Ambulatory Surgical Center Insurance Policy Information
Ambulatory Surgical Center Insurance. Ambulatory surgery centers provide surgical treatments that are normally performed in a hospital. They do not provide overnight accommodations. They are usually owned by a physician or group of physicians. They may or may not be affiliated with a particular hospital but most have arrangements with a hospital if there are complications from a procedure.
Ambulatory surgery centers are an important part of the community. They have transformed the outpatient experience by providing a more convenient alternative to hospital-based outpatient procedures - and done so with a strong track record of quality care and positive patient outcomes.
People rely on ASCs to complete ophthalmology, pain management, urology, GI, and orthopedic procedures. However, there is a significant amount of risk involved in running Ambulatory Surgical Centers. High-quality ambulatory surgical center insurance coverage is vital to their success - in the event of an unforeseen event natural disaster, an employee accident, or a malpractice lawsuit.
Ambulatory surgical center insurance protects your facility from lawsuits with rates as low as $127/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked ambulatory surgical center insurance questions:
- What Is Ambulatory Surgical Center Insurance?
- How Much Does Ambulatory Surgical Center Insurance Cost?
- Why Do Ambulatory Surgical Centers Need Insurance?
- What Type Of Insurance Do Ambulatory Surgical Centers Need
- What Does Ambulatory Surgical Center Insurance Cover & Pay For?
What Is Ambulatory Surgical Center Insurance?
Ambulatory Surgical Center business insurance is a type of insurance coverage specifically designed for businesses that operate out of an ambulatory surgical center. This type of insurance typically includes coverage for liability, property damage, medical malpractice, and other risks associated with the operation of an ambulatory surgical center.
It may also include coverage for equipment and other assets, as well as employee benefits such as workers' compensation and health insurance. The specific coverage options and limits will vary depending on the insurer and the individual needs of the business.
How Much Does Ambulatory Surgical Center Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small ambulatory surgical centers ranges from $127 to $159 per month based on location, size, payroll, services offered, sales and experience.
Why Do Ambulatory Surgical Centers Need Insurance?
Ambulatory surgical centers (ASCs) need insurance to protect them from financial losses due to unexpected events such as medical malpractice claims, natural disasters, and equipment failures. Insurance can also help cover the costs of legal fees, settlements, and judgments in the event of a lawsuit.
Additionally, many ASCs are required by state and federal laws to carry certain types of insurance, such as liability insurance and workers' compensation insurance, in order to operate legally. Overall, insurance helps ASCs manage risk and ensure their financial stability, allowing them to continue providing high-quality medical services to their patients.
Furthermore, ASCs may need insurance to protect them from losses related to data breaches and cyber attacks. As more and more patient information is stored electronically, ASCs are at risk of data breaches that can lead to stolen patient information, lost revenue, and damage to their reputation. Cyber insurance can help cover the costs of responding to a data breach, including legal fees, credit monitoring services for affected patients, and public relations expenses.
Another important type of insurance that ASCs may need is property insurance. This type of insurance can protect ASCs from losses related to damage or destruction of the facility, equipment, and inventory. For example, if a natural disaster such as a flood or fire damages the ASC, property insurance can help cover the costs of repairs and replacement of equipment and inventory.
In summary, ASCs need insurance to protect them from a wide range of potential losses and to comply with state and federal laws. Insurance can help ASCs manage risk, ensure their financial stability, and continue providing high-quality medical services to patients.
What Type Of Insurance Do Ambulatory Surgical Centers Need?
Ambulatory surgery centers (ASCs), by the nature of their business, face various liability risks. Although many of these risks can be lessened through implementation of risk-management practices, they can rarely be eliminated. Thus, it is prudent to define an ambulatory surgical center insurance program that addresses your needs and ensures your peace of mind should the unexpected event(s) occur.
The following is a listing of the coverages that are often sought by ASCs:
Medical Malpractice Insurance: As a healthcare professional, the risks you face day in and day out in your line of work can actually become a matter of life and death. No matter the wealth of your experience, unpredictable reactions and complications arise - and often, logic is not the main factor when others decide where to place their blame.
To protect your ambulatory surgical center, you will strongly want to consider malpractice Insurance. This is an essential ambulatory surgical center insurance coverage for professional liabilities when rendering your services, treatment, or counsel.
