Medical Malpractice Policies: What you didn't know, but should
April 17, 2023
Michael MacKinnon DNP FNP-C CRNA & Joe Rodriguez DNAP CRNA
Meet Julie Nycum, CPCU, RPLU, ARM, the current director of AANA Insurance Services, providing medical malpractice to CRNAs across the country through Medical Protective (med pro). Julie worked for Medical Protective (med pro), a Berkshire Hathaway Company writing 2 billion in policies a year for 24 years as Vice President of Underwriting. In 2006 she met with AANA insurance services on behalf of med pro to develop the medical malpractice services AANA uses today.
On this podcast we talk about:
- Occurrence vs Claims made and how important it is to know the difference related to YOUR risk and why over time claims made is MORE expensive
- Buying claims made "tail" isn't as simple as it sounds. Or as good.
- Time does not start until discovery starts. Might be past your claims-made policy and then YOU are on the hook.
- Consent to Settle & Hammer Clauses (Scary Stuff)
- You can be named (and need coverage) for NON-Anesthesia issues
- Policies may cover a lot more than you are aware of like lost wages etc.
- What does "1 million per occurrence and 3 million aggregate" coverage mean?
- Why 1/3 mil vs 250/500K per claim/aggregates are different in different states? Should you get a 1/3 policy anyway?
- What happens if a claim went OVER the max/occurrence (1 million) policy? You pay that is what happens.
- Why does Admitted vs Non-Admitted matter? The Oceanus Story
- Does AM Best matter to providers or facilities?
- How the size of an insurance company impacts the lawyers you get access to
- If you own an anesthesia company should you have special insurance for your contractors for vicarious liability?
- If you are covered by a groups policy should you also have your own to protect your interest?
- Does a settlement result in you being reported to the national practitioner databank?
- Is there any increased cost for med mal for an independent CRNA to the CRNA?
- Is there extra cost for the facility or surgeon working with an independent CRNA?
- Is there decreased cost for the CRNA or facility when working in an Anesthesia Care Team with a physician anesthesiologist? "liability shield"
- If you do ketamine clinics, medical aesthetics, IV infusion work does your CRNA medical malpractice cover these things?
- Medical Malpractice rates have not increased for CRNAs at Med Pro for 14 years. Now they are increasing, why and what does that mean?
- When do you have to report to the med mal company? Can you self-trigger coverage by hearing something might happen or when an event occurs? Can claims made do this?
- Whats the process and length of time of a claim?
Addendum: If you are threatened with a claim (lawsuit) you should report that to medpro in writing ASAP.
The Difference between Occurrence and Claims Made Med Mal
Per Claim and Total In a Year in different states
What if you go over your 1 million?
What all is included in that 1 million?
Why are some states minimums less than 1 and 3 million? Should I always have 1/3?
What is an employer shared limit?
Admitted vs Non-Admitted policies and the story of Oceanus
What is consent to settle and the "Hammer Clause"
Do bigger companies get better lawyers?
What to know if your employer "covers" you under their malpractice insurance
Are CRNAs less liable working with MDAs and are surgeons at risk legally working with indy CRNAs?
If i do an IV therapy or ketamine clinic, or run a med spa am i covered?
If i own an anesthesia group am i liable for my 1099/employees actions?
What OTHER things does your med mal cover?
Med Mal Rates are going up this year, WHY?
When do i report to my med mal a potential issue?