Fiduciary
A person or organization to whom power is entrusted for the benefit of another. A fiduciary relationship exists when an individual or organization has an explicit or implicit obligation to act in behalf of another person’s or organizations’ interests in matter which affect the other person or organization. Traditionally, it was generally believed that a physician has a fiduciary relationship with patients. However, this definition is being questions in the era of managed care as the public becomes aware of other influences affecting a physician’s decisions.
