ACU-028 Buying Malpractice Insurance 101: A Guide For Acupuncturists
AcuSprout: Acupuncture Podcast
08/05/21
•73m
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TOP TIPS FOR BUYING THE RIGHT COVERAGE
Are you less than excited about researching what malpractice insurance? Not really sure what you should be looking for? Are you confused by the terms and amounts? Not sure about the terms? How much should you buy? What if you are changing companies?
Buy insurance can be really confusing and it’s one of those foundational choices that you make at the beginning of your career when you don’t know what you don’t know.
Listen in as Rachel and I cover every detail of buying your insurance. This hour could save you SO much money!
TODAY’S GUEST
RACHEL SCHUMONT, ATTORNEY, OWNER AT COUNSEL FOR WELLNESS
YOU’LL LEARN
- Malpractice insurance is a special type of professional liability insurance that's just for a health care provider.
- Professional liability insurance covers you if someone states you did something wrong in your professional capacity.
- More specifically, malpractice insurance covers healthcare providers if there is an incident where a patient is injured or dies. That coverage means financial coverage. It covers the costs and expenses associated with the patient's injury.
- Business liability insurance also called general liability insurance, provides coverage for injuries or damage that someone claims that your business caused that aren't necessarily related to your health care services. An example would be someone falling while in your office.
- License Defense is utilized if your license is being challenged due to a complaint filed at the state level.
- Nose coverage covers you for incidents that happen before you had your insurance coverage in place.
- Tail coverage covers you for when you are terminating your existing policy coverage, but you could still get a claim for malpractice down the road.
- Per Claim , also called per occurrence is the limit that the insurance company will pay per incident during the term of your insurance policy.
- Aggregate limit is the total amount that the insurance company will pay for multiple claims over the course of your policy term.
- A lawsuit is a claim or an action that’s brought before a court of law for a decision to be made.
- Negligence is failing to exercise the care towards others that a reasonable or prudent person would do in the same or similar circumstances.
- Did you breach your duty of care?
- Causation
- Damages.
- Factors to take into account when choosing a policy:
- Amount of coverage based on your personal assets.
- Can you keep your business afloat if you get sued?
- Are all modalities covered?
- Vicarious liability. (Errors your employees make.)
- Places Acupuncturists are most at risk.
- Negligence
- Know the state law standards of practice. Act within scope of practice and duty of care that is owed.
- Data security and HIPAA. Protecting data.
- Disclosing info to 3rd party w/o consent.
- Failure to take reasonable measures to protect your patient’s electronic records.
- Disclosing too much information in violation of the minimum information necessary standard.
- Negligence
CALL TO ACTION
TEXT A LINK OF YOUR FAVORITE EPISODE TO ANOTHER ACUPUNCTURIST!
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Previous Episode
ACU-027 Five Factors That Can Make Or Break Your Marketing Strategy
July 23, 2021
•36m
YOUR STRATEGY IS YOUR MAP TO SUCCESS!
How could you possibly know how to get to where you want to go without first defining where you want to go? Are you a new practitioner and want to know how to get new patients? Are you feeling unheard? Do you have SO much passion that when someone asks if Acupuncture can treat XXX you can hardly contain your excitement and can’t wait for them to come see you so you can SHOW them?!! Then they don’t come see you and your sensitive feelers crumble. Because, if they would just GIVE YOU A CHANCE!!!!
If this is you, you are really putting the cart before the horse. Yes, yes, of course, of course it could happen that they schedule with you right away, but I doubt it. People need repetition. They need to be struck multiple ways with your presence and message. They need to see you stick around so they can get to know you. They need someone else to tell them to go see you. They need to hear you talk about them in their own words. They need to find you in ways that resonate with them.
In this episode we till the soil, envision the garden of your business, choose the seeds, plant, nurture, and harvest exactly what we want. This is the way. This is your map to creating the practice of your dreams.
YOU’LL LEARN...
THE TOP 5 FACTORS THAT CAN MAKE OR BREAK YOUR MARKETING STRATEGY
- What is your niche? What type of garden do you want?
- Who is your dream patient? What specific plants do you want in your garden?
- What is your style? (introvert vs extrovert.) Who are you? How do you relate to your dream patient?
- Leverage what you have.
- Have a plan. You can’t have your ideal garden without a plan.
CALL TO ACTION
HEAD ON OVER TO ONE OF YOUR FAVORITE ACUPUNCTURE PAGES ON FACEBOOK AND ASK, “WHAT IS YOUR FAVORITE PODCAST?” Please share the AcuSprout!
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Next Episode
Simplified Bookkeeping For Your Acupuncture Practice
Are you feeling confused about how to set up your bookkeeping?
Confused about what taxes to pay or how much to put away each quarter?
Do you feel overwhelmed about what software you should or could be using?
If you are like me you want to understand and learn how it all works but you can’t seem to find the right help. Boy have I got the right person for you!
It took me a couple years to find Sarah with Horizon West Bookkeeping, and I rode the struggle bus until then. But now my books are in order and I know where, how, and why to budget all of my income to ensure the success of my businesses.
The best thing about Sarah and her team is that they meet you where you are. She loves to teach but is totally content to take over all of your bookkeeping needs so you can focus on patient care.
Sarah offers a free 30 minute consultation to all AcuSprout listeners to ensure she is the right fit for your business. You can grab that opportunity at Horizonwestbookkeeping.com/Acusprout .
TODAY'S GUEST
SARAH QUIGGLE, HORIZON WEST BOOKKEEPING
Sarah Quiggle is an Advanced Certified QuickBooks ProAdvisor and a very detail oriented bookkeeper. Her love for numbers led her to pursue a degree in Mathematics, where she graduated Magna Cum Laude in 2003. She is very organized and great at problem solving. She loves helping clients find solutions to what is troubling them most in their business.
She lives in Central Florida with her husband and three children and dog, Scout. She enjoys reading, going to the Disney parks with her family, and listening to true crime podcasts.
YOU'LL LEARN
- What to look for in a bookkeeper.
- Biggest mistakes small businesses make.
- Biggest problem you solve.
- 3 Suggestions for new business owners.
- Basic terminology and types of accounting.
- Difference between a bookkeeper and accountant.
RESOURCES
- Profit First by Mike Michalowicz (affiliate link) Game changing book!!!
- Novo I LOVE this online bank. Instead of opening a bunch of separate accounts they allow you to move your money into “reserve” categories within the same account, providing you with a visual snapshot of where your money is.
- Quickbooks is what I use and what Sarah teaches.
- Horizonwestbookkeeping.com for your free consultation with Sarah.
- Jane Electronic Medical Records. Use this link to get your first month free!
- Follow Stacey on Instagram and Facebook
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