Professional Risk Associates launches new healthcare risk tool

To help physicians and medical practices mitigate their exposure to risk of a malpractice lawsuit, Professional Risk Associates has launched Procuity, a risk tool which aims to help identify areas of potential liability for medical malpractice.

The firm says that the most common medical malpractice cases typically involve misdiagnosis, delayed diagnosis, failure to treat, and surgical errors. However, it adds that every specialty and practice can face unique risks associated with its services. In recent years, the number of claims has remained stable, but the severity of claims and the number of large payouts exceeding US$500,000 have increased.

Steve Fargis, executive vice president of Professional Risk Associates, said: “Procuity is truly a one-of-a-kind risk analytics program because it is completely tailored to the specific medical practice requesting it. We review and compare a practice’s data with a national database to identify risk exposures and then design a patient safety program that’s unique to the practice.

“Another big benefit Procuity offers is eliminating the hours that physicians or office administrators would otherwise need to spend watching webinars or online training sessions about risk management.”

Fargis added that insurers often award cost-saving credits recognising healthcare practitioners for risk management programs that support patient safety. He said: “Our Procuity tool provides the carrier with rich data about the risk management systems and processes in place at the practice. This creates efficiencies for both the practice and the carrier and also significantly strengthens the long-term relationship between both parties.”

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