Medical Malpractice Cost
Nearly all health care providers and professionals have to buy malpractice insurance. They need insurance coverage in order to treat patients or practice their vocations and as 'safety net' for untoward lawsuits. However there are physicians in some states who do not have liability coverage. This put them and the patients in precarious situation if any untoward results occur during and after treatment.
Premium rate for medical malpractice insurance have staggering increased for medical practitioners in some specialties and states since 1999. The increase in insurance medical malpractice cost has been the foremost concern of medical practitioners. They are wary that exorbitant amount paid on insurance will not be afforded and they will be forced to discontinue providing professional medical services.
The insurers in turn are also faced with moribund profits and may have to cease selling insurances or limit liability as well as lessen their operations. In addition, the rapidly growing claims on medical malpractice insurers are faced with astronomical losses. The insurers are paying out insurmountable amounts on medical malpractice claims more than the premiums they are collecting.
On how much medical malpractice insurance cost varies by area of expertise. Cost of emergency physician malpractice insurance could reach up to $100,000. Malpractice insurance cost for doctors in Neurosurgery range from $200,000 to $300,000 yearly regardless if they had liabilities or not. Not far behind are physician malpractice insurance cost in Obstetrics and Gynecology and Orthopedics.
The high cost of medical malpractice insurance and the losses of insurers have been somehow regulated with Accessible Low-Cost, Timely Healthcare Act of 2003. The Act is limiting the cost of medical malpractice claims only on some damages and injuries. Just recently, there are 36 states that limit claims and compensation patients can receive for medical blunder.
In the state of New Jersey, the 'Medical Malpractice Liability Insurance Premium Assistance Fund' was founded in 2004. The foundation has been assisting health providers who are having difficulties with the rising cost of medical malpractice insurance cost. This in turn helps preserve patients' expedient access to quality medical care.