What is Malpractice Insurance?

Malpractice Insurance

Malpractice InsuranceAccording to the National Association of Insurance Commissioners, and the Center for Insurance Policy and Research, medical professional liability insurance or sometimes known as medical malpractice insurance is a type of insurance that protects physicians and other licensed medical professionals. These health care professional can be nurses and dentists for example. Medical malpractice insurance helps these professional with any liability associated with wrongful practices that result in injuries to the body, medical expenses that can occur, property damage and as well as providing costs for defending lawsuits that can occur from these claims.

In addition to covering bodily injury and property damage, medical malpractice also covers personal injuries such as mental anguish. Medical malpractice insurers spend a great deal of time and fund to investigate and defense claims where there can be a negative patient outcome that is not originated from negligence.

Two Kinds of Malpractice Insurance

'If this crisis continues I think I will be receiving unemployment insurance until I am eligible for a pension.'It is important to know that there are two basic kinds of malpractice insurance.  One type is an occurrence, and the other is claims-made. Today, many insurers write on a claims-made basis. That is where policy is in effect at the time, and a claim was reported. In earlier times, the occurrence was a popular option. That is when a claim was made during a policy period, and it didn’t matter if the claim occurred during the policy period or even if the policy had been canceled.

The insurance market has experienced different times of crises, especially during the 90s. During that time, policyholders experienced very high prices that were heavily impacted by volatile changed in premiums, investment declines, and there also severe loss ratios that skyrocketed costs. Thankfully, loss ratios declined resulted in much lower insurance prices.

Many stations now require that closed claimed to be reported to the respective state claims department. This is done to understand better the claims that are linked to medical malpractice. These guidelines for this reporting were adopted by the NAIC as they also made recommendations to these state reporting.

According to Recent Studies…

Recent StudiesDue to the low cost of malpractice insurance, it is imperative that physicians get insurance. Without insurance, health care professionals are left vulnerable and unable to pay for any cost that is associated with any claims they will face. Claims are extremely expensive, and a health care professional that is unprepared for it can face the end of their career or practice. According to recent studies, 200,000 patients in the US have died from medical errors. However, only 15%of these personal injury lawsuits involves medical malpractice and about 80%of those lawsuits ended with no payment to the injured patient or their survivors. However, the cost of litigation, cost of attorneys, and the court systems still can run high cost even with a positive result for a health care professional.

That is why it is important for medical professors to find the right insurance company that will help them in troubling times and help keep their careers safe. That is why so many health care professionals trust MedMal Direct for the medical malpractice insurance they need.

It’s Time to Get the Prints

Time to Get the Prints

Adobe Creative SuiteI recently volunteered for a non-profit organization in my community. This non-profit is aimed at helping children and improving their reading skills. They wanted flyers made to share around the community for a big event the organization wants to throw in a few weekends. I have always been interested in digital printing and jumped at the opportunity to create flyers and prints for the organization. You guys may not know, but modern printing is way different than old printing techniques. Digital printing today involves lasers and ink-jet printing, the most common form of modern digital printing. Today, the image that you want to print is sent directly to the printer through digital files. These files can be PDFs, images that you save, images that are created from graphic software like Adobe Illustrator, InDesign or Photoshop. Since we can send the files straight to the printer, digital printing doesn’t need the printing plates that old printers used or is used in other printing techniques in offset printing.

Digital PrintingDigital Printing had transformed printing and made it all the more faster. Since most people now don’t have to use plates anymore, Digital printing has changed the printing time and help create “printing on demand.” Because of digital printing, companies, and people do not have to figure out large runs or pre-determined runs. Instead, digital printing has accommodated the needs of different corporations and individuals who need small runs, even single print.

There are some drawbacks. While digital printing service is quicker and more “on demand”, offset printing has better visual quality. But the good news is that advances in digital printing have been the printing quality better and continue to lower the cost of printing. In fact, digital printing has many benefits that are beneficial to everyone. Some advantages include:

  • Eliminating the cost of plate-making and setting up the process
  • Easier to make last minute changes because you can just hop on your computer and make the changes.
  • Reduces the cost of making changes.

FlyerI went ahead and designed a fantastic flyer for the organization where I volunteer. After perhaps an hour of creating the flyer, I got the flyer ready for print. However, I would need a large printing service that will help make a few hundred flyers to spread about the community. The printers cannot handle that kind of volume at the offer. So the best option we have is to research and find the best printing company that will be able to handle our printing needs. The printing company we found, Cornerstone Printing, has been in business for a couple of decades and have experience dealing with all kinds of printing needs. Therefore, I trusted them. It was a simple process. I called them up and within a few minutes of speaking with their excellent staff, my flyers were getting printed and ready to go for us. I am so happy with the result. We had the flyers just in time for the event which was the best result of all.