For any healthcare practitioner looking to rent office space from a medical practitioner with facilities, it is imperative that you mitigate the many risks with Medical Practice Insurance. Here are our suggestions to keep your practice safe and protected.
Medical Indemnity Insurance for the room rental contract
Of course you need a written contract, which must be drafted by your practice’s lawyers – to ensure that the terms and conditions (services and termination) are fair. But most importantly, both parties must have in place- proper Medical Practice Insurance in Australia as well as Medical Indemnity Insurance.
Many room rental arrangements are informal but we do not think that is a good idea… your practice’s operations are too important to be in jeopardy due to poor legal advice or lack of insurance coverage.
Remember- You are an independent business and need to keep your Medical Indemnity Cover Policy up to date.
Again, be certain that you have all of the right insurances in place. Room rental practitioners must hold their own public liability. Plus keep your Medical Indemnity Cover Policy up to date on a regular basis as your private billings increase so will your premiums.
Selecting the right rooms and services
You cannot do enough due diligence on the practitioners (facility) who is renting you seasonal rooms. Are their procedures, staff, facilities etc satisfactory and meet your high standards? Do they have the right Medical Professional Indemnity Insurance in place?
These rooms you will be renting definitely will have a powerful influence on your patient’s opinion of you, so choosing the right seasonal rooms is as crucial as if you were deciding to lease or purchase your own rooms.
Have a Plan B
What happens if the rooms are sold without notice or a storm or fire causes damage to your space? Do you have a business continuity plan as to how you will continue to see patients if you can’t access the rooms?
Finally, having an insurance broker as part of your team is one of the best risk management actions you can take. Use a broker who specialises in the medical field, as the risks in medical practice are unique and complex. A broker will provide you advice on your circumstances, just as your lawyer or accountant does. Tego is a provider of medical indemnity insurance for doctors in Australia. Medical Indemnity insurance is a critical component of a strong career. When things go wrong, you need to ensure that you have the best doctors medical indemnity insurance in place. It’s important that you obtain a medical indemnity insurance quote to enable you to compare cover across the different medical indemnity insurers. Contact Tego today to find out the cost of medical indemnity insurance.