Osteopathic Physician Insurance Pennsylvania Policy Information
Osteopathic Physician Insurance Pennsylvania. Osteopathic clinics are staffed by Doctors of Osteopathic Medicine (D.O.) - also simply called osteopaths.
Osteopathic treatment is a form of alternative medicine that uses a holistic approach to managing a patient's overall health by focusing on the musculoskeletal system. Corrections to problems in the muscles, joints, or bones can resolve many health issues.
Corrections are performed manually or, in some cases, may be mechanically implemented. Additionally, osteopaths believe that if nutrition, mental health, or attitude problems can be resolved, physical health will improve.
Osteopaths are required to be licensed in each state but do not generally prescribe pharmaceuticals or perform surgery.
This holistic and alternative form of treatment is centered around manipulating the muskoloskeletal system and strengthening it, meaning that osteopathy is particularly helpful for patients suffering from conditions such as arthritis, back pain, shoulder problems, and even postural difficulties.
In addition to practicing osteopathy, however, osteopathic doctors are also qualified medical doctors (MDs) and they are licensed to prescribed medications.
While it is unquestionable that osteopathic clinics provide a vital service to the patients they treat, and these clinics can be a profitable business venture as well as a professional calling, osteopathic clinics are vulnerable to a broad range of risks.
To protect themselves, carrying the correct types of osteopathic physician insurance Pennsylvania is important. What types of coverage might Doctors of Osteopathic Medicine require? Discover more in this brief guide.
Osteopathic physician insurance Pennsylvania protects Doctors of Osteopathic Medicine practices from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do Pennsylvania Osteopathic Physicians Need Insurance?
While those osteopathic doctors who own and manage their own practices, often employing significant numbers of staff, do everything they can to build and maintain a successful clinic, the reality is that unforeseen circumstances could drastically alter their financial outlook at any time.
Carrying the right insurance is essential for those practices who take preparing for disaster seriously, and that may mean opting for coverage that exceeds the legal requirements.
Risks that could strike any business also pose a threat to PA osteopathic practices. Theft, vandalism, and acts of nature that would include earthquakes, tornadoes, storms, and floods are some examples.
In addition, even an accident that starts either within the clinic or in a neighboring property could wreak havoc. Fire is one example, but even accidents that occur due to ongoing construction work have to be taken into account.
In addition, osteopathic practices face industry-specific risks. The prime concern here is that poor patient outcomes lead to lawsuits - which are by nature costly even if the clinic is not ultimately held responsible.
Employees could also become injured over the course of their professional duties, leading to costs which will be passed on to the clinic.
By investing in the right type of osteopathic physician insurance Pennsylvania, the good news is that these perils and numerous others do not have to spell the end for a practice, as the insurer will at least cover a significant portion of the expenses, and in some cases the full amount.
What Type Of Insurance Do PA Osteopathic Physicians Need?
A number of factors influence the types of coverage an osteopathic practice should carry. They include the jurisdiction within which the practice is based, the size and scope of the practice's activities, its number of staff, and even geographical factors that determine vulnerability to natural disasters.
A commercial insurance broker who specializes in the health care sector can guide an PA osteopathic practice through the entire process of obtaining the right insurance.
Among the kinds of osteopathic physician insurance Pennsylvania coverage that should be considered by Doctors of Osteopathy (D.O.), however, are:
- Commercial Property: This type of insurance covers the financial consequences of damage to the physical building and the assets therein, should an osteopathic practice be impacted by perils like vandalism, theft, or acts of nature. With additional business interruption insurance, you are able to recover some of the income lost due to resulting temporary closures as well.
- Commercial General Liability: Designed to cover the legal and settlement costs that would result from personal injury or property damage claims filed by third parties, this is another must-have form of insurance for any business. It does not, however, provide coverage for claims specifically related to medical practice.
- Medical Malpractice: This form of osteopathic physician insurance Pennsylvania will take over where general liability insurance leaves off - it covers legal and settlement fees related to malpractice claims filed by patients or their relatives. Such lawsuits may arise from allegations of negligent treatment or wrong diagnosis, for example. Not only should individual doctors carry it, so too should practices.
