Risk Management for Small Medical and Allied Health Practices

Quick Summary
Risk is a fact of life in business. There are basic risks that apply to every business, but certain industries face unique risks in their field. Doctors, medical labs, and other healthcare providers, for example, face risks similar to other businesses that compile comprehensive personal and sensitive information. But there is an added level of importance when your work can impact a person’s health and possibly even their life. That’s why healthcare providers must comply with a large number of federal and state regulations.

Medical Malpractice

If a patient is harmed by a doctor or medical professional due to incompetence or negligence, a malpractice claim may result. Medical malpractice insurance is essential for most healthcare professionals. It covers settlement costs, court costs, and damages associated with lawsuits.

Compliance With HIPAA, Federal & State Regulations

The HIPAA Omnibus Final Rule includes the most significant changes to patient privacy and security rights in several decades. A major goal is to make sure patients’ health information is protected while still allowing proper sharing of information with other healthcare providers. In addition, practices must be in compliance with numerous other federal and state healthcare-related regulations.

Medical Property and Professional Liability

Medical facilities have unique property liabilities stemming from the potentially dangerous and/or infectious materials that may be on site. Practices must protect their facilities from damage due to severe weather, electrical outages, and criminal break-ins. In addition, the expertise of the doctors, technicians, and support staff is the practice’s most valuable asset, requiring comprehensive employee benefits.
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