Without medical malpractice insurance, you run the risk of being exposed to many liabilities such as: misdiagnosis, neglect, bodily injury, mental injury, duty of care, error or omission, and many more. When your practice is sued, this insurance can cover lawyer's fees, settlements or judgments, and other court costs.
If the ambulatory surgical center insurance is claims-made coverage, you must have the same policy in force when the incident occurs and when the claim is filed.
An occurrence policy on the other hand, covers you indefinitely for incidents that occur within the policy period, meaning you are covered for the time period during which you had the policy even if it is no longer active. It is essentially the same as a claims made policy with a built-in Tail.
Commercial General Liability: This ambulatory surgical center insurance provides indemnity and expense protection for incidents, including third parties, arising from negligence causing bodily injuries, property damage, and personal injuries that your business caused. This includes slips and falls and loss of or damage to property.
Workers Compensation: This is a requirement in most states if you have any non-owner or partner employees. The requirement applies irrespective of whether your staff are full or part time. This ambulatory surgical center insurance covers your legal liability to your staff if they are injured at work or become ill as a result of the work they do for you.
Computers / Cyber Liability Coverage: This pays for lost data and related lost income if your computers are damaged by theft, vandalism, viruses or malware. It may pay for loss of data or software, and physical damage to computers or hardware.
Employment Practices Liability Insurance (EPLI): EPLI insurance provides protection to you, against wrongful employment practices acts, such as discrimination, sexual harassment, wrongful termination, and other employment-related allegations.
Business Interruption: This ambulatory surgical center insurance covers the loss of income when day-to-day operations are affected and revenue is lost due to a closure due to a covered loss.
Commercial Umbrella: This ambulatory surgical center insurance policy is designed to provide protection against catastrophic losses and is generally written over various primary liability policies. It essentially acts as excess liability, providing additional financial protection in the case that your ASC faces a particularly large claim that exceeds a single policy's limits.
Umbrellas can be particularly valuable if you face a variety of risks and have multiple liability policies.
Ambulatory Surgical Center's Risks & Exposures
Premises liability exposures are significant due to public access to the center and patients recovering from surgical procedures. Excellent housekeeping is required to reduce the number of trips, slips, and falls. Spills must be cleaned up promptly. Hallways, rooms, and recreational areas must be orderly and well maintained. Stairways, elevators, railings, and floor coverings should be in good condition. Exits should be clearly marked and free of obstacles. Adequate interior and exterior lighting should be available in the event of a power outage. Steps should have handrails, be illuminated, marked, and in good repair.
Parking lots should be maintained free of ice and snow. Surgical areas must be kept sterile at all times and carefully controlled. The patients' area must be designed for patients who are physically impaired following the surgery. Escort procedures must be clear for all personnel. A major concern in the area of patient safety is the type of backup facilities available for power outages and loss of normal utilities.
Emergency generators should be in place, checked and maintained periodically. Security at the facility, as well as in the building, corridors, and any owned parking area needs to be carefully checked and reviewed, as the facility may be held liable should a patient or visitor be attacked on the premises. Should an emergency situation arise, there should be evacuation plans in place to quickly move patients to a safe area.
Personal injury exposures include discrimination, invasion of privacy, and wrongful eviction. 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. Inappropriate touching and sexual misconduct must be considered. Background checks should be conducted before hiring any employee. The facility should be accredited and operate within the guidelines of that accreditation.
Professional liability, medical malpractice, and directors and officers exposures are all very high. The exposure increases if the facility fails to conduct thorough background checks to verify employees' credentials, education, and licensing. Although the atmosphere may be more casual than that found in a hospital, the same professional standards must be maintained.
Supervision is essential along with regular training, monitoring, and well-written and followed procedures. Patients must be informed as to their rights to obtain or refuse medical care as described by state and federal law. Very serious losses may result from failure to secure patient approval before performing procedures.
On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic. Access to patients' records must be restricted to those having a legitimate reason for viewing them. Medical records must be duplicated and stored off site. Both on-site and off-site records must be safeguarded to protect patients' right to privacy. Patient plans should be in place and followed by all staff members.
