Anesthesiologists work in a high-risk, specialized field of the medical industry involving the sedation of patients undergoing surgery. Giving patients too much anesthesia can jeopardize their health and even lead to accidental death. In addition, patients sometimes suffer unexpected reactions to anesthesia that is not the fault of the anesthesiologists.
For these reasons, some medical facilities that employ anesthesiologists provide anesthesia malpractice insurance to cover possible litigation expenses. However, the majority of hospitals, emergency clinics and private practices do not provide insurance, forcing anesthesiologists to purchase anesthesia medical malpractice insurance themselves.
Anesthesiologist Malpractice Insurance Rates
Since the 1990s, anesthesiologist malpractice insurance premiums have been decreasing due to the development of advanced patients monitoring devices. For example, devices like the end-tidal carbon dioxide monitor and the pulse oximeter have dramatically reduced incidences of heart and brain oxygen deprivation, the most common reason behind thousands of malpractice cases filed prior to 1990.
In fact, the risk of anesthesiologists being hit with a medical malpractice lawsuit is now only about six percent, or one in every 200,000 anesthesia-related deaths. As a result of this decline, the cost of anesthesia medical malpractice insurance has declined considerably.
How Are Anesthesiologist Malpractice Insurance Rates Determined?
In addition to selecting policy limits, other factors considered when establishing insurance premium costs could include:
- Whether you already have anesthesia malpractice insurance.
- Whether you work as a full-time or part-time anesthesiologist
- Whether you are currently involved in claims that have yet to be settled
- Whether you belong to a medical group
- Whether you assist surgeons who perform only minor or major surgical procedures
Anesthesiologist malpractice insurance should also incorporate vicarious liability, which connects your practice to certified registered nurse anesthetists (CRNAs) working with you during surgery. Since CRNAs don’t have the extensive medical training that anesthesiologists have, they must be supervised by a full-fledged anesthesiologist at all times.
A Changing Marketplace
Due in part to the Affordable Care Act (ACA), hospitals seeking to decrease costs and increase revenues have focused on Anesthesiology. Specifically, an increasing number of anesthesiology practices have been acquired by private equity firms or have been consolidated between 2013 and 2015. In fact, between 2009 and 2012, acquisitions of anesthesiology practices increased eleven-fold while acquisitions by private equity firms increased threefold. In response to this market change, Gallagher has stayed ahead of the curve for risk medication tactics. Gallagher Healthcare provides strategic insurance platforms to drive value to the bottom line and help medical practices increase revenues by keeping costs lower.
Gallagher Healthcare Provides Affordable Anesthesia Medical Malpractice Insurance
As the largest advisor for medical malpractice insurance in the U.S., Gallagher Healthcare provides uninsured or underinsured anesthesiologists the benefits of working with a team of experts who specialize in all forms of medical malpractice coverage. We develop tailored solutions to address the individual needs of anesthesiologists by offering policy reviews, comparisons, in-depth consultation with knowledgeable underwriters, and direct market access.
Gallagher has been listed by Ethisphere as one of the world's most ethical companies and by Forbes Magazine as a “Best Employer” winner.
For more information about purchasing anesthesiology medical malpractice insurance, contact Gallagher to receive your free, customized anesthesiology malpractice insurance quote today.