Outpatient Care Facility Insurance

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Outpatient care facilities offer a very extensive range of services, and as a result, depending on the service your outpatient care facility provides - the risks you’re exposed to can be dramatically different.

Regardless of whether your outpatient care facility specializes in helping patients with losing weight or providing chemotherapy treatment to patients with serious illnesses - your clinic is still exposed to a number of risks that you need to be insured against.

Having an adequate level of cover will shield your outpatient care facility from costly legal action or claims that your medical practice would have otherwise had to pay for out of pocket.

How Much Does Outpatient Care Facility Insurance Cost?

The average outpatient care facility in the United States pays an average of $65 per month or $785 per year on business owner’s insurance.

General liability insurance costs the average outpatient care facility $45 a month, which totals to around $540 per year. Such policy will shield your medical facility from any lawsuits or claims related to third-party accidents and property damage.

Healthcare facilities are required by state law to take as much care of their staff as possible. And one of the best ways to do that is by having an adequate level of insurance in place. Worker’s compensation insurance costs the average outpatient care facility around $70 per month or $840 per year and will cover the employee’s lost wages, hospital bills, and other costs if they get injured or fall sick at their place of work.

Professional liability insurance is another crucial policy that every healthcare facility needs. It costs an average of $290 per month or $3,480 per year and provides your staff and medical practice with the necessary cover in case they get sued for professional mistakes or are accused of negligence.

Healthcare facilities also need to do everything they can to protect their patient's information. A simple data breach can land the medical facility in a lot of trouble - not just financial. This is when cyber liability insurance will be very handy. It costs the average medical facility in the U.S. around $300 per month or $3,600 per year.

What Types of Insurance Do Outpatient Care Facilities Need?

There are numerous insurance policies available for outpatient healthcare facilities. Factors such as the type of services you offer, the location and size of the business, the number of employees the medical facility has, and more will impact the level of cover you need.

Below, you can discover the suggested insurance policies available for outpatient care facilities.

Why Do Outpatient Care Facilities Need Insurance?

Even though outpatient care facilities don’t admit any patients for overnight stays, they are still exposed to a lot of risks dealing with patients throughout the day.

For instance, if a patient suffers an injury or their condition worsens and decides to sue your outpatient care facility on the basis of negligence or malpractice - without the right insurance in place, your clinic will be held financially liable in the event you lose the court case.

On the flip side, depending on the service your facility provides, certain clinics such as laboratories are home to a lot of modern and expensive equipment, which is necessary to conduct medical tests, calculate the recovery prognosis for patients, and more. And in case one of the equipment gets damaged or stolen, without insurance in place - your medical facility will have to pay for a new one.

Having insurance in place for the scenarios above and more is essential in shielding your medical facility from having to pay out of pocket in case they get sued or need to replace expensive equipment that may have been damaged or stolen during a theft attempt.

Typical Outpatient Care Facility Insurance Claims

Outpatient care facilities most commonly make claims related to professional mistakes and in the event, a staff member falls sick or gets seriously injured at work.

In more rare cases, outpatient care facilities make claims related to cyber security breaches, and for damaged or stolen equipment.

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