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18 Feb Write More Business with Insurance for Healthcare Services
Any individual or organization in the healthcare industry faces significant liability and risk. Healthcare services encompass professions and people who directly impact the lives of their clients and patients. Although they are dedicated to making life better for the people with whom they work, accidents happen, wrongful acts exist, and there are associated lawsuits. Liability insurance for healthcare services is vital.
As an insurance producer, you can write more business by offering quality liability insurance for healthcare services. Your healthcare industry clients want to know that they are protected in the course of their work, especially knowing how devastating a lawsuit can be. A search of healthcare-related lawsuits reveals massive financial penalties, which are often so hefty it’s hard for most to pay without insurance coverage.
Healthcare Services Lawsuits
Look at Sutter Health, the California hospital chain, and the situation it is in as of December 2019. Facing an antitrust lawsuit settlement, the company posted a $689 million loss for their third quarter, knowing they had to set aside $575 million for the settlement. They’re also looking at a potential class-action lawsuit for allegedly sharing medical information without authorization. Sutter says this could have a material adverse effect on future finances.
In another big-number lawsuit, Milwaukee’s Aurora Health Care and Ciox Health must pay $35.4 million after overcharging for medical records requests. And individual practitioners face expensive legal action, too. This New Jersey physician, for example, pled guilty to Medicare fraud and must pay $7 million in restitution to the federal government. Similarly, this Texas doctor owes $2.1 million to resolve claims of false Medicare billing.
With liability insurance for healthcare services, lawsuits are much easier to handle. Risk management is an inherent part of coverage so that your clients can rest assured that they are taking every step to avoid damage caused by claims.
Prime Insurance Company’s Liability Insurance for Healthcare Services
Our liability insurance for healthcare services covers assisted-living and senior care facilities and classes of healthcare providers, including doctors, midwives, physicians and surgeons, and other health professionals. The coverages protect medical directors, provide professional liability insurance, safeguard against suits surrounding alleged sexual abuse and molestation, and cover wrongful acts.
We do not offer one-size-fits-all insurance, recognizing that each client operates in a different manner, a different environment, and with a specific subset of the patient population. Instead, our underwriters work with you and your client to understand the particular needs for insurance, adapting to your client’s profile. Our insurance offerings are both industry-specific and line-specific to meet market needs.
Sometimes, it’s challenging for healthcare services and practitioners to access the right insurance. Some insurance companies shy away from offering the coverage needed. Even if your clients already have some insurance, their coverage may be inadequate or it may have exclusions that makes it less effective. We are realistic about risk. We understand what your clients are dealing with – that they may have been declined or that their current insurance is not as robust as it should be. We only offer insurance that works, alongside effective, expert risk management advice and recommendations to cut down on potential claims.
Of course, if your clients do need to submit a claim, we work hard to manage every claim efficiently and fairly. We aim for clear communication and quick results. Our in-house claims team comprises attorneys and industry experts who know healthcare inside and out.
The way we work at Prime Insurance Company gives you exactly what you need to write more business. With us, you can provide insurance that other companies cannot match. When you are working with healthcare services clients, you can offer them the best of the best, no matter how specific or unique a risk may be. That’s the Prime model, and it works well for producers and insureds.
We’re happy to help you launch into healthcare services insurance or to expand your current offerings with the coverage we offer. Please get in touch with us to find out more about Prime and how it can help you as an insurance producer.
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