First and foremost let’s be clear- all Medical Indemnity Insurance policies are not the same.
Here are two areas of concern- choosing the right policy and when you should you review it, which illustrate this point. In regard to deciding on a Medical Indemnity Policy– here are the essential questions to ask-
- Does your policy cover you for public patients?
- Does your policy cover you for statutory fines & penalties?
- Does your policy cover you for privacy breaches and the cost of notifying patients and the Privacy Commissioner?
- Does the insurer have discretion as to whether they will cover non-compensation claim matters?
- Does your policy provide you with loss of income if you have to attend court?
- Is your retroactive date adequate to cover all past practice?
- Does your policy cover you for your administrative staff?
- Are you in the right ‘category of practice’ (if applicable) and have you declared accurate billings?
- Are you covered for telehealth services?
- Are you covered for tax audits?
- Are you covered for Medicare audits or investigations?
- Are you covered for defamation and employment disputes?
Here are some important issues to address in regards to your Medical Indemnity Insurance Australia.
Now after you are covered to your satisfaction ….When do you need to review your cover? Your circumstances have changed – you are starting out in private practice, your practice mix has changed, or your billings have increased or decreased since last year.
- You’re eligible for other discounts – such as getting started in private practice or based on your experience and practice you may qualify for discounts with another insurer.
- You want better value – perhaps your current policy worked for you in the past, but is no longer competitively priced.
- You want better cover – perhaps your policy was once market-leading, but new providers have brought innovative features to the market.
- You’re paying more than you should – you’ve been claims-free for several years but your rates haven’t changed.
- You want better customer service – you’re experiencing poor communication with your insurer and may have had difficulties when making a claim.
Medical Indemnity Insurance in Australia is one of the most complex areas of general insurance and is often the most misunderstood. There is a raft of legislation which is designed to protect registered healthcare practitioners (and patient’s rights to seek compensation when mistakes occur). Contact a Medical Indemnity Insurance advisor to find out more.
This publication is general in nature and is not comprehensive or constitute legal or medical advice. You should seek legal, medical or other professional advice before relying on any content, and practice proper clinical decision making with regard to individual circumstances. Persons implementing any recommendations contained in this publication must exercise their own independent skill or judgment or seek appropriate professional advice relevant to their own particular practice. Compliance with any recommendations will not in any way guarantee discharge of the duty of care owed to patients and others coming into contact with the health professional or practice. Tego Insurance Pty Ltd is not responsible to you or anyone else for any loss suffered in connection with the use of this information.
Eric is the CEO of Tego, an insurance agency offering specialist indemnity insurance solutions for the healthcare and life sciences sectors. His qualifications include a bachelor’s degree in business and law, a master’s degree from UNSW in law and management and an MBA from the AGSM.