A fiduciary duty is the legal obligation all healthcare providers must embrace. A “fiduciary” is considered any medical professional who delivers the necessary care and/or treatment to their patients. Doctors, nurses, and technicians alike are motivated to establish unwavering trust and confidence with the people they aim to help, always acting in the best interest of the individuals they are caring for. The five fiduciary duties are as follows:
Duty of Competence
A professional must have the necessary educational background and proper licensure to care for patients. Doctors, for example, require extensive education and training, including a bachelor’s degree in applied science, four years of medical school, and 3-7 years in a residency program.
Duty of Care
Healthcare providers are required to stay current with new medical research, books, and articles published within the medical community. This ensures that the care they provide aligns with the latest medical advancements and best practices. The most common topics for these updates involve laws, medical procedures, and evolving treatments.
Duty of Good Faith
All employees working in a clinical setting must act in the best interest of their patients, guided by honesty and compassion, without fraud or deception. Their decisions are based on patient symptoms and scientific evidence, free from personal bias, to ensure optimal care.
Duty of Loyalty
Medical professionals must listen to and consider the patient’s wants and needs. Patients are active participants in their treatment plans. If a patient refuses treatment due to religious or cultural beliefs, the provider must respect this and work with the patient to find an alternative solution.
Duty of Confidentiality
Protecting a patient’s personal health information is a key responsibility of caregivers. This is not only a HIPAA requirement but a promise to patients that their information will remain private. Building this trust allows patients to be open and honest, which leads to more effective treatment.
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By: Hope Merfalen
Senior Care Advising Intern at WellPath Partners
Health Care Administration Student, California State University, Long Beach
