Provider Stop Loss Insurance And Other Important Coverage For The Healthcare Industry

There is a lot of emotion that is attached to the medical industry because it deals with human life. From hearing that first cry of a newborn baby to the final breath of a loved one, there is a lot that can happen in between that force a medical facility to protect itself. Rising costs for medical services led to the development of health maintenance organizations. However, if a significant health issue occurs, these doctors can actually lose money. Additionally the healthcare industry poses a risk their employees. Injuries on the job can cost businesses both monetarily and through the injury of the employee. The most talked about risk is from the actions of a care provider that is costly to the patient in some way. All of these risks require medical organizations to ensure that they are protected.

Provider Stop Loss Insurance

Health maintenance organizations (HMO's) that payout through the capitation method provide a set amount of money to pay for healthcare for an individual. The amount is based on several factors including health history, age, type of employment and others. Every time the patient requires services, the cost of those services is taken from that amount. If a patient exceeds the amount set aside there is no recourse for the provider to cover the injury. Provider stop loss insurance gives physicians the ability to provide the necessary care without the uncertainly of whether the capitation will cover the doctor’s expenses. If a major health issue arises, then provider stop loss insurance would give you the resources to attain reimbursements on high cost patients that require a lot of services.

Workers' Compensation Insurance

Every employer across the board is required to have some type of workers' compensation insurance. However, the healthcare industry has a greater risk of injury occurring on the job. Patients can come in with rare illnesses, diseases, and healthcare professionals use sharp instruments while working at a fast pace. As a result, workers' compensation insurance is especially important for hospitals and clinics. The coverage provides for the recovery of an employee after suffering an injury on the job. This includes medical expenses, lost wages, therapy and other expenses associated with recovery.

Medical Malpractice Coverage

The most common policy in the healthcare industry is hospital professional liability coverage, or medical malpractice. This policy covers losses due to the decisions and actions of a physician. A loss in this category can be particularly catastrophic due to the nature of the claims.  Many expensive claims types are those in which medical errors were made that result in lifelong disability or wage loss. Obtaining professional liability protection is one of the most important policies to buy.

Protecting your business from loss is important to do, especially when you are in the healthcare industry. Finding a company that provides a total protection package can save you money. Making a change in your insurer, adding a vital coverage or making sure you are not overpaying may be the best move you can make.