Shopping for malpractice insurance is a nightmare, and though there is a lot of good information on what kind of coverage you need, the process itself is daunting. As far as I know, no other subscription-based malpractice products are out there.
For many, it will be hard to find an underwriter willing to cover a virtual-only practice – that’s if you’re willing to shell out $8-12k a year for a part-time only virtual practice.
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Shopping for Malpractice Insurance
The best place to shop for general malpractice insurance is through an insurance broker. It really will save you a lot of time. Lots of companies out there, lots of policies, lots of riders – you don’t know what you don’t know, and you don’t have the time to learn it all.
Word of mouth or searching on Linkedin is a good start. Or you can choose your big-name malpractice career and find one of their agents.
I’m assured by everyone that this is a terrible idea. So, remember, don’t do as I do, do as I say, purchase malpractice insurance!
For anyone else still reading, we’ve discussed going bare from different angles here and on the Podcast. When you engage in low-risk virtual care, your risk is, well, low.
Don’t forget that you can enforce an AA clause, and be sure to let your patients know that you ain’t covered. It’s a nice deterrent.
And remember that the number one way to decrease your risk of getting sued is not malpractice insurance, which is probably 4th on the list.
Group Policy Option
If you aren’t able to purchase your own policy, consider joining a friend’s policy. This is commonly done when you are first starting out.
Given that there are no other subscription-based policies out there other than AutonomyMD, joining a group policy might be the second-best option.
Don’t know who to ask, then join online physician groups, make friends, ask around, and go to physician meetups and conferences. If that fails, join our 100% private LinkedIn physician group.
Subscription-Based Malpractice Policies
I don’t know much about the inner workings of AutonomyMD, but I suspect that it’s a group policy for a group practice; multiple physicians practicing a similar medicine under one group malpractice policy.
This would allow them to add physicians to the practice based on their risk profile. For example, a physician running a virtual emergency practice is too high risk. Lifestyle medicine, on the other hand, like low-risk.
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