Only patients who are within the appropriate level of care within the hospital's license should be admitted and allowed to remain in the facility. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS. There should be a formal review process in place for reviewing all incidents that may give rise to a claim of medical malpractice.
Access to all pharmaceuticals must be carefully controlled, with procedures in place for the proper dispensation to patients. Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposures come from contact with patients, from infections, and from communicable diseases such as hepatitis, HIV, AIDS, or MRSA. Employees should have access to vaccinations to prevent diseases. Gloves and masks should be worn at all times when working around any bodily fluids. All CDC recommended procedures for handling bodily fluids must be followed. Constant cleansing with disinfectants can result in lung, eye, and skin irritations and reactions. Accidental piercings from needles and cuts from scalpels are common.
X-ray technicians should wear leaded aprons to limit exposure to harmful radiation. Back injuries, sprains, and strains can occur when assisting or lifting patients. Procedures should be in place for safely handling unruly or violent patients to minimize injury to both the patient and the employees.
Slips and falls can occur from tripping over objects or slick floors. 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 extensive. Ignition sources include electrical wiring, heating, and air conditioning systems, and diagnostic and treatment equipment. All electrical wiring must be up to code and equipment properly maintained. Licensing and certification ensure that housekeeping is excellent and that controls are in place for patient safety.
Oxygen and other flammable surgical gases must be stored properly, separately and away from heating devices and sources of ignition. Sterile conditions must be maintained as even a minor incident can result in a large property loss. Theft is a major exposure because of the drugs kept on premises. Rigid controls must be maintained including, but not limited to, inventory control and limited access to drug storage areas.
Business income and extra expenses can be high due to the cost of diagnostic equipment, the time it may take to repair or replace a damaged item, and the unavailability of backup facilities.
Equipment breakdown exposures are high as operations are dependent on medical equipment being available. All equipment should be maintained on an ongoing basis.
Crime exposures involve both employee dishonesty and money and securities. The potential for theft, directly or by means of identity theft, is great. Background checks must be completed on all employees. Inventory must be reviewed regularly and the drug areas must have limited access. Regular monitoring with cameras can be helpful in deterring employee theft and monitoring patient treatment.
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. Patients' property may be stolen by employees.
Inland marine exposures are from accounts receivable for billings, computers, physicians and surgeons' equipment (which can include all office furnishings), and valuable papers and records for employees', patients,' and vendors' information. Most medical equipment is now computerized and should be covered on a computer form.
Surgical equipment that is mobile in nature and transported to more than one center should be covered on a physicians and surgeons equipment floater. Duplicate records of all accounts receivable and valuable papers and records should be stored off premises. Some surgery centers may have extensive fine arts and statuary that should be covered under a fine arts form.
Commercial auto exposure is generally limited to hired non-owned liability for employees running errands. If vehicles are provided to individuals as part of a compensation package, all drivers should be identified and motor vehicle reports obtained on an ongoing basis. Maintenance must be ongoing and documented.
What Does Ambulatory Surgical Center Insurance Cover & Pay For?
An Ambulatory Surgical Center (ASC) is a healthcare facility that provides outpatient surgical procedures. Claims arising from ASC procedures can be significant and may result in costly lawsuits. Medical malpractice insurance can help pay for the lawsuit and protect the ASC from financial damages. Here are some examples of ASC claims and how medical malpractice insurance can help pay for the lawsuit:
Wrong-site surgery: An ASC may be sued if a surgeon operates on the wrong body part or performs the wrong procedure on a patient. Medical malpractice insurance can help pay for the patient's medical expenses, lost wages, and other damages, as well as legal fees and court costs.
Anesthesia errors: Anesthesia errors, such as administering too much or too little anesthesia or failing to monitor the patient's vital signs during the procedure, can result in serious injuries or death. Medical malpractice insurance can help pay for the patient's medical expenses, as well as any damages resulting from the error.
Infections: Patients can develop infections following surgery, and an ASC may be sued if the infection is caused by improper sanitation or sterilization procedures. Medical malpractice insurance can help pay for the patient's medical expenses, as well as any damages resulting from the infection.
Equipment failure: If a surgical instrument or piece of equipment malfunctions during a procedure, it can cause serious injuries or death to the patient. Medical malpractice insurance can help pay for any damages resulting from the equipment failure.
