Elective cosmetic surgery is a great way to enhance the look and self-esteem of patients that want a cosmetic makeover. But just like other surgical procedures, plastic surgery carries a degree of risk that can make your practice liable for any complications that may occur during or after surgery. Such complications include injuries, infection, excess bleeding, blood clots, or a drop in blood pressure that may prove fatal. Subscribing to a risk and insurance services provider indemnifies your medical practice from liability should such complications arise.
Importance of Business Insurance and Risk Management
Sometimes, the unpredictable can happen when offering cosmetic surgical services. And without insurance, you cannot protect your practice from financial and general liability that can come with unforeseen circumstances, such as an expensive lawsuit.
By taking insurance coverage, you can feel safe from such liability. Here are some reasons your cosmetic surgery practice needs insurance and risk management services.
To improve patient safety
Risk management in healthcare protects vital patient records that contain confidential treatment information. And as a requirement of the Health Insurance Portability and Accountability Act (HIPAA), the law requires that sensitive patient health information be kept private.
Risk management ensures that you focus on privacy policies and prevent possible data breaches.
To maintain data security
Other than data breaches through leaked documents, cyberattacks are also a common problem that may lead to patients’ data getting leaked. When you have a risk management plan or strong cyber liability insurance coverage, you prepare for any scenario that could compromise your valuable data while improving the response time to deal with any possible malicious attacks.
To plan for catastrophes
A risk management plan helps you plan for catastrophes in time; these include natural disasters, data leaks or loss, and more. It helps protect your staff and patients and keeps you ready to resolve any problem that arises.
To shield you from financial loss
Many mishaps, such as a natural disaster, theft or burglary, or a lawsuit from a dissatisfied patient, can leave your practice financially vulnerable. Insurance is the key to preventing financial losses for your medical practice.
To give your practice a better reputation
Insurance gives you a better standing with financiers when you need a loan or investment to expand your practice. And insurance and risk management services add credibility and trust among patients that need your cosmetic surgery services.
To improve your general liability
Apart from professional liability, such as complications arising after surgery, other unforeseen threats may arise, such as slip falls or accidental cuts and bruises. Liability insurance prepares you for unexpected accidents that may occur to your staff or patients.
Personal insurance can ease your financial burden
Financial liability sometimes extends to your possessions, especially when you have a significant financial debt to settle.
With proper insurance coverage, you can protect your private property, such as your home, motor vehicles, and other assets. And distance your family too from the weight of carrying the financial debt of your practice when unforeseen circumstances arise.
Employee health benefits and HR services matter too
Managing the risk of staff turnover involves offering health benefits to show that you care for their well-being. And it makes your practice an attractive work environment for your professional medical staff, minimizing the turnover rate.
Cosmetic surgery insurance for patients
Insurance for plastic surgery does not pay for your initial surgery. Instead, it protects your initial investment to ensure you have a positive experience with your cosmetic makeover.
When patients take insurance coverage before undergoing a cosmetic procedure, it protects them financially in case of any unexpected difficulties that may arise during surgery or recovery. For instance, when they are unsatisfied with the outcome of the cosmetic procedure, they are still confident that they won’t have to bear the financial burden of undergoing revision or restoration surgery.
Business Risk and Insurance Services FAQ
Q: Why is it important to insure my practice against financial liability?
A: Insurance programs have a competitive price that’s only a fraction of what you would pay out-of-pocket in case of unforeseen events such as a natural disaster.
Q: Why should my cosmetic surgery practice outsource risk management services?
A: There are plenty of risks, such as data breaches, that you may not adequately address in-house.
Q: What are the perks of offering health coverage to your staff?
A: Offering health coverage has several perks, such as reducing employee turnover and getting a more dedicated team.
Q: Why should a patient take insurance for their plastic surgery?
A: Insuring the cosmetic surgery procedure ensures they don’t pay again should they require revision surgery.
Q: What complications may arise during or after a surgical cosmetic procedure?
A: Complications such as injuries, infection, excess bleeding, blood clots, or a drop in blood pressure may occur during or after a cosmetic procedure.
Q: Is personal insurance necessary?
A: As a cosmetic surgeon, you may have some financial liability from acquiring a new office or medical equipment. Personal insurance ensures that your financier doesn’t claim your assets to recover an unpaid loan.