- Workers Compensation: Employees may sustain workplace injuries in a variety of circumstances, spanning from an osteopath who themselves develops back pain due to non-ergonomic working conditions, to tripping over loose tiles or being attacked by a robber. In these cases, workers' comp picks up the bills, covering medical costs as well as lost wages.
Be aware that, although the forms of insurance mentioned here make up the backbone of any osteopathic physician insurance Pennsylvania program, individual doctors that practice osteopathy may need to invest in other kinds of coverage as well. This is why it is crucial to consult a commercial insurance agent.
PA Osteopathic Physician'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.
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 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 are performed; the more the chance of professional loss.
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. Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposure is from contact with patients and possible transmission of disease from contaminated bodily fluids. Gloves and masks should be worn at all times when working around bodily fluids. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.
Because of the physical manipulation of the patient's body, arm and back injuries are common and the osteopath can be accidentally struck by a patient. 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.
If employees travel to patients' residences there should be monitoring procedures in place that include emergency backup.
Property exposure is very light for fire and crime. Ignition sources include electrical wiring, heating, and air conditioning systems. 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 osteopath has arranged for temporary facilities with another doctor.
Crime exposure is from employee dishonesty of both money and inventory. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. 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 exposure includes accounts receivable if the osteopath bills for services, computers, physicians and surgeons floater (which can include all office furnishings), and valuable papers and records for patients' information. Computers are used for patients' records and other office purposes.
Physicians and surgeons floater includes items that the osteopath may take off site to handle emergencies. An osteopath's office will generally include lesser amounts of sophisticated computer and medical equipment than a traditional medical practitioner, but all electrical wiring must be up to code and equipment properly maintained.
A small fire, which produces smoke, can cause a lot of damage because of the need for sterile equipment. Duplicates of all records and programs must be kept 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. Vehicles must be maintained and records kept in a central location.
Osteopathic Physician Insurance Pennsylvania - The Bottom Line
To protect your practice, employees and patients, having the right osteopathic physician insurance Pennsylvania coverage is vital. To discover types of options are available to your practice, how much coverage you should invest in and the related costs - speak to a reputable commercial insurance agent.
Pennsylvania Economic Business Outlook & Commercial Insurance Requirements
While you might have a fantastic idea for a business, if you aren't setting up shop in the right PA location, there's a good chance that you won't see the success that you hope to achieve. With that said, it's important that you have an understanding of the economic status of the state that you are thinking about doing business in. It's also important for you to know what type of rules and regulations regarding insurance are in place in that state.
If you are thinking about doing business in the Commonwealth of Pennsylvania, keep on reading to find out some valuable information that you can use to make the best choices for your operation.
Pennsylvania's Economy Now And Into The Future
In terms of the economy, Pennsylvania's future looks pretty bright. It boasts the sixth largest economy in the United States. It is also home to some of the largest private and public organizations in the nation, as per sales.
The job market is expected to see steady growth in Pennsylvania during the 2021 calendar year. That rate is expected to be 1 percent, which is a marked increase from previous years. This is largely due to the high pool of educated laborers that reside in the state. Currently the unemployment rate is 4.9 percent, which is on-par with the rest of the nation. It is believed that the unemployment rate will continue to drop as more jobs are added.
For business owners, there are several industries that will afford success. The food products industry, particularly related to agriculture, contributes largely to the state's economy. This is expected to continue moving forward throughout the 2021 calendar year. Other industries that are forecasted to see growth include:
- Printing & Publishing
If you are thinking about doing business in PA, working in one of these industries will likely afford you success.
Insurance Requirements For Businesses In Pennsylvania
The Pennsylvania Insurance Department regulates insurance in PA. Business owners are legally required to carry workers compensation insurance. This type of coverage is a must for any business that employs any W2 part-time or full-time employees, and for employees that are either hourly or salaried. You must also carry PA commercial auto insurance if you plan on using a vehicle to conduct anything related to your business.
While commercial liability insurance is not required in Pennsylvania, it is still a wise idea to invest in. This type of coverage will protect you from the cost of any lawsuits that could potentially arise.
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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