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Here’s Why Professional Indemnity Insurance is a Life Saver for Doctors

The insured doctor gets adequate coverage by the chosen insurer if he or she is not found guilty of medical misconduct or negligence

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Doctors
Professional indemnity insurance for Doctors takes care of the expense related to medical negligence claims raised by patients. Pixabay

Life is precious for all, and everyone does their part to stay healthy. The first thing that comes to mind when people think about good health is the role of doctors in their lives. In India and across the globe, doctors are considered next to God for they have the power to save lives and heal wounds. However, even doctors commit mistakes sometimes as a part of the services they offer and can face severe problems as a result. 

If you are a healthcare professional, you can better understand this. No doctor wants to hurt their patients physically or in other ways, intentionally. However, the patients can sometimes suffer because of negligence or a mistake done by doctors while offering treatments. In such situations, the doctors are liable to pay for the losses incurred to the patients. 

Such financial setbacks can also have an impact on your career as a healthcare professional. Professional indemnity insurance can be of great help to you to stay safe.

Why Doctors Need Professional Indemnity Insurance?

The count of medical negligence cases has increased in Indian over the past few years. The alarming rise in litigations against doctors becomes problematic for them in several ways. They need to visit courts, pay for the losses incurred to the victims and face a decline in reputation amongst the patients. 

Professional indemnity insurance for doctors takes care of the expense related to medical negligence claims raised by patients. The insured doctor gets adequate coverage by the chosen insurer if he or she is not found guilty of medical misconduct or negligence.

Another significant aspect of such situations is that you cannot estimate the loss in terms of penalties. Take the case when a patient has lost his limb or a kidney during a medical procedure you carried out. You never know how much compensation the patient would ask for, which can be very big at times. Professional indemnity insurance will cover you against financial losses in case any of your patients sue you for medical misconduct.

Furthermore, doctors who are offering several medical services under one roof in a hospital need to cover their hired staff, be it nurses or junior doctors under group policies for professional indemnity cover. 

Doctors
The first thing that comes to mind when people think about good health is the role of doctors in their lives.

What Does It Cover?

A professional liability insurance policy for doctors covers all the expenses incurred for defence, including the charges applicable in the court, plus the claims made by patients for medical negligence. You should also know that this policy is time-bound and will only cover the claims made during its tenure. So, as a doctor, you need to get it renewed timely.

Exclusions 

Professional liability insurance comes with a plethora of benefits. However, it may not cover the claims in the following cases:

  • Criminal acts, penalties and fines
  • Wilful neglect
  • Being under the influence of drugs or alcohol while offering medical services
  • Violation of law, and many others

Top Companies That Offer Professional Liability Insurance Policies

  • Reliance General Insurance Company
  • New India Insurance
  • TATA AIG General Insurance Company
  • United India Insurance General Insurance Company
  • ICICI Lombard
Doctors
Doctors who are offering several medical services under one roof in a hospital need to cover their hired staff, be it nurses or junior doctors under group policies for professional indemnity cover.  Pixabay

Best Way to Buy Professional Indemnity Insurance

Doctors are known for their knowledge and expertise in saving lives. However, they may at times commit a mistake that can impact the lives of their patients. This is where the role of professional indemnity insurance comes up. However, it is not generally easy for doctors to choose the right insurer. 

ALSO READ: Delhi to Have Full-Fledged Schools on Lines of NSD

A great way to ensure that you make the right decision is to ask for help from a good quality insurance broker. They will be able to give you quotes from multiple insurers and help you in making the right choice for your needs.

 

Next Story

This AI Tool Can Predict Mortality Of Heart Failure Patients

Researchers develop a tool that can predict mortality of heart failure patients

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This artificial intelligence (AI) tool can predict life expectancy in heart failure patients. Pixabay

Researchers have developed an artificial intelligence (AI) tool to predict life expectancy in heart failure patients.

The machine learning algorithm based on de-identified electronic health, records data of 5,822 hospitalised or ambulatory patients with heart failure at UC San Diego Health in the US.

“We wanted to develop a tool that predicted life expectancy in heart failure patients, there are apps where algorithms are finding out all kinds of things, like products you want to purchase,” said Avi Yagil, Professor at University of California.

“We needed a similar tool to make medical decisions. Predicting mortality is important in patients with heart failure. Current strategies for predicting risk, however, are only modestly successful and can be subjective,” Yagil added.

From this model, a risk score was derived that determined low and high risk of death by identifying eight readily available variables collected for the majority of patients with heart failure:Diastolic blood pressure, Creatinine, Blood urea nitrogen, White blood cell count, Platelets, Albumin and Red blood cell distribution.

Yagil said the newly developed model was able to accurately predict life expectancy 88 per cent of the time and performed substantially better than other popular published models.

“This tool gives us insight, for example, on the probability that a given patient will die from heart failure in the next three months or a year,” said researcher Eric Adler.

Heart failure patients
The mortality of a heart failure patient can be predicted. Pixabay

“This is incredibly valuable. It allows us to make informed decisions based on a proven methodology and not have to look into a crystal ball,” he added.

The tool was additionally tested using de-identified patient data from the University of California San Francisco and a data base derived from 11 European medical centers.

“It was successful in those cohorts as well,” said Yagil.

“Being able to repurpose our findings in independent populations is of utmost importance, thus validating our methodology and its results,” Yagil added.

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Researchers said the partnership between physicists and cardiologists was critical to developing a reliable tool and extensive knowledge and experiences from both sides proved synergetic.

The study was published in the European Journal of Heart Failure. (IANS)