Buying Malpractice Insurance 101
Rachel and I talk about all aspects of malpractice insurance including head and tail coverage, liability insurance, license defense, limits and negligence. We also discuss factors to take into account when choosing a policy and places acupuncturists are most at risk.
top tips for buying the right coverage
Are you less than excited about researching what malpractice insurance to purchase? Not really sure what you should be looking for? Are you confused by the terms and amounts? Have no idea what any of the legal speak means? How much should you buy? What if you are changing companies?
Buying insurance can be really confusing and it’s one of those foundational choices that you make at the beginning of your career when you don’t know what you don’t know.
Listen in as Rachel and I cover every detail of buying your insurance. This hour could save you SO much money!
today’s guest
RACHEL SCHUMONT, ATTORNEY, OWNER AT COUNSEL FOR WELLNESS
My name is Rachel and I am an attorney that specializes in legal issues that affect your business.
I began my legal career as a litigation attorney in Northeast Florida but after years of working in a courtroom I felt drawn to another passion and chose to spend a few years teaching vinyasa yoga in Southern California. While teaching, I quickly learned how little yoga teachers understood about their businesses and worked to educate yoga teachers on the nuances of their businesses and help them identify areas where they could limit their liability. From there my business grew and expanded to include other areas of health and wellness. Through my practice, Counsel for Wellness, I work with acupuncturists, dietitians, movement and fitness instructors, health coaches, and others in the wellness field to establish business entities, review and negotiate contracts, get solid legal documents in place, and address any other legal issues that arise along the way.
My experience has been that many business owners put off getting their legal affairs in order because they believe it to be overwhelming or time-consuming. With Counsel for Wellness my goal is to make your legal issues accessible so that you can focus on growing your business and caring for your people.
you’ll learn
Malpractice insurance is a special type of professional liability insurance that's just for a health care provider.
Professional liability insurance covers you if someone states you did something wrong in your professional capacity.
More specifically, malpractice insurance covers healthcare providers if there is an incident where a patient is injured or dies. That coverage means financial coverage. It covers the costs and expenses associated with the patient's injury.
Business liability insurance also called general liability insurance, provides coverage for injuries or damage that someone claims that your business caused that aren't necessarily related to your health care services. An example would be someone falling while in your office.
License Defense is utilized if your license is being challenged due to a complaint filed at the state level.
Nose coverage covers you for incidents that happen before you had your insurance coverage in place.
Tail coverage covers you for when you are terminating your existing policy coverage, but you could still get a claim for malpractice down the road.
Per Claim , also called per occurrence is the limit that the insurance company will pay per incident during the term of your insurance policy.
Aggregate limit is the total amount that the insurance company will pay for multiple claims over the course of your policy term.
A lawsuit is a claim or an action that’s brought before a court of law for a decision to be made.
Negligence is failing to exercise the care towards others that a reasonable or prudent person would do in the same or similar circumstances.
Did you breach your duty of care?
Causation
Damages.
Factors to take into account when choosing a policy:
Amount of coverage based on your personal assets.
Can you keep your business afloat if you get sued?
Are all modalities covered?
Vicarious liability. (Errors your employees make.)
Places Acupuncturists are most at risk.
Negligence
Know the state law standards of practice. Act within scope of practice and duty of care that is owed.
Data security and HIPAA. Protecting data.
Disclosing info to 3rd party w/o consent.
Failure to take reasonable measures to protect your patient’s electronic records.
Disclosing too much information in violation of the minimum information necessary standard.
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TEXT A LINK OF YOUR FAVORITE EPISODE TO ANOTHER ACUPUNCTURIST!
How To Start An Acupuncture Practice II
In this episode I continue to outline the systems you need to have in order to launch your practice including and EHR, malpractice insurance, a domain name, and how to set up your books and find an accountant.
five pain in the ass things you have to do second
This podcast is for the new practitioner, student or someone transitioning from contractor to business owner. In this episode I dish up your second serving of , “open a clinic pie”. Yep! A spoonful of sugar makes the medicine go down! There is absolutely NO WAY you can avoid this dish. This acupuncture practice stuff requires a special balance. Here we are working on Yin within Yang. This episode is all about the things within the business that make it turn.
you’ll learn
I launch with special thanks to my support team and all of the 2020 podcast celebrities on my show.
Here is the link for the Qiological podcast. You are going to love it!
Coming up in 2021 we are going to start with a series with Rachel Schumont of Counsel For Wellness. Knowing what legal matters you should and shouldn’t concern yourself with is key. We often esteem ourselves with our abilities to come to a quick and accurate diagnosis and treatment plan. You need to be the same with your business. Know your legal boundaries and how to keep them accurate as well. It could save you a fortune.
The one and only Sharon Weizenbaum will be here soon with a special announcement of whats cooking at the White Pine Institute. Here’s a hint: There is something for everyone.
Watch for a membership thru AcuSprout this year. This will be a great opportunity for you to go deeper into topics where you need a little more information and attention. Things to look forward to: Webinars, Q and A office hours, and a community forum where we can all communicate.
Here are the next 5 things to do: BUT WAIT! If you haven’t listened to episode 013 do that first. There is a method to the order. It will be easier for you!
1.) Get Malpractice Insurance
2.) Choose an EHR
Or you can be old fashioned and use paper. Just be sure to understand the HIPAA regulations regarding the safekeeping of those files.
Check out GoogleWorkspace. (*Affiliate Link) You are going to need a HIPAA compliant email address anyway. Keeping records here may be a good way to start if you can figure out how to sign the documents.
3.) Set up your Books (options)
Hire a bookkeeper to keep your books OR hire a bookkeeper to set them up and teach you how to do the things.
In episode 012, Travis Kearn suggests you learn how to set your books up with Hector Garcia CPA on youtube to learn the ropes. I agree.
I mention GoDaddy but have since changed my mind. You should just start out with QuickBooks .
4.) Hire an Accountant
Ask other Acupuncturists who are similar to you who they use. A word of mouth referral is going to yield the best possible outcome.
Go for a consultation. Is their office organized? Are they timely? Good Shen? (LOL)
If you are confused at all, walk away. They should be able to explain everything clearly and have a nice little “to do” schedule for you.
5.) Pick a Domain Name
I like Hover. Whatever you do, don’t use the same company for your domain name and domain host.
You might consider using,”Acu” instead of “Acupuncture”.
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* Some of the links on this page are affiliate links. This is currently how this show is being supported. If you purchase through an affiliate link there is no additional cost to you and often there is actually a discount. I may receive a small commission from the sale. Because I truly care about my community I provide only links from companies that I also support or believe to be great support to your growth.