The fourth week of January is National Medical Group Practice Week. A medical group practice is defined as three or more healthcare providers working together and sharing resources like facilities, personnel, and records. Medical Group Practice Week is a great time to celebrate with your staff and to raise awareness in the community of your practice. Medical group practice week is also a great time to make sure your practice is properly insured with professional liability insurance. For some, this will mean upgrading from an individual policy to a group or corporate policy.
If you are currently insured under an individual policy, you do not need to take out a second policy. You may instead upgrade your current policy to corporate status. This is done easily, by filling out the Group Entity application found on the CPH & Associates website under the printable applications section.
Currently, group entities are unable to apply online. When the group policy takes effect, the named corporation is covered as well as any individual included on the policy for practice under the umbrella of the corporation. In order to take out a group policy, at least one person must be listed as owner/partner/principal. All administrative staff are automatically covered under the policy, and thus do not have to be named individually on the application. It is important to note that patient intake personnel may not be considered administrative staff, and should listed appropriately on the application.
If you already have group/corporate coverage, you can add new employees to the policy at anytime by filling out the New Employee Form available on the CPH & Associates website. Your group professional liability insurance is only effective if you keep this information updated, so be sure to make the appropriate changes as necessary.
Medical group practice is a great way to pool resources and provide the best care possible, but you cannot provide proper care if you are constantly worrying about the risk of liability. Group professional liability insurance through CPH & Associates is the best way to guarantee that everyone in your office is covered.