A medical billing service processes insurance claims and provides other services to private doctors’ offices, healthcare facilities and hospitals. Even though medical billing employees go through extensive training, mistakes can be made. The billing company can find itself at risk if these mistakes lead to loss or damage to a patient or the insurance company.
What Type of Insurance Covers Billing Errors?
Business insurance policies for medical facilities vary greatly. Consider the risks and discuss the options with your insurance agent. Policies include the following examples.
1. Medical Billing General Liability Policy
Medical billing liability insurance that is included in a general liability package covers many types of legal liabilities, including completed operations and premises liability. Completed operations offers protection if incorrect billing to the insurance company causes loss or damage. Premises liability covers a patient that is injured on your premises.
2. Medical Billing Professional Liability Insurance
Also known as Errors and Omissions insurance, this policy will protect your business if any mistakes result in damages or loss. You and your employees aren’t held accountable for legal fees and settlements if you are sued.
Medical liability policies can be customized to meet your specific needs and can be grouped into a comprehensive package to cover all your liability concerns.