A Critical Look At Medical Malpractice Insurance Rates
Medical malpractice insurance is one type of coverage that the majority of the population never really spends a lot of time thinking about. The fact of the matter though, is that in the end it's the public at large that ends up footing the final bill for it as it is passed on to patients as part of their doctors bill.
There's just no getting around it either because everyone who practices medicine has to carry it, and would you believe that now includes massage therapists? In fact concern about lawsuits has gotten so high that even people who practice alternative forms of medicine like herbalists are now opting to purchase it.
In a similar way as fire flood insurance, the state and area a doctor chooses to live in factors in heavily into determining what their premium costs will be, and costs can vary dramatically. For instance, would you be at all surprised to learn that in the state of Florida an OB/GYN can be charged as much as $125,000 for the exact same policy that costs $45,000 in Minnesota?
Amazingly many doctors today are paying as much as $200,000 every year for medical malpractice insurance, while their total take in revenue is $250,000. Do the math. That means that for all the ten years of higher education they paid for and slogged through, they earn about as much as a rookie fireman in the city of Los Angeles.
So now the new question on more peoples minds in the U.S., is now that universal healthcare has been legislated on a national level, will there be doctors to even work in the hospitals, and clinics? You see the cost of obtaining a medical degree is also rising as well, meaning that some new doctors are now graduating from medical school as much as $500,000 in debt.
So one of the answers that comes up from time to time, is what are called tort reforms. Essentially these would be caps or maximum limits that would be put on the size of financial award that a patient can sue for. At the same time though some researchers have suggested that higher insurance premiums have come about to cover for investment losses that insurance companies have endured.
What it all boils down to is that a solution for the crisis in expanding premiums for rising medical malpractice insurance has to be decided on and implemented or in the coming years people simply won't be able to afford to practice medicine. This particularly applies to specialists such as OB/GYNs who on average pay the most. By the way don't forget that we need OB/GYNs because they deliver babies.
By: Sandi Feris
About the Author:
Learn more about florida medical negligence lawyer. Stop by Sandi Feris's site where you can find out all about dental malpractice and what it can do for you.
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Malpractice Insurance In Chicago, New York And Boston
By: Janet Hamilton
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Life Insurance for medical workers is a growing that is becoming more difficult to afford for many workers in the medical services industry. Of greatest concern is that the number of medical liability lawsuits continue to rise, there are more and more medical professionals who are being forced out of the medical field because they can't afford the expensive premiums. Anyone who has stayed current with healthcare trends comprehends the explosion in medical malpractice litigation causing serious damage to the quality of care given to patients. Because more and more Doctors, Nurses and Medical Translation workers can no longer afford liability or malpractice insurance, they are forced to exit the career and find different employment. Unfortunately, the jobs that these people perform are in high demand and extremely difficult to replace.
According to New York Translation workers, since the 1970's, the division of law that deals with applying medical knowledge to legal problems has seen tremendous growth. While a growing number of lawyers began taking on more liability cases, healthcare workers became embattled in fear and skyrocketing costs. Some insiders contribute drops in patient satisfaction and healthcare to the increased stress levels in doctors and other medical workers who fear malpractice complaints and high premiums. In fact, new research suggests that the anxiety that medical workers experience may be a driver in the measurable number of healthcare workers who leave the industry each year. Unfortunately, declining number of healthcare workers only makes care more difficult to access. But according to Chicago Translation workers, medical malpractice does not help the cost of health care but what it does do is improve the bottom line for the insurance companies at the expense of consumers and medical workers. That's because the medical personnel who remain are adopting defensive medical treatment requirements that are designed to protect the doctor but at great expense to the patient.
Because I am a surgeon who also holds a degree in medical law, I have enjoyed going into the community and discussing this problem with others. When it comes to malpractice, nearly any worker in the medical professional can be at fault but it generally entails those in a private practice. In my Boston Translation business, my translation workers must be subjected to the same conditions of the treacherous medicallegal waters as other healthcare providers. In addition to having firsthand knowledge of the subject, over the past 15 years I have given numerous speeches to many medical workers, medical staffs, and medical conferences. Recently, the school of Medicine at the University of Texas invited me to give lectures to their surgical interns and residents on medicallegal-language issues. It is really amazing that in a decade medical malpractice has grown in such importance that Universities would be calling me to give presentations about it. In fact it would be rare to open up a medical tabloid an be unable to locate a single story on medical translation and legal translation in medical world.
The current problems in our industry can be fixed and it must be our job to demand tort reform. From surgeons to nurses aids, all healthcare employees should receive instruction on the laws that apply to medicine and their responsibilities in providing efficient services. However, no time should be wasted in establishing an effective response because more bad news that condemns the medical community will likely emerge.
