susceptible to theft, employee access must be restricted and carefully monitored. Ordering, billing and disbursement transactions should be handled as separate duties. Inventories and audits should be performed regularly.
Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.
Inland marine exposures include accounts receivable if the clinic bills for services, computers, physicians and surgeons equipment floater (which can include all office furnishings), and valuable papers and records for patients' and suppliers' information.
Computers are used for patients' records and other office purposes, but most medical equipment, such as video equipment and X-ray machines, is also computerized.
Physicians and surgeons equipment includes items that doctors may take off site to handle emergencies. A medical clinic will generally include sophisticated computer and medical equipment, especially if it specializes in a particular medical field. Duplicates should be made of all records and stored off site.
Business auto exposure is generally limited to hired and non-owned liability for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicle maintenance should be ongoing and documented in a central location.
Medical Clinic Insurance Maryland - The Bottom Line
For the safety of you patients and your employees - having the right medical clinic insurance Maryland coverage is important. To learn what types of options are available to your facility, how much coverage you should invest in and the cost - speak to a reputable commercial insurance broker.
Maryland Economic Data And Business Insurance Regulations
Business owners that have their sights set on Maryland should to take a number of factors into consideration before the set up shop; namely, they need to determine if the state offers favorable for business owners in general, as well as their specific industry. After all, it doesn't matter how top-notch the products and services a business offers may be, if the location isn't favorable for the industry - and businesses, in general - the operation is going to have a hard time thriving.
Below, we examine key factors that indicate whether or not Maryland is favorable for business owners. We also look at some of the must-have types of commercial insurance coverage that are required in the state.
Economic Trends For Maryland Business Owners
A state's unemployment rate is key indicator of whether or not the climate is favorable for business operations. As of May, 2019, the unemployment rate in the Old Line State was 3.8 percent; 0.2 percent higher than the national average. In October of 2021, the rate hit a record low of 3.7 percent, so in less than a year, the unemployment rate has increased by .01 percent; a marginal increase. However, there have been gains in recent years; in 2010, the rate was 7.8 percent; that's a 4.0 percent increase in less than a decade.
The best place to start a business in Maryland is in Baltimore, the state's largest city. Suburbs of the city also offer promising conditions for business owners, such as Ellicott City, Columbia, Fulton, Lutherville, and Elkridge.
The state of Maryland offers a friendly culture for business of all shapes and sizes; but, the industries that are see the most success in the Old Line State include:
- BioHealth and Life Sciences
- Advanced manufacturing
- Information technology
- Aerospace and defense
- Financial services
- Energy (specifically green energy)
- Hospitality and tourism
Commercial Insurance Regulations In MD
The Maryland Insurance Administration regulates insurance in Maryland. Commercial insurance is designed to protect business owners from potential perils; it also protects anyone that interacts with a business, including consumers, vendors, and employees. Having the right type of coverage is not only crucial to avoid serious financial devastation in the even that a catastrophe does occur, but certain types of insurance are mandated, meaning business owners must carry specific forms of coverage.
In the state of Maryland, business owners are required to carry workers' compensation insurance, which offers coverage for on-the-job accidents and illnesses that employees sustain, is also required. Other forms of insurance coverage that business owners may need to invest in depend on the specific industry; for example, companies that distribute or sell alcohol will need liquor liability insurance, and businesses that utilize vehicles for business-related operations should carry commercial auto insurance to protect their drivers and other motorists on the road.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Health Maintenance Organizations
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Nurse Registry
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
- Telemedicine Business Insurance
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
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Also find Maryland insurance agents & brokers and learn about Maryland small business insurance requirements for general liability, business property, commercial auto & workers compensation including MD business insurance costs. Call us (443) 407-0500.