Malpractice Claims Hurting the Florida Healthcare Industry
Posted on: November 20, 2015 by Javier iSure
The state of Florida has experienced a steadily increasing rate of malpractice claims over the last few years. A number of factors that both inhibit doctors from opening practice in the state and promote the legal action against healthcare professionals have led to an alarming malpractice claim rates. In order to protect your practice, Miami Medical Malpractice Insurance is critical in Florida.
According to a new study from Aon Risk Solutions and the American Society for Healthcare Risk Management, Florida has the highest loss rate among states when it comes to settling medical malpractice claims.
Erik Johnson, director and actuary of Aon Global Risk Consulting, said “In such a high-risk venue…the fear of malpractice litigation where such large claims are waiting drives the practice of defensive medicine. That is extra tests to be ultra-safe for the fear of medical malpractice litigation, and that is not efficient medicine.”
In addition to this, other factors have contributed to the increase in malpractice claims. Florida has a large legal community and plenty of money to fund these legal cases. Further, as there are so many lawyers, the skill pool is very strong, which leads to a more litigious climate. Because of this, jury pools are more likely to want to award high value settlements, said Giselle Lugones, executive vice president of Aon Risk Solutions.
Lastly, as we discussed in a previous post, the Supreme Court has declared that placing a financial cap on medical malpractice claims is unconstitutional, allowing awards to plaintiffs to skyrocket. In turn, this increases the motivation for following through with claims.
While some practices are known to “go bare,” meaning without malpractice insurance, many doctors have chosen to forego practicing in the state altogether to avoid the potential risk. Explains Lugones, “You had an exodus of doctors that were close to retirement, and those in highly specialized fields. They left the state of Florida because they were no longer willing to take the risk.”
At iSure Brokers, we strive to protect the healthcare industry with quality malpractice solutions. Our expertly crafted policies are specifically written with you in mind to protect against the scope of risk you and your practice might face. For more information, contact our experts today at (855) 381-6123.