Yeah, 3 incaps and you're out.
Although mobs often don't agro you the second you regain consciousness (sp?) when you wait til the timer runs out.
Another thing to beware of if you're a non-factioned or covert medic: Healing/trading with an OVERT Imperial/Rebel will give you an Imperial/Rebel TEF (Temporary Enemy Flag) which means you can also be shot by the opposing faction of the player you healed.
I never used the /consent command you can use on other players so they can drag your lifeless body away from the battle..but that might also be helpful..
( /haveconsent gives you a list of people that have your consent and /unconsent removes a player from that list )