There are many people that want us to believe these myths in order to serve their interests - politicians, lawyers, and lawmakers, just to name a few. They know that if the public reads or hears something enough times, they will start to believe these “facts”. However, there is a great deal of misinformation out there that needs to be debunked.
When it comes to medical malpractice insurance, there are many myths floating around. Here are just a few:
1. Malpractice insurance is expensive. The truth is insurance rates have been at their lowest in over a decade. The insurance marketplace is actually going through a “soft” market, meaning that claims have decreased, premiums are low, and there are many types of coverage available. risk retention groups (RRG) , smaller local and regional companies, and mutual companies provide alternatives offer more affordable choices for insurance.
2. All insurance policies are alike. Many medical professionals will purchase a policy based on price alone, but it’s important to make sure it’s the right type of policy with sufficient coverage. It’s important to get a policy from an established, reputable company
3. Medical malpractice payouts contribute to high healthcare costs. In Tom Baker's book, The Medical Malpractice Myth, he says that when you add up legal fees, insurance costs, and payouts, the cost of malpractice lawsuits actually comes to less than one-half of 1 percent of healthcare spending. Baker argues that the majority of patients who are victims of negligence actually do not sue.
4. Insurance provided by an employer is sufficient. If you work for a facility or hospital that provides coverage, do you know the limits of liability? Sometimes it is not enough. Also, most likely you will not be provided an attorney. If you purchase your own policy, it will cover legal costs. When purchasing personal malpractice insurance, it’s important to work with an experienced broker who is knowledgeable about the different types of policies and find quality insurance at an affordable rate.
The best thing you can do is to conduct your own due diligence. The more research you do on medical malpractice insurance, the more informed you will be. You can make educated decisions about the type of insurance that is right for your medical specialty. You’ll be able to wade through the distracting misinformation that is being published.
What other myths about malpractice insurance do you know of?