PracticeLink Magazine

FALL 2014

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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Page 19 of 103

20 | FALL 2014 the eyes of most of the doctors when they suddenly realized they were not alone. "It's this dirty little secret that doctors carry with them, because the frst thing doctors are told by attorneys after a suit is fled is to not talk about it to anyone," he says. "While good legal advice, talking to friends and colleagues can be personally help- ful in working through a diffcult situation." Malpractice insurance, also known as professional liability coverage, encompasses much more than medical errors or omissions. It also covers breach of duty, misstatements, negligence and wrongful acts. Whether a claim is valid or not, without insurance you'd still spend a great deal defending yourself. So how much do you actu- ally need? Greene says that in her experience, the answer differs based on several factors: geographic location, practice setting and area of medical specialty. Kathy Brown, COPIC Insurance's vice president of corporate marketing and commu- nications, says hospitals also have requirements regarding the limits of liability a physician must carry in order to be granted hospital privileges. "In addition, most state regula- tions include fnancial responsibil- ity and/or minimum requirements for limits of liability. In highly litigious states, physicians often carry higher limits than those required," she says. Types of malpractice coverage Two types of professional liability coverage are available to most doctors: occurrence and claims- made policies. Occurrence: You are covered for any incident that occurs while your policy is in force, despite when that claim may arise. Let's say a patient comes forward with a claim that you were negligent in your medical diagnosis nine years ago while you were insured. Even though you may have moved on to another practice, stopped practic- ing, retired or died, you or your estate is still covered. Occurrence is the most expensive of the two types of malpractice insurance NOW SEEKING Family Medicine Internal Medicine Specialists Nurse Practioner Physician Assistant Nestled in rolling Ohio hills an hour from Cleveland and Columbus, MedCentral Health System offers cutting- edge care typically found only in large metropolitan hospitals. Enjoy exceptional opportunities for career challenge and growth surrounded by excellent schools, parks, lakes, golf courses and the arts. Learn more at or call (419) 526-8059. Specialize in living at MedCentral. Specialize in living at MedCentral. Family Medicine Internal Medicine Specialists Nurse Practitioner Physician Assistant Financial Fitness | Insurance tails and types Continued from previous page

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