New report helps bring to light that medical malpractice costs were only a tiny percentage of health costs in 2012.
August 12, 2013, Laguna Hills, CA - Advocacy group Public Citizen recently released a report that shared facts about medical malpractice payments, which was gathered from the federal government’s National Practitioner Data Bank. One of the key findings is that malpractice payments have fallen for the ninth consecutive year, with the year 2012 being the lowest on record.
There has been a great deal of debate about medical malpractice reform and whether or not malpractice has contributed to high healthcare costs. The majority of the blame for high costs has been on errors done by healthcare professionals, which resulted in payouts by medical malpractice insurance providers.
Some of the key important findings from the report released by Public Citizen (available at Citizen.org) include:
* Medical malpractice payments’ share of the nation’s total health care bill was the lowest on record in 2012.
* Total costs for medical malpractice litigation, as measured by liability insurance premiums paid by doctors and hospitals, were the lowest in 2012 since 2003 (the earliest year for which Public Citizen was able to obtain the relevant data).
* The total cost of medical liability insurance premiums (encompassing policies purchased on behalf of doctors and hospitals) was only 0.36 percent of total healthcare costs in 2012.
* Since 2003, health care costs are up 58.3 percent. Litigation costs are down 28.8 percent.
The author of the report, Taylor Lincoln, Research Director for Public Citizen’s Congress Watch concluded that there is no correlation between medical malpractice payments and soaring medical costs.
“Reports like this one by Public Citizen are helping to debunk the many theories about rising medical costs that have been circling the medical community, in addition to educating the public at large about what is attributing to health care costs. As a medical malpractice insurance broker, we want to continue to keep our clients informed, ” says Michael Kataf of Nexus Insurance Services.
About Nexus Insurance Services:
Nexus Insurance Services is a professional insurance broker that has helped many doctors, lawyers, realtors, and business owners gain access to insurance providers for their practice or business. The company's mission is to be a firm that brings real value to clients, builds personal relationships on top of business ones, and always conducts itself with sincerity, integrity and fairness. Because of the relationships with many providers, the company is able to shop a client's application around to get the best rates. Contact Nexus Insurance for a free, no obligation quote for medical malpractice insurance , professional liability insurance, or workers compensation insurance. For more information, visit: http://www.nexus-insurance.net
Nexus Insurance Services
25283 Cabot Rd. Suite 216
Laguna Hills, CA 92653