Anesthesia providers play a valuable role in patient care. CRNAs and anesthesiologists offer specialized expertise and often practice with a high level of autonomy, but this independence can also leave them vulnerable to certain risks, like malpractice lawsuits and financial and tax liabilities.
Strategies for managing different types of risk and protecting yourself as an anesthesia provider.
Malpractice Risks
Make sure you understand your malpractice insurance coverage and what it protects against. If you are an employee of a healthcare facility, your employer may provide insurance for you; if you are an independent contractor, you may be responsible for purchasing your own coverage. Either way, ask the insurance agent to explain the complexities of the policy to you.
There are two types of malpractice policies: occurrence coverage (a claim is covered if the event happens during the policy period) and claims-made coverage (a claim is covered if it occurs and is reported during the policy period).
Identify and monitor risks to reduce the possibility of malpractice lawsuits:
- Ensure that your education, qualifications, and competencies are current and meet your state’s requirements
- Obtain informed consent for planned anesthesia services from patients or patients’ legal guardians
- Communicate changes in a patient’s condition or responses to treatment to the practitioner in charge of the patient’s care
- Report any incident or injury to your facility’s risk management department and/or your insurance carrier
Tax & Financial Risks
Your financial and tax considerations will vary depending on whether you are a W2 employee or a 1099 independent contractor. Many independent CRNAs also decide to form a business, like an LLC or an S Corp, for tax purposes.
If you feel overwhelmed or intimidated by the options available to you, work with a tax accountant or financial planner who specializes in the medical field. There are benefits and drawbacks to being both an employee and an independent contractor. Employees are entitled participate in employee benefit programs, and their employers pay payroll taxes on their wages and often provide malpractice insurance. Contractors have to manage more complicated tax filing requirements and obtain their own benefits and malpractice insurance, but they can often make more aggressive tax deductions and charge higher rates than employees.
Managing risk is an important part of your professional role as an anesthesia provider. It should also be part of your personal life as you plan for the future.
Learn more about Radar Healthcare’s expert anesthesia staffing services.