Over the past year, our blog has chronicled the frustrations that doctors and surgeons have with Florida malpractice insurance rates. Notwithstanding the caps that the state legislature has imposed on non-economic damages in medical malpractice lawsuits, the cost of practicing medicine in the Sunshine State still borders on absurd, as six-figure annual premiums are not uncommon for physicians in certain medical specialties.
Defensive medicine expenses end up costing Florida physicians and surgeons an estimated $25 billion per year, and may be responsible for almost a quarter of overall spending on healthcare. Doctors are forced to practice medicine with a perspective that is constantly focused with the lens of potential litigation. And, high malpractice insurance rates reinforce that concept with each monthly premium bill.
One common argument that Malpractice Insurance Agency hears from medical liability suit plaintiffs and their attorneys is that Florida’s (or any state’s) caps on non-economic damages give doctors less incentive to raise or even meet a reasonable standard of care. That line of reasoning assumes that doctors will not be as careful in treating patients if their ultimate liability for non-pecuniary damages is capped. However, removing the caps has the effect of creating an even greater fear of malpractice claims, which increases the practice of defensive medicine and costs, and lowers efficiency and the standard of care. Thus, the solution is not as simple as removing the caps or, in the alternative, “tort reform.
Medical malpractice insurance is an issue with multiple variables and complex layers. As state legislatures, courts, attorneys, physicians, and patients grapple with medical liability issues and potential solutions, laws will evolve and premiums will fluctuate. But, Malpractice Insurance Agency will continue to educate physicians, clinics, and locum tenens agencies on these issues. Further, our goal is to find the most affordable policies from the best carriers in your state, regardless of your medical specialty. We are licensed nationwide and can answer your questions today. Request a quote online or call our experienced agents at 800.217.4020.
