Earlier this week, we blogged about the New York judge who saves millions in medical liability costs for his state through a unique judge-directed negotiation plan. Today, we take a step back and look at big-picture issues regarding New York medical malpractice insurance.
Generally, the amount of tort cases in New York has remained steady in recent years, but there is a surprising dearth of information regarding the state’s levels of medical malpractice. One known figure is 1.6 billion – that would be the amount of money New York physicians and surgeons pay annually in medical liability insurance premiums. Considering that number, doctors can surely understand why the legislature considered capping non-economic damages in malpractice lawsuits at $250,000, before that proposal was shot down.
Interestingly, some of the best hospitals in New York also have the highest medical malpractice costs. Thus, there appears to be a disconnect between quality of care offered, malpractice insurance premiums, and possibly even the number of claims against a given physician or hospital.
New York likely boasts more lawyers than any other state in the nation – which is another reason tort reform becomes increasingly complex. Despite the lobbyists on both sides of the issue and the number of legislators – both Republican and Democrat – who are trial attorneys, the fight over reigning in malpractice insurance premiums is much more complex than doctors and insurance companies versus attorneys and patients.
Malpractice Insurance Agency understands the strain that doctors, clinics, and even locum tenens agencies feel due to the high medical liability insurance rates in New York. That’s why we work with the major insurance carriers in your state and shop for the best rates and coverage so that doctors can stay focused on their practices. If you’re ready to explore how you can save money or better protect yourself from a professional liability lawsuit, contact our agents today or submit a quote request online.
