Medico-legal
cases have become a common incident across India. Studies conducted in 2016
show that there has been a 110% growth in incidents lodged as cases of medical
negligence, out of which almost 90% instances involve hospitals or healthcare
institutions for some form of inattention.
●
On average, 20 to 25
cases are lodged against healthcare professionals and medical institutions
regarding personal and financial loss witnessed due to some form of medical
negligence.
In
a country where almost 80% of the healthcare delivery system is controlled by
the private industry, such cases can bring severe consequences to healthcare
professionals, resulting in loss of pay or even suspension in extreme
scenarios.
The
rising number of medical negligence cases in India
Several
reasons contribute to the rising number of medico-legal cases across the
nation. Poor understanding of the medical procedures and following treatment,
substantially low doctor-patient ratio, and several other issues have been
identified as the key driver of such complaints.
●
On average, 60% to 66%
of the filed cases are directed against healthcare facilities for malpractice.
Not
surprisingly, doctors and other healthcare professionals are held accountable
in less than 10% of all cases.
Despite
witnessing significant backlash in their professional and personal life, these
cases often occur from unintentional mistakes, healthcare facilities failing to
acquire adequate consent (from patient’s party) for certain procedures, and
because of referral to other institutions.
For
protection against unwanted financial setbacks witnessed during such incidents,
many professionals resort to professional liability plans, such as indemnity
insurance policies, that offer comprehensive financial coverage against similar
situations.
What
is an indemnity insurance plan?
Indemnity
insurance plans are policies that offer financial cover against
incidents where patients or any third-party claim harm, injury, financial loss,
or death because of a medical practitioner’s consultation.
Professional
indemnity insurance plans also protect doctors against any incident of
defamation, offering comprehensive coverage against relative risks.
Benefits
of purchasing an indemnity insurance policy
Indemnity
insurance plans extend several advantages to policyholders, offering end-to-end
solutions against claims of negligence, incorrect treatment, and even legal
expenses. Let’s take a look at some of the primary benefits of this insurance
plan.
1.
Extensive
cover – Most professional indemnity insurance
policies offer financial coverage against any loss suffered because of
third-party damage, legal costs, and associated expenses. It primarily focuses
on possible scenarios that a healthcare professional might get involved in.
Some of the best professional indemnity
insurance policy for doctors even extends the coverage against a variety of
other incidents.
For example, a healthcare professional
can protect their financial interest against any incidents of fraud or
dishonesty as well as breach of confidentiality executed by their employee.
Damages incurred because of loss of
documents, legal expenses to cover incidents of defamations are also included
under such insurance policies.
2.
High
sum insured – Professional liability plans offer
financial coverage based on an individual’s size of the practice. Such
flexibility often proves beneficial, as healthcare professionals can purchase a
professional indemnity insurance policy for doctors that best suits their
financial requirements.
Moreover, most insurance aggregators
offer these policies on an affordable premium. The payable amount is calculated
based on the sum insured, coverage, and the identified risks, allowing a
financial institution to determine the extent of coverage accurately.
3.
Quick
claim procedure – Most indemnity
insurance policies offer quick claim lodging and disbursement systems, ensuring
timely financial assistance for a policyholder.
A customer only has to
follow the subsequent steps to claim their sum insured –
a.
The policyholder will
have to send written intimation comprising of all necessary details in writing
to the financial institution.
b.
He or she will have to
submit the necessary documents, like records of any reported incidents, First
Incident Report, etc.
c.
Once the details are
verified and approved, the settlement amount will be disbursed to the
individual. Policyholders will be liable to pay any deductible amount at this
point only.
Professional
liability or Professional Indemnity Insurance plans are offered
by several financial institutions, including NBFCs like Bajaj Finserv.
They
also provide advances in the form of Loan for Doctors, which offers monetary
assistance to mitigate any other form of personal or business-related
requirements.
The all-around cover provided by indemnity
insurances makes them extremely popular amongst medical professionals.
Moreover, one can choose the best professional
indemnity insurance policy for doctors from a range of available options.
Various financial institutions, including NBFCs, offer such policies with
varying degree of coverage as well as other features and benefits.
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