Hi Class,
Here is your Week 4 Assignment and it is a group assignment. For the rest of the trimester, we will be doing group blog assignments.
Each one of you will have to go the NCMIC website. Log on with the
username “college” and the password “NCMIC”.
Click on the “case studies/articles” selection on the left side of the
screen. Next, look under the “fall
2011”articles. Select and read: What Should I
Consider with Malpractice Insurance Policy Limits? Q&A
For the blog, answer the following questions pertaining to the article:
1. According to the article, what is the risk of having lower policy limits?
2. Discuss with your group and post what other factors you should consider.
For the blog, answer the following questions pertaining to the article:
1. According to the article, what is the risk of having lower policy limits?
2. Discuss with your group and post what other factors you should consider.
This blog should be commented on by the 1st person in
your group. The assignment is worth 2 points. **NOTE- All Blogs are due on the
Monday following the assignment. So this is due on November 26, 2012.
The risk is that the insurance company will not cover the extent of damages if they exceed your coverage limits. This can leave the doctor's personal assets vulnerable in the event that a case is taken to trial. There is also less "wiggle room" during negotiation of a settlement with lower limits, so a trial is more likely to result.
ReplyDeleteJoshua Leeder and Michael Robinson
Also it is important to decide on what works best for the doctor as far as claims made or time of claim policies.
DeleteJesse Fox (part of group 1)
Having more coverage such as $1,000,000- $3,000,000 is a better choice for malpractice insurance as sometimes other patients may tend to join the original suit. The fee for a malpractice occurance will more than likely be settled by the plaintiff for less costs than goin gto a trial. Either way, the insurance premium is an assurance, an investment and can be written of your business taxes later.
ReplyDeleteJohn Rockas (Hiro, Vini, Dee)
Lower coverage limits will put the D.C. at risk of their own personal assets being exposed if the settlement exceeds their coverage limit. Lower coverage limits may also limit a D.C's ability to work with a third party payer and may also violate state statutes. Other factors to consider include: the possibilities of others joining the lawsuit, business structure (partnership?), and the volume of your office.
ReplyDeleteDave Snook (Collin S, Ryan R., Matt M., Tucker B.)
There are numerous risks with having a low policy limit. The DC first and foremost needs to be meeting state and third party requirements. The DC will have to take on the financial obligation of paying for what the Policy will not cover. Low policy coverage can expose a DCs personal assets during the suit. The DC is choosing to play Russian roulette with a low coverage policy.
ReplyDeleteThey are not only going to be affected for the rest of their life, they are choosing to take on any financial burden that they could end up paying for the rest of their life. Let alone the effect it will have on the established patients and their family.
Nina Peterson, Holly Crawford, Derek Prado, Rhys Evans
The risk of having a low policy limit puts the DC at risk of going to trial and exposing personal assets if the limit exceeds coverage. By the DC not reviewing their policy limits regularly ensuring they meet state and 3rd party requirements, is a very risky situation the DC is putting themselves in.
ReplyDeleteNicole Joutras (Emily S. Kelly L. Jordan H. John C.)
Having a coverage limit of one to three million dollars or more is much more appropriate today than lower limits. Having a low coverage limit puts the DC at risk for losing personal assests should a case be filed and damages awarded that exceed the coverage limit. Other factors to consider include associateship, independant contracting, patient base, geographic local, and whether or not others join the lawsuit.
ReplyDeleteLuke Pernsteiner (Meet P., Laura P., Hyun J., Eric B.)
With a lower limit coverage the doctor is risking personal assets for a lower cost up front. With this coverage, one is risking personal liability as well as family protection. With a higher coverage, the doctor can have peace of mind that he/she is not risking their families well being. Other factors to keep in mind is patient base, practices used and government regulations.
ReplyDeleteKurt Sikkema (Alex Belke, Dee King)
Junghwan Seo and Andrew longner are in this group too.
DeleteLower policy limits can expose a chiropractor's personal assets during a malpractice suit. We also need to consider state requirements to help our patients and ourselves.
ReplyDeleteJay, Felicia, Daniel, Britni, Mark
Not only do states and sometimes 3rd party payers have specific requirements when it comes to policy limits but we also have to think about how in today's society we are more likely to get sued over any type of indiscretion. Having a lower policy limit does not protect the chiropractor but rather makes them vulnerable to have their assets taken away or to have the remainder of the sum awarded from the settlement that wasn't covered by the policy to come out of the chiropractor's pocket. Look around in the area to see how much malpractice cases usually go for but it is recommended to have a 1,000,000/3,000,000 policy today.
ReplyDeleteJordan L, Kasey R, Shannon S, Christa S
The chiropractor is at risk of losing personal assets if covered under a lower policy limit. The reason for this is because a plaintiff's attorney will not attempt to negotiate a settlement if they believe that their client will be awarded more than the doctor's policy limit. If the plaintiff should be awarded an amount that exceeds the doctor's policy limit, the doctor is personally responsible for the difference. A chiropractor needs to consider the state and third-party policy minimum requirements to be sure they are covered accordingly. Also, consider if others would join the lawsuit, the patient base, and patient overturn (more patients treated = greater possibility statistically of a lawsuit).
