Regulated Health Professionals and Non-Regulated Healthcare Practitioners
What’s the Difference?
There are over 20 Regulated Health Professionals and over 350 Non-Regulated Healthcare Practitioners.
Regulated Health Professionals consist of: Medical Physicians, Dentists, Chiropractors, Nurses, Pharmacists, and Optometrists, to name a just a few. A full list can be found at http://medthreeinsurance.com/products/healthcare.html.
Non-Regulated Healthcare Practitioners work in modalities such as: Iridology, Lymphatic Drainage, Reflexology, Reiki, and Pilates just to name a few. http://medthreeinsurance.com/products/healthcare.html.
How are Regulated Health Professionals Legislated?
Regulated Health Professionals, are put into place from a legislative standpoint. These Professionals are regulated by their ‘Colleges’, such as the Ontario College of Nurses. Colleges are the protector of the public and say that an injured party will have a financial recourse against any negligence within that profession. Therefore, the Colleges, regulate the profession, set the scope of practice, controlled-acts, and tells them what they can and can’t do, which includes the purchase of mandatory liability coverage.
20 years ago, a College may have suggested that RHP secure professional liability insurance.
Over the years that has moved to and further from:
- a suggestion to a requirement
- a requirement to mandatory limits, which may include:
- prescribed policy forms (claims vs. occurrence)
- must purchase policy from their list of vetted vendors
Do All Regulated Health Professionals Require the Same Coverage?
Some Colleges however are not as prescriptive in their regulations and liability requirements. In fact, further down the hierarchy of risk from an independent professional to that of a professional employee of a health institution, employers will have coverage for their employees, except in cases where the College may require the professional to have additional personal liability coverage as well.
What’s the Biggest Risk for Regulated Healthcare Professionals?
The expanding scope of practice amongst the Regulated Healthcare Professionals is the biggest exposure to the market place from an insurance stand point. As the government pushes care down into the community from the hospital, healthcare staff are getting more of the patient load and doing more and more of what the doctor did, therefore requiring more and specific coverage as time goes on.
Why You Need a Specialized MGA
MedThree Insurance Group, are specialists in healthcare and keep abreast of the nuances and forever changing regulations and guidelines within the healthcare industry and the Colleges. Whereas general underwriters may simplify the process and refer to a general list and rate the coverage based on a lack of understanding of the Colleges prescriptions, leaving the Professionals at risk, with insufficient coverage.
What about Non-Regulated Healthcare Practitioners?
Most Non-Regulated Healthcare Practitioners have no regulatory Colleges, or legislation governing how and what they can do. The story here is simple, without regulation, the risks for both the practitioner and the client/patients are huge. There is no protector of the people, as there is with Regulated Healthcare Professionals, leaving the patient in a vulnerable position who might be treated by a practitioner who has no governing scope of practice or controlled-acts. The risk to the practitioner is just as great. Without liability coverage, they are at great personal risk from their mistakes, as well as from the mal intentions of their clients/patients.
How MedThree Helps Brokers Protect Non-Regulated Healthcare Practitioners
Once again, MedThree Insurance Group who specializing in healthcare, provides Non-Regulated Healthcare Practitioners with professional liability coverage, that is easy to buy. Their on-line technical platform instantly manages an entire insurance policy from application to document issuance. This automated technology helps brokers administer high-volume (slot-rated), low cost policies, effortlessly and profitably, with virtually no paper work, leaving them time to concentrate on more complex policies. For the client/insured, this means they can apply and purchase insurance on-line, at their convenience, and receive instant coverage and documentation right to their inbox within minutes.