Page 31 - CANNABIS NEWS FLORIDA JUNE 2021

Malpractice Insurance

EXPERT ADVICE

Separate Medical Malpractice

Policies Key to Protecting Physicians

BY VANESSA ORR There are several reasons
why physicians don’t carry
In the medical field, separate policies, ranging
it’s beneficial when from lack of knowledge to
physicians, nurse practi- trying to save money. “In
tioners, physician assis- some cases, they just aren’t
tants, and the practice aware of what can happen if
they belong to all work everyone is on the same
as one, providing a mul- policy,” said Danna.
tidisciplinary approach “Others are trying to save
to patient care. But in money by not insuring the
the medical malpractice corporation and the allied
world, it’s much smarter professionals separately,
to keep these different Julie Danna but this can cost them in
individuals separate— the long run.”
especially when sharing insurance lim- She added that most carriers charge
its. physicians to add allieds and corpora-
“While many physicians practicing in tions to their policies, and this premium
Florida carry $250,000/$750,000 limits, could be used to create a separate corpo-
there is a problem if they are sharing rate policy that shares its limit with the
these limits with their corporations as allied providers, and protects the doctor
well as professional allieds such as nurse from diluting his or her policy.
practitioners and physician assistants,” Even if a doctor isn’t sued but the
explained Julie Danna, cyRM, medical allieds or corporation is, it can affect the
malpractice and cyber liability insurance physician’s credentialing ability. “This
specialist at Danna-Gracey, the largest information is reported to the National
independent medical malpractice insur- Practitioner Data Bank (NPDB), and the
ance agency in Florida. doctor can be pegged for a claim that he
“If a doctor gets sued along with his or or she is not even involved in,” said
her allieds and the corporation, it can Danna. “It can hold up the credentialing
leave that policy depleted,” she said. “If process, especially if there is more than
there is not enough coverage, the policy- one claim.”
holder is responsible for the rest.” Danna adds that multiple lawsuits—
Danna gives the example of a surgeon even if they do not directly include the
who had lower policy limits than he doctor—can affect that physician’s abili-
needed and ended up paying more than ty to receive hospital, Medicare, or
$75,000 out-of-pocket to settle a claim. healthcare plan credentials and prevent
“He’s no longer practicing,” she said. the purchase of a corporation if its own-
“It’s destructive enough to be pulled into ers want to sell.
a lawsuit, but then to have to use your “Each doctor should have his or her
own money above the limits of the poli- own policy and have a corporate policy
cy to settle it can destroy a career. that includes the allied professionals,”
“What scares me most is that so many she said, adding that it’s essential to
physicians are completely underin- work with a specialist in the medical
sured,” she added. “Take the example of malpractice field instead of an insurance
an OB/GYN with a $250,000 limit. If he generalist. “It could save a doctor’s
gets sued for $125,000 and his nurse career.”
practitioner gets sued for $75,000, and
the corporation gets sued for For more information, contact Julie
$100,000—who pays the difference? His Danna at julie@dannagracey.com, call
legal fees may be covered, but the rest is (850) 530-3924 or
the doctor’s responsibility.” visit www.dannagracey.com.

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6 June 2021 southfloridahospitalnews.com South Florida Hospital News