article thumbnail

How to Reduce Staffing Costs in Your NP Practice

Nurse Practitioners in Business

Here are the top three expense categories typically seen in a small practice: Employee expenses: payroll, benefits, taxes Rent & Utilities: office space & water, gas, electricity, internet Insurance: medical malpractice, general liability, property, workers compensation, and other types of coverage. Insurance is a non-negotiable.

article thumbnail

The Rise of Malpractice Claims Against NPs

Daily Nurse

Why have malpractice claims – in terms of the amount of money awarded – been increasing? What can NPs do to protect themselves from malpractice claims? According to NSO’s & CNA’s new NP report, the average total incurred of professional liability claims in the 2022 dataset ($332,137) increased more than 10.5 Please explain.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Help, I’m Being Sued!

Empowered Nurses

The last thing we want to do is to be sued in a medical malpractice case. Malpractice is a fancy word for negligence: a civil wrong. If you give ampicillin instead of aminophylline and the patient has no untoward effects, it is not malpractice. These are the words of a nurses biggest nightmare.

article thumbnail

Building an Emergency Fund for Your Practice

Nurse Practitioners in Business

Here are some examples: Insurance reimbursements are delayed or denied Technical malfunctions or a network gets hacked You have problems with employees There may be lawsuits and malpractice claims Changes in legislation affecting your profession Economic downturn affecting your practice Natural disasters such as tornadoes, hurricanes, earthquakes, (..)

Business 195
article thumbnail

Don’t Let Tax Season Sneak Up: Use This Checklist

Nurse Practitioners in Business

Business Insurance: Malpractice insurance, general liability insurance, and workers compensation (if applicable) are all deductible expenses and must be tracked and recorded. Keep track of everything; even small purchases add up over time.

Business 286
article thumbnail

Nurse Practitioner Liability Report Reveals Malpractice Claim Costs Are on the Rise

Daily Nurse

The average total incurred amount of a nurse practitioner malpractice claim has increased to $332,137 – a jump of more than 10.5% since 2017, according to a newly released claim report published by the Nurses Service Organization (NSO), a division of Aon Affinity.

article thumbnail

Is Personal Malpractice Insurance Worth It?

Scrubs

If a patient is suing you – and it can happen more easily than you want to imagine – then personal malpractice insurance can come in handy. What Is Medical Malpractice and Why Do I Need Protection? To find the right coverage, you need to understand what a medical malpractice means.