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23 Apr Professional Liability and E&O: The Prognosis is Good for Clinical Labs
Insurance for Clinical Labs
As the demand for preventive healthcare continues to grow, so, too will the number of laboratories nationwide. Today, the commercial medical and diagnostic laboratory industry in the U.S. is comprised of about 17,000 establishments, with combined annual revenue of about $50 billion. Medical labs account for about 65% of industry revenue; imaging centers account for 35%.
While this is good news for medical professionals, there’s a significant amount of risk associated with getting the job done. Consider this: 20,000 deaths per year occur from lab misdiagnosis mistakes and other hospital errors.
Let’s say the technician mishandles or mislabels a specimen, or the lab makes a faulty diagnosis or swaps test results. On top of malpractice clinical laboratory insurance, of course, the other liabilities to consider are now, billing, proper coding, confidentiality, electronic data security, telemedicine, and failing to refer. Who can be sued? Virtually everyone in sight is liable — the lab, its director and entire staff can be included in malpractice claims.
What can the lab do to help circumvent costly litigation? How can technicians keep claims from putting their finances and career in jeopardy? Professional liability insurance from Evolution Insurance Brokers (EIB) is the best protection against a dangerous lawsuit.
EIB provides coverage that protects medical professionals from personal and professional liability. We help to identify the specific activities you engage in that could expose you to legal risk and create a unique policy that covers any holes or exclusions.
E&O insurance is also essential in case a patient holds you responsible for a service that didn’t turn out as expected. This coverage provides peace of mind for the both you and your clients, knowing there will be a consideration and a possible compensation if an error is made.
For more information on professional liability and E&O insurance from Evolution Insurance Brokers, contact us.