Whether you’re a medical provider or someone seeking healthcare knowledge, there are many terms you must become aware of — some of which are dizzyingly similar.
Medical malpractice and medical professional liability (MPL) are two terms that sound identical. They are closely related but technically have two different meanings. Understanding the nuance between these terms may help you navigate your responsibility as a medical provider and your options for coverage. They are often used interchangeably, so asking clarifying questions can be helpful when you hear an agent or broker use these terms together.
What Is Medical Malpractice?
Healthcare professionals help ensure the public health and give patients the best possible care. Unfortunately, there are always medical malpractice claims.
Patient loss in the healthcare profession is sometimes attributed, in part or totally, to a fault or mistake on the part of the medical professionals involved. According to NCBI, medical malpractice is defined as any act or omission by a physician during the treatment of a patient that deviates from accepted norms of practice in the medical community and causes an injury to the patient.
While the rate of medical malpractice varies by specialty, the New England Journal of Medicine states that 99% of physicians in high-risk specialties will face a medical malpractice claim by age 65, which means that regardless of whether actual malpractice occurs, most healthcare providers are likely to face medical malpractice claims in their careers. The certainty of medical malpractice claims creates a financial liability for medical professionals.
At its’ core, there are four main components that make up a valid medical malpractice claim.
These 4 Elements Of Medical Malpractice include:
- a professional duty owed to a patient or dependent,
- failure to live up to sworn medical duties,
- proof of damage or harm to the patient, and
- proof of fault.
To learn more, read our article 4 Elements Of Medical Malpractice or the 4 Ds of Medical Malpractice Claim.
What Is Medical Professional Liability?
Medical Professional Liability is a more inclusive term related to the financial liability a medical professional must bear. A medical provider’s advice and actions could result in a patient’s inadvertent injury. But even if it does not, legal defense and advice in the inevitable situation that the medical professional is named in a malpractice lawsuit can be a considerable financial burden. Medical Dictionary defines professional liability as the obligation of healthcare providers or insurers to pay for damages resulting from the provider’s negligent acts of omission or commission in treating patients.
However, most MPL Insurance goes beyond just covering the payout of a claim. It usually also covers legal advice and defense. Knowing the type of defense coverage and the medical professional’s rights in the event of a claim are two of the most critical parts of the MPL insurance policy.
Fifth Avenue and You
Fifth Avenue Agency (one of three sister companies in the Fifth Avenue Healthcare Services collective) is an independent healthcare agency specializing in medical malpractice insurance. Because of our independence and years of specialization, we have unique relationships with all significant MPL Insurance carriers and can recommend the best solution for our providers.
According to a study from the New England Journal of Medicine, 75% of physicians in low-risk specialties and 99% of those in high-risk specialties will have a medical malpractice claim made against them by the time they reach age 65. Therefore, medical professional liability insurance is critical and necessary for every medical professional. Fifth Avenue Agency will work to provide you with the best solution at the lowest cost possible.
More information about Fifth Avenue Agency
Fifth Avenue Agency specializes in MPLI and medical malpractice insurance, serving thousands of providers nationwide. It is part of the Fifth Avenue Healthcare Services family. Sister companies include 5ACVO (credentialing and primary source verification specialists) and Primoris Credentialing Network (credentialing and provider enrollment specialists with 54+ health plan and network provider enrollment options).
Fifth Avenue Agency initially published this article here. For information on Fifth Avenue Agency, please visit FifthAvenueAgency.com or Contact Us.