ReplyDeleteEric Dickerson (Wes Harpham, Andrew Weihler, Ryan Madigan, TJ Harpham)
A DC with a lower policy coverage (less than $1mil/$3mil) is potentially putting their personal assets at risk in the event of a lawsuit. The DC should also consider the state requirements, any federal or government requirements, patient base, geographic location, and number of patients they have seen.
ReplyDeleteMelissa A (Jack T, Richard K, Justin C, Jesse B)
A chiropractor is at risk of personal assets with lower policy plan. Lower policies also restrict the DC's ability to negotiate because of the money restriction, and the chiropractor is responsible for any extra damages which are above the limits of the policy.
ReplyDeleteChris Nelson (Emily Wentworth, Jim Fitzgerald, Ryan Vermeesh, Matt Curran)
Having a lower policy puts the DC's assets at risk if taken to trail and if costs exceed the coverage limit. The article states that typically DC's dont realize their assets are at risk, they believe attourneys will only go after the amount they are covered for. With a low policy limit there is less room for negotiation. Some other factors to consider are patient volume.
ReplyDeleteElizabeth Garrett (Ashley Crampton, MinJin Kim, Ryan Duklas, Jarod Morrison)
One of risk of a lower policy then 1 millon-3 million is that it can expose the doctor’s personal assets if the damages exceed the limit coverage. Personally I don’t want anyone taking my house because I didn’t want to spend a little extra money on a better insurance policy. In addition, if a plaintiff attorney believes the case is worth more than the doctor’s limits when why wouldn’t they take the case to trial for more money? If I was attorney and I felt that the patient deserved more money, I would not just stop at the DC’s low coverage limits. Also, it is a good rule of thumb that chiropractors meet minimum required insurance coverage set by state and third-party payers.
ReplyDeleteTara Gooden (Alyssa K, Tomohide M, Charles S, Callihan D)
The article intitially is noting that times have changed significantly. A 100,000 dollar policy limit may leave you seriously
ReplyDeleteundercovered in this day and age for two primary reasons. Firstly 100,000 dollars is no longer alot of money. Costs were significanlty
lower when most doctors purchased the poilicy. The has been a change
in society as well that leads people to "bring suit" for something
that would be considered negligible previously. Lower polivy limits
may open up the possibility that a plaintiff can receive monetary
compensation fro mthe Dr's pocket. "Cover your assets" so they cannot
go after you personally. The cost of medical procedures and
compensation for damages is always on the rise and a 100,000/300,000
policy is likely now inadequate. The more years that you have in practice the greater "options" for suits that exist, it is important
to increase your policy to make sure you are covered completely.
Jerome M., Kali E., Lionel B., Brad K., Tor
No matter how carefully you treat your patients, there are times when someone is going to be unhappy with the care you have provided. Without the proper chiropractic malparactic insurance coverage you could be exposing yourself to the risk of paying tens of thousands of dollars out of your own pocket in order to defend yourself from a malpractic claim. With the cost of owning and operating a chiropractic office in addition to the cost of education rising, some might find that the expense of chiropractic malpractice insurance is something that just cant be afforded. Malpractice insurance will be what allows you to keep your office running if someone files a suit against you. Without the proper coverage the Dr might be held responsible for court costs, attorney fees, and the settlement/judgement. If you have adequate insurance,you will have the financial protection you need to keep your practice intact. Its always nice to find a bargain and save money but its not wise to risk the money that has been earned by yuears of education and lots of hard work.
ReplyDelete(Anthony, Tamara, Jordan, Sangwoo, Yoonsun)
In todays times doctors are being sued more and more. Having a lower policy, 1million/3 million can limit any chance for the dotor to make a deal instead of going to court. Any damages that are not covered by the policy have to be coverd by the doctor. This puts the doctors personal assets at risk. Other factors to consider are any state or government regulations. Also it would be benifical to check with doctors around the area and ask them about any past malpractice insidents and what their coverage is.
ReplyDeleteSeifert, Martinez,Cebulski,Flesik, Crist
Have you ever heard the saying "hope for the best, but expect the worst"? Those words apply to several situations including watching you favorite sports team OR when considering which malpractice insurance works best for you. As Doctors of Chiropractic, we strive to serve our patients and always act is what's the best interest of our patients; but in the event that something bad happens having adequate coverage is benefits to both the doctor and the patient. According to NCMIC, lower policy limits may create situations in which a doctor's personal assets may be exposed to supplement a lack in coverage. In fact, several states and third party payers have set minimum malpractice insurance requirements to ensure adequate coverage. Consider this, for a small increase in annual premium cost, wouldn't it give you peace of mind to know that you & your family will survive in a situation that makes you think "hope for the best, but expect the worst"?
DeleteCristin, Jill & Wendy
Overall the risk is toyour personal assets once the insurance agency has paid their initial portion of the lawsuit.
ReplyDeleteAll states and jurisdictions and licensing entities have mandatory statue limits on mal practice. You are responsible for meeting those minimum requirements, not your insurance company or the agent. It again is your sole responsibility to comply.