Michigan Plastic Surgeon Insurance Policy Information
Michigan Plastic Surgeon Insurance. Plastic surgeons are licensed to perform cosmetic or reconstructive surgical procedures to remove, correct, or enhance conditions caused by a deformity, disease, or injury, or to improve a patient's physical appearance.
While some conduct their practices based on referrals from other physicians, many rely on direct contact with patients. While most plastic surgery involves cutting into the tissues, some procedures can use new technologies such as scopes and lasers that are minimally invasive.
The costs associated with reconstructive procedures are generally covered by health insurance, but costs for cosmetic procedures are not. Plastic surgeons may perform procedures in their offices, in hospitals or clinics, or at a medi spa.
While reconstructive surgery may take place after an accident or other trauma in which patients sustained extensive burns, fractures, or other injuries, cosmetic surgery is performed on an elective basis. In both cases, plastic surgeons can transform and reshape lives.
As plastic surgery is additionally among the more profitable of the medical specialties, it is no surprise that many plastic surgeons have the vision of owning and running private plastic surgery clinics.
While these clinics can certainly thrive, they are also vulnerable to a range of risks that have the potential to undo all the hard work that goes into building a plastic surgery clinic in a very short period of time.
What kind of Michigan plastic surgeon insurance are required to protect against devastating and even bankrupting losses? Read on to discover more.
Michigan plastic surgeon insurance protects your cosmetic or reconstructive surgical practice from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Why Do MI Plastic Surgeons Need Insurance?
All plastic surgeons require professional insurance, regardless of where they work, just like all private individuals depend on policies such as homeowners' insurance, health insurance, and auto insurance.
Those plastic surgeons who own and run a private plastic surgery clinic will, however, have more varied insurance requirements than those who are employed by another facility. Plastic surgery clinics can, after all, be confronted with some of the same perils as any other business, as well as facing industry-specific risks.
Unforeseen events that lead to property damage or loss are one category of risk that has to be considered. Acts of nature - like wildfires, floods, hurricanes, and snowstorms, among others - can all strike suddenly and leave massive costs in their wake. Criminal acts, like theft and vandalism, are two further threats, while accidents are another universal risk.
Plastic surgery clinics additionally face a range of liability risks. An employee may suffer an occupational injury. A member of the public may sue the plastic surgery clinic after poor maintenance causes a fall or damages their personal property. A patient may not be satisfied with the results of their surgery and allege medical malpractice.
The nature of the perils a plastic surgery clinic faces is diverse - but fortunately, so too are the insurance options available to plastic surgeons. Equipped with the right Michigan plastic surgeon insurance insurance plan, a plastic surgery clinic can focus on doing what it does best without worries.
What Type Of Insurance Do Michigan Plastic Surgeons Need?
The same unique factors that make a plastic surgery clinic successful - its MI location, the nature and scope of the treatment it provides, and its number of employees, among others - also influence the clinic's risk profile, and therewith its insurance needs.
This is why it is essential to partner with a commercial insurance broker who specializes in the health care sector. He or she will be able to provide you with detailed answers to all your questions, as well as crafting the insurance plan that best protects your financial interests for you.
Some key examples of the kinds of Michigan plastic surgeon insurance that are needed to have are, however:
- Commercial Property - This type of insurance helps you overcome the financial consequences of perils that damage your physical building and its contents, such as theft, vandalism, and acts of nature.
- Medical Malpractice - In the event that a former patient alleges negligent care, misconduct, wrongful diagnosis, HIPAA violations, or other claims relating specifically to your medical practice, medical malpractice insurance helps cover the resulting costs.
- Commercial General Liability - This broader form of Michigan plastic surgeon insurance covers those liability risks your medical malpractice insurance does not. That includes, for instance, copyright infringement claims, claims of misleading marketing, and bodily injury and property damage claims unrelated to medical care.
- Workers' Compensation - If an employee is injured over the course of their professional activities, workers' compensation covers their medical costs and any lost wages, while protecting the employer from litigation.
The kinds of Michigan plastic surgeon insurance covered here are not all options available to plastic surgery clinics. MI plastic surgeons may opt for additional kinds of coverage not mentioned here, such as commercial auto or cyber insurance, depending on their circumstances.
For this reason, it is always vital to talk your needs through with a commercial insurance agent.
MI Plastic Surgeon's Risks & Exposures
Premises liability exposure is moderate due to patient 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 on premises, the area must be kept sterile at all times and carefully controlled. Patients may be physically impaired following surgical procedures.
Escort procedures must be clear for all personnel. If the plastic surgeon performs services at spas and other locations, off-site exposures increase. Contracts should be in place explaining liability exposures and responsibilities for after patient care.
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 exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more types of procedures that the surgeon performs, the more chance of professional loss.
Patients may have unrealistic expectations as to the outcome of their surgical procedures, particularly elective cosmetic surgery, as these are paid for by the patient instead of a health insurer. Written acknowledgment that the patient is aware of potential hazards and outcomes should be required.
Botox and other injections should be administered only by trained and licensed personnel. 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.
All medical equipment and supplies used during the surgery must be accounted for before any incision is closed to prevent being left in the patient's body. Aftercare, including patient privacy and follow-up, must be adequate and similar to that provided at a hospital or clinic.
Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposures are due to possible transmission of disease from a patient to an employee. Gloves and masks should be worn at all times during surgery and when exposed to bodily fluids. Cuts and puncture wounds are possible from the use of sharp equipment such as scalpels or needles. Employees should have access to vaccinations to prevent diseases.
Back injuries can occur due to the mobility limitations of many surgical patients, requiring lifting or support as they enter or leave surgical areas. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.
Since 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.
Property exposures are moderate 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. 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 is 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 surgeon has arranged for temporary facilities with another doctor.
Equipment breakdown exposures may be high if operations are dependent on expensive medical equipment being available on the premises, such as X-ray machines or ultrasounds. All equipment should be maintained on an ongoing basis.
Crime exposure from employee dishonesty of both money and inventory may be higher than at other doctors' offices as many procedures are not covered by medical insurance. The patient pays for all services, generally in advance, increasing the amount of money on premises. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money.
If pharmaceuticals are kept on premises, rigid controls must be maintained including inventory control and limited access to storage areas. All ordering, billing, and disbursement must be handled by separate individuals.
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 surgeon bills for services, computers, physicians and surgeons equipment (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 some medical equipment, such as video equipment and X-ray machines, is now also computerized. Physicians and surgeons floater includes items the doctor carries off site to handle emergencies. Duplicates of all records and programs should be made and kept off site.
Commercial 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. Vehicles must be maintained and records kept in a central location.
Michigan Plastic Surgeon Insurance - The Bottom Line
To discover more information about the specific types of Michigan plastic surgeon insurance policies needed, what limits and the premiums - speak with a reputable broker that is experienced in commercial insurance for medicine.
Michigan Economic Data And Business Insurance Requirements
Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.
Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.
Economic Trends for Businesses In Michigan
After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.
In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.
While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:
- Energy, due largely to research and development in clean energy
- Food and agriculture
- Transportation and mobility
- Healthcare industry
- Information and technology
In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:
- Data breach insurance
- Business income insurance
- Commercial Umbrella insurance
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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