Communication errors: Communication errors between the ASC staff and the patient, such as failing to obtain informed consent or failing to inform the patient of the risks and benefits of the procedure, can result in a lawsuit. Medical malpractice insurance can help pay for any damages resulting from the communication error.
In summary, medical malpractice insurance can help ASCs pay for lawsuits resulting from a variety of claims, including wrong-site surgery, anesthesia errors, infections, equipment failure, and communication errors. The insurance can cover the costs of defending the ASC against the lawsuit, as well as any damages that may be awarded to the plaintiff.
Without medical malpractice insurance, the ASC would be responsible for paying these costs out of pocket, which could be financially devastating for the facility. Therefore, it is important for ASCs to obtain medical malpractice insurance to protect themselves from the financial risks of lawsuits resulting from medical errors or negligence.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8011 Offices and Clinics of Doctors of Medicine
- NAICS CODE: 621493 Freestanding Ambulatory Surgical and Emergency Centers
- Suggested Workers Compensation Code(s): 8832 Physician & Clerical, 9040 Hospital - All Other Employees
8011: Offices and Clinics of Doctors of Medicine
Division I: Services | Major Group 80: Health Services | Industry Group 801: Offices And Clinics Of Doctors Of Medicine
8011 Offices and Clinics of Doctors of Medicine: Establishments of licensed practitioners having the degree of M.D. and engaged in the practice of general or specialized medicine and surgery. Establishments operating as clinics of physicians are included in this industry. Osteopathic physicians are classified in Industry 8031.
- Ambulatory surgical centers
- Anesthesiologists, offices of
- Clinics of physicians (M.D.)
- Dermatologists, offices of
- Freestanding emergency medical (M.D.) centers
- Gynecologists, offices of
- Neurologists, offices of
- Obstetricians, offices of
- Oculists, offices of
- Ophthalmologists, offices of
- Orthopedic physicians, offices of
- Pathologists (M.D.), offices of
- Pediatricians, offices of
- Physicians (M.D.), including specialists: offices and clinics of
- Plastic surgeons, offices of
- Primary care medical (M.D.) clinics
- Psychiatrists, offices of
- Psychoanalysts, offices of
- Radiologists, offices of
- Surgeons (M.D.), offices of
- Urologists, offices of
Ambulatory Surgical Center Insurance - The Bottom Line
It is easy to see how increasingly popular ambulatory surgical centers are becoming. They are fast, easy, and cost effective for both the surgeons and patients. With an increasing demand for patients to have the ability to utilize surgery centers, comes an increase of risks such as unexpected accidents, tragic oversights, or natural disasters.
It is critical for these surgery centers to be covered with the appropriate insurance coverage. Don't leave your ASC vulnerable to risks. With the right policy in place, you can rest assured that it can survive unexpected catastrophes.
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
- Specialty Medical Centers And Clinics
- Specialty Medical Malpractice
The medical industry is a crucial sector that plays a vital role in ensuring the health and well-being of individuals. It is a complex and highly regulated industry that requires specialized knowledge and expertise. As a result, the medical industry is exposed to a variety of risks, including legal and financial liabilities.
One of the main reasons why the medical industry needs commercial insurance is to protect against medical malpractice. Medical malpractice occurs when a healthcare provider deviates from the standard of care and causes harm to a patient. It can lead to costly lawsuits and significant financial losses for the healthcare provider. Business insurance helps to cover these costs and protect the financial stability of the medical facility.
Another reason the medical industry needs business insurance is to cover the cost of regulatory fines and penalties. The medical industry is subject to strict regulations and any violations can result in significant fines and penalties. Business insurance helps to cover these costs and protect the financial stability of the medical practice or facility.
In addition, the medical industry is vulnerable to data breaches and cyber attacks. These incidents can result in significant financial losses and reputational damage for the medical facility. Business insurance helps to cover the cost of recovering from a data breach or cyber attack and helps to protect the reputation of the medical facility or practice.
Overall, business malpractice insurance is an essential component of the medical industry. It helps to protect against the financial and reputational risks associated with the medical industry and helps to ensure the financial stability and success of medical practices and facilities.
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.