Is HPSO a Good Insurance?

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Malpractice suits and charges of negligence are an increasingly common occurrence for medical professionals. It’s a problem that threatens the careers of well-respected healthcare professionals, and it can force them into bankruptcy in some cases.

Malpractice insurance and liability insurance are the most effective ways to protect against the potentially devastating consequences of unwarranted litigation. Healthcare Providers Service Organization (HPSO) offers an array of insurance products and other services designed to support healthcare professionals.

HPSO Insurance Options

Healthcare Providers Service Organization (HPSO) is a company that provides professional liability insurance and risk management services to healthcare professionals and facilities.

These are some of the services HPSO offers:

  • Professional liability and malpractice insurance: Claims of malpractice and negligence can result in costly and lengthy litigation, threatening the career and reputation of a medical professional. HPSO offers insurance coverage to protect healthcare professionals against these claims, providing them the support they need to defend themselves appropriately.
  • Risk management resources: Because HPSO is committed to helping healthcare professionals protect themselves from ill-advised litigation, the company provides a variety of resources to help healthcare professionals and facilities manage and mitigate risk, including risk assessment tools, educational materials, and risk management consultations.
  • Claims support: Filing and following up on insurance claims is a notoriously difficult process, but HPSO reportedly offers comprehensive support to policyholders throughout the claims process, including legal representation and assistance with settlement negotiations.
  • Alternative dispute resolution services: In order to avoid unnecessary and costly litigation, HPSO offers alternative dispute resolution services, such as mediation and arbitration, to help policyholders resolve disputes without going to court.

Overall, the goal of HPSO is to help healthcare professionals and facilities protect themselves and their practices from risks to their reputations and finances associated with professional liability claims.

Fighting Unwarranted Claims

Even the best insurance cannot protect against relentless parties bent on seeking a day in court. While insurance is an important first step, additional steps require retaining the support of a legal team that understands the healthcare industry and is well-versed in helping medical professionals to mount an effective defense.

A boutique law firm like Florida Healthcare Law Firm will provide legal support in a court of law and can provide indispensable legal advice along the way. The right response at the right time can save hours of mediation and days in court. Florida Healthcare Law Firm has the experience to answer charges and protect the best interest of their clients.

If you have been the recipient of claims of negligence or malpractice, it is important to take effective action as soon as possible. Reach out to the team at Florida Healthcare Law Firm to set up a free consultation call, so you can get the advice you need to respond as soon as possible.

Starting a Hormone Replacement Therapy Business

Hormone replacement therapy (HRT) and other similar “body hacking” treatments have expanded significantly over the years. With more and more people choosing alternative treatments to common ailments, these practices have experienced explosive growth in response to the demand. But what does it take to open one of these businesses and how risky can it be?

  1. Understanding the Regulations

    1.  Healthcare businesses, especially in Florida, are heavily regulated. Even as a typically cash-only business, owners must stay aware of the ever-changing regulations. First, Florida and Federal anti-kickback laws affect cash-only businesses in regard to patient referrals. They also apply to laboratory referrals. Florida law has additional regulations against physician ownership in certain entities. In this case, ownership in an HRT business and a lab or pharmacy that you refer to could put you in violation of a number of Florida and Federal laws. While many HRT businesses offer other treatments that are not just hormones, the big draw is hormones, which are considered controlled substances. Prescribing controlled substances requires certain patient evaluation standards, prescribing standards, and pharmacy standards.
  2. Corporate Structure

    1. A company is considered a legal entity and recognized by both the IRS and the State. Depending on the number of owners and type of business, different options exist regarding entity type. Specifically, most healthcare businesses choose a limited liability company, corporation or a professional association, depending on the type of owner. Once you choose the appropriate type of entity, you’ll want to meet with your CPA to discuss taxation of the entity and how that affects the owners personally. Equally as important as choosing the right entity is ensuring that all corporate documents are appropriately buttoned up and protecting the owners.
  3. Licensure

    1. As a business owner, you’ll need additional business, state, county, and city government licensure to do business. Florida has many counties, each with different rules. You may need local tax licenses depending upon your offerings and services as well. In addition to business licenses, you will need to either maintain a Florida medical license or contract a physician to treat patients.
  4. Operations Planning

    1. Starting a successful practice begins months before with business planning. Develop a business plan for financing purposes, gather information regarding day-to-day operations, explore different financing options, develop a practice culture, assess bringing on any partners, and other practice considerations. You will also want to ensure that all of your patient and staffing policies are well thought out and comprehensive.
  5. Trademarks and Branding

    1. People recognize businesses by their logos, name, service, or specialists. Protecting your brand is just as important as building your business. Utilizing Federal or State trademark protections is just one method of building and creating your brand. This is at least a six (6) month process, so the earlier you evaluate your intellectual property, the better.
  6. Corporate Compliance

    1. Once you’ve built the foundations of your new practice, protecting its assets should be high on your priority list.
    2. In a high-earning business, you want to take all the necessary steps to ensure your business looks like and functions as an entity separate from yourself individually. With partners, the right agreements and actions will ensure that the company is treated as a legitimate entity.

While these are some of the biggest considerations, there are many more to opening and operating a successful HRT business.







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