INSURANCE CONSIDERATIONS
QUESTIONS TO CONSIDER
Medical professional liability insurance coverage is for errors or omissions causing injury during the performance of a medical professional’s duties. Louisiana Medical Malpractice Insurance Company (LAMMICO) is the LSMS-preferred provider of Medical Malpractice insurance and rated “A” by A.M. Best.
DISABILITY INSURANCE
What if you become able to work part-time? Can you draw partial disability payments?
Physician disability insurance protects your income in the event that you are no longer able to perform your medical specialty due to injury or illness. Also known as disability insurance for doctors and income protection, a physician disability insurance policy typically features a true own-occupation provision. You should consider purchasing a small policy as you enter residency and then upgrade it just before leaving residency. The younger you are, the healthier you are, the cheaper your premiums will be for the same benefit. Disability insurance may be one of your employee benefits or you may have to obtain it on your own. When comparing disability policies, be sure to evaluate the amount payable, the length of payout, the length of the waiting period and exclusions. Some policies provide for coordination of benefits, so that the amount of payments you receive from Social Security or other disability insurance would be deducted. If you’re in a solo practice, don’t forget “overhead” or business continuation insurance, which would allow your practice to continue to operate while you’re disabled.
TIPS TO REDUCE THE THREAT OF A MALPRACTICE CLAIM IN YOUR OFFICE
• Careful listening to patients can lead to a more timely and accurate diagnosis, as well as a more satisfied patient. • A calendar log or suspense sheet can be created to ensure timely follow- up on receipt of test results. • After reading incoming reports from labs and consultants, initial and date prior to filing. • When too rushed to write complete notes, remember dictated notes are quick, legible, and tend to be more descriptive than handwritten documentation. • Avoid any appearance of an altered record: never scratch out, erase or obliterate with “write-overs” or “white out.”
Are premiums waived while you are disabled?
Is there an annual cost-of- living adjustment increase in benefits?
Is renewal guaranteed with a re-evaluation of your health?
LSMS MULTI-EMPLOYER 401(K) PLAN
The LSMS 401(K), the latest offering in LSMS’s suite of financial assistance tools, is built to offer superior retirement outcomes for practices of all sizes. Whether you are looking to lower your overall costs, reduce fiduciary liability or to improve your plan’s investment offering, the LSMS 401(k) has the solutions you need. This program is being offered to LSMS members only and is in collaboration with ACG Wealth. For more information, please contact Kevin Rainwater, Retirement Consultant, at krainwater@acgwealth.com.
Is there catastrophic coverage that would increase payments if you are cognitively disabled or need paid care?
• Use a routine format to ensure complete and defensible medical records.
• Preprinted forms can be used to easily document after hours phone messages and can later be secured in the patient’s record. • Utilize the consent formrecommendedby the LouisianaMedical Disclosure Panel, in addition to progress notes, to best document informed consent discussions, always remembering not to imply or guarantee treatment will be complication free. • Remember to advocate for your patients and avoid the appearance that economic considerations override sound medical judgement.
BILLING AND REIMBURSEMENT
An important part of today’s medical practice is getting reimbursed for services. The categories of physician reimbursement relationships are listed below.
TRADITIONAL INDEMNITY INSURANCE
The Louisiana market is dominated by Blue Cross Blue Shield of Louisiana, which offers traditional indemnity insurance, PPO, and HMO plans. Indemnity plans allow you to direct your own health care and visit almost any doctor or hospital you like. The insurance company then pays a set portion of your total charges. Indemnity plans are also referred to as “fee-for-service” plans.
20 La State Med Soc NEW PHYSICIAN’S GUIDE
La State Med Soc NEW PHYSICIAN’S GUIDE 21
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