Osteopathic Physician Insurance Policy Information
Osteopathic Physician Insurance. 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 musculoskeletal 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 is important. What types of coverage might Doctors of Osteopathic Medicine require? Discover more in this brief guide.
Osteopathic physician insurance 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.
Below are some answers to commonly asked Doctors of Osteopathic Medicine insurance questions:
- What Is Osteopathic Physician Insurance?
- How Much Does Osteopathic Physician Insurance Cost?
- Why Do Osteopathic Physicians Need Insurance?
- What Type Of Insurance Do Osteopathic Physicians Need?
- What Does Osteopathic Physician Insurance Cover & Pay For?
What Is Osteopathic Physician Insurance?
Osteopathic Physician insurance refers to a type of insurance coverage specifically designed for doctors who practice osteopathic medicine. This insurance provides financial protection for these physicians in the event of malpractice claims, lawsuits, or other legal issues that may arise from the practice of their profession.
The coverage typically includes protection for legal fees, damages, settlements, and other costs associated with a legal dispute. This insurance is important for osteopathic physicians to have as it helps to minimize the financial risk associated with practicing medicine and provides peace of mind in the event of a legal dispute.
How Much Does Osteopathic Physicians Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for Doctors of Osteopathic Medicine practices ranges from $47 to $69 per month based on location, size, revenue, claims history and more.
Why Do 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 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, 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 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 osteopathic practice through the entire process of obtaining the right insurance.
Among the kinds of osteopathic physician insurance 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 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 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.
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 - The Bottom Line
To protect your practice, employees and patients, having the right osteopathic physician insurance 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.
What Does Osteopathic Physician Insurance Cover & Pay For?
Osteopathic physicians, like other medical professionals, can be sued for a variety of reasons. Medical malpractice insurance is designed to protect them against financial losses arising from such lawsuits. Here are some common reasons for lawsuits against osteopathic physicians and how insurance can help:
Misdiagnosis: An osteopathic physician may be sued for misdiagnosing a patient's condition, leading to incorrect treatment or delayed recovery. Insurance can help by covering the legal costs of defending the physician and any settlement or judgment awarded to the plaintiff, up to the policy limits.
Delayed diagnosis: A delayed diagnosis can cause the patient's condition to worsen, leading to a lawsuit. Medical malpractice insurance can provide financial protection for the osteopathic physician by covering the cost of legal defense and any potential settlements or judgments.
Failure to treat: If an osteopathic physician fails to provide the necessary treatment, either due to negligence or oversight, they may be sued. Insurance can help by covering the cost of defending against the lawsuit and any resulting compensation awarded to the plaintiff.
Medication errors: Prescribing the wrong medication or dosage can lead to patient harm and potential lawsuits. Medical malpractice insurance can help pay for legal defense costs and any settlements or judgments resulting from the lawsuit.
Surgical errors: Errors during surgery, such as operating on the wrong site or leaving a foreign object inside the patient, can result in lawsuits. Insurance can help protect the osteopathic physician by covering legal defense costs and any awarded compensation.
Informed consent: If an osteopathic physician does not adequately inform a patient about the risks and benefits of a treatment, they may be sued for lack of informed consent. Medical malpractice insurance can cover the costs of defending against such a lawsuit and any settlements or judgments that may arise.
Breach of patient confidentiality: Osteopathic physicians are required to maintain patient confidentiality, and a breach of this duty can lead to legal action. Medical malpractice insurance can help pay for the costs of defending against a lawsuit and any awarded compensation.
Improper documentation: Failing to maintain accurate and up-to-date medical records can expose an osteopathic physician to liability. Insurance can help cover the legal costs and any potential settlements or judgments resulting from a lawsuit.
It is important to note that the coverage provided by medical malpractice insurance will depend on the specific policy and its limits. Osteopathic physicians should carefully review their policy to ensure they have the appropriate coverage for their practice.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8031 Offices And Clinics Of Doctors Of Osteopathy
- NAICS CODE: 339994 Broom, Brush, and Mop Manufacturing
Description for 8031: Offices And Clinics Of Doctors Of Osteopathy
Division I: Services | Major Group 80: Health Services | Industry Group 803: Offices And Clinics Of Doctors Of Osteopathy
8031 Offices And Clinics Of Doctors Of Osteopathy: Establishments of licensed practitioners having the degree of D.O. and engaged in the practice of general or specialized osteopathic medicine and surgery. Establishments operating as clinics of osteopathic physicians are included in this industry.
- Osteopathic physicians, offices and clinics of
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.
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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.
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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.