Life After Residency- Starting a Practice and Insurance Considerations-View Presentation

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Video Summary

The video provides an overview of medical malpractice insurance and risk management strategies for psychiatrists. It begins by explaining the importance of medical malpractice insurance as a means of protecting personal and professional assets from claims of injury and medical negligence. The different types of medical malpractice insurance, such as occurrence-based and claims-made policies, are discussed, along with the coverage and exclusions typically associated with these policies. The video also emphasizes the need to understand the coverage provided by different types of insurance, such as professional liability, general liability, cyber liability, and workers' compensation insurance. In addition, the importance of establishing office policies and procedures, including patient policies and staff policies, is highlighted as a way to mitigate risk. The video also addresses common claim allegations in psychiatry, such as improper assessment, failure to diagnose, prescribing issues, and patient termination. It provides recommendations on what to do in the event of an adverse event or claim and emphasizes the importance of documenting incidents accurately and thoroughly. The video concludes by urging psychiatrists to think like a juror when documenting patient care and to consult with professionals for guidance on insurance and risk management strategies.

Keywords

medical malpractice insurance

risk management strategies

psychiatrists

occurrence-based policies

claims-made policies

coverage and exclusions

professional liability insurance

general liability insurance

cyber liability insurance