What does "fiduciary duty" mean in healthcare?

The concept of "fiduciary duty" in healthcare specifically refers to the obligation that healthcare providers have to act in the best interests of their patients. This arises from the trust placed in healthcare professionals by patients, as providers often possess superior knowledge and expertise. Thus, the fiduciary duty underscores the importance of prioritizing the patient's health and well-being above other considerations, including financial incentives or personal interests.

This duty encompasses various aspects, including ensuring informed consent, maintaining confidentiality, and providing competent care. It's essential that healthcare providers cultivate and maintain this trust, as any breach of fiduciary duty can lead to ethical violations, legal consequences, and potential harm to patients.

In contrast, while adhering to legal regulations, reporting unethical behavior, and accurate billing are important responsibilities in healthcare, they do not capture the essence of the fiduciary relationship, which is fundamentally about prioritizing the patient's best interests.