Starting or joining a private practice is an exciting time, but it can also be risky. An essential way to protect your professional reputation and reduce risk is to obtain comprehensive medical professional liability insurance. In a previous blog I discussed what areas to avoid when purchasing an insurance policy. In this post I will address some important steps you can take to help create and maintain a successful practice.
Build good relationships
If you are entering into, or are already in, a private practice, you should forge and maintain relationships with an experienced risk manager, colleague, attorney, accountant, professional organization and trusted insurance professional. PRMS licensed insurance professionals utilize extensive experience to provide sound advice to cover your risks and explain complex insurance options.
Cover your psychiatry services
Medical professional liability policies and risk management consultation can be generic for all specialties. But your practice is not generic – and neither is our program. This is why our policy, in addition to covering for standard psychiatric treatments, also covers services such as telepsychiatry, evaluations, forensic psychiatry (e.g., expert testimony), Peer or Utilization Review, routine medical care incidental to psychiatry services, publications, teaching, clinical trials and emergency medical treatment without the expectation of compensation.
Know your risk tolerance
Each time you contemplate the range of options between the “floor” of the standard of care and optimal care, it is imperative that you not only identify and evaluate the associated risks, but also recognize your tolerance for those risks. PRMS clients have complimentary access to risk managers who will advise you and help lower your risk.
You can read more about preparing for a private practice here. Contact us to start building a trusted relationship with an insurance professional by calling 800-245-333 or emailing TheProgram@prms.com.