APMA News - September 2012 - (Page 50)

Insurance Advisor By William F. Munsey, DPM Guilty by Association? QUESTION: I was employed in a podiatric practice for the past four years. My employer purchased my malpractice insurance as part of my compensation package. The limits of the policy were 1M/3M, and I had no claims. Now I am establishing my own practice, and I am very cost-conscious. What limits do you think I should carry? ANSWER: The stock answer is, as much as you can afford. A more thoughtful answer would suggest that you evaluate the potential risk of an incident occurring and the assets you are putting at risk. Don’t conclude that because your net worth is limited, you will escape a large judgment—future earnings can also be attached. The type of practice you establish will also help to determine the proper level of coverage. For example, a wound-care or diabetic practice will increase your risk. You will also find that to be a part of a hospital or surgery center staff, you will be required to carry certain limits. Another often-overlooked factor is the disadvantage of settling a claim when the limits of coverage are inadequate. Let’s take a hypothetical case. A patient has a less-than-ideal result from a surgical procedure, and he or she initiates a lawsuit and asks for $250,000 in total compensation. The doctor has chosen to carry the very minimum of 100/300 coverage. The insurance company lawyers believe the case is defensible. If they take the case to trial and lose, you will be responsible for any amount in excess of $100,000. The plaintiff’s attorney offers to settle the claim for policy limits of $100,000. You have to make a tough decision that could have been avoided: Agree to take the risk of $150,000 out-of-pocket loss or know that the insurance company will settle with a $100,000 loss on your behalf. When choosing a malpractice insurance carrier, I recommend selecting a company that issues a consent-to-settle policy, so the carrier can’t settle any claim without your written consent, except, of course, where prohibited. Connected yet? If you haven't yet registered on the FIP site www. pnet.org take a moment to do so now. If you have already registered, be sure to check back often for updates, contest announcements and more. QUESTION: Many of us now are using electronic health records, which allow different doctors treating a single patient to access each other’s notes and see what medications have been prescribed. What effect has EHR had on the incidence of malpractice claims being filed? ANSWER: EHR were first introduced to decrease errors and streamline patient care. Doctors may have to wait to see the long-term effect of EHR on malpractice lawsuits, because technology allows for more medical decisions to be scrutinized in court, which could result in an increase in the number of claims being filed. That said, a study published in the Archives of Internal Medicine, which was conducted in 2005, revealed that of those who were using EHR, 6.1 percent had a history of paid malpractice claims compared with 10.8 percent of physicians who were not using EHR. A current study1 published by the same researchers confirms their earlier research finding that doctors had an 84-percent lower chance of being sued while using EHR. n Contact Dr. Munsey at wfmunseydpm@gmail.com. www. pnet.org Your primary source for podiatry information around the world! 1Quinn MA, Kats AM, Kleinman K, Bates DW, Simon SR. The Relationship Between Electronic Health Records and Malpractice Claims. Arch Intern Med. Published online June 25, 2012. doi:10.1001/ archinternmed.2012.2371. 50 APMA News September 2012 http://www.fipnet.org http://www.fipnet.org http://www.fipnet.org

Table of Contents for the Digital Edition of APMA News - September 2012

APMA News - September 2012
President’s Message
Contents
US Surgeon General Addresses APMA at The National
2012 is a Milestone Year for APMA, and for Other Institutions as Well
APMA Member and Daughter Help Disabled Find their Freedom
Dr. Caporusso Promotes Podiatric Medicine on Capitol Hill
Use eAdvocacy to Reach Your Elected Leaders Today!
APMA by the Decade: 1982–1991
2012 Podiatric Practice Survey: Net Income Statistics
Reimbursement
Federal Advocacy Forum
List of Cosponsors to the Equity and Access for Podiatric Physicians Under Medicaid Act
APMAPAC Chair Report
IT Consultant
Website Wisdom
Technofile
Bylaws Propositions Due
Small Business 101
APMA All Stars
Resolutions Deadlines
In Short
Worthy of Note
CPME Invitation for Comments
Affiliates Corner
List of Affiliated Organizations
Insurance Advisor
New Members
Death Notices
APMAPAC Update
Annual Scientific Meeting Sponsors
Development Update
Classified Advertising
Dates to Remember
Advertising Index
10 Questions
Your APMA

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