$31 billion was paid for medmal premiums in '11
Physicians, hospitals, dentists, therapists, and a host of other healthcare providers paid about $31 billion in medical malpractice premiums in 2011, which is a new record, according to a study released recently by Patients for Fair Compensation, a group based in Alpharetta, GA, that seeks to educate the public about the costs of defensive medicine.
The data showed that all healthcare providers spent that amount last year to protect themselves from lawsuits. Economists claim that malpractice premiums are built into the escalating costs of healthcare for consumers, notes Richard L. Jackson, chairman of Patients for Fair Compensation.
In addition, the study found that 19,000 patients received compensation from medical malpractice occurrences in 2011. Of the $31 billion in premiums, about 20% or $6 billion went to patients. The remaining $25 billion went to attorneys' fees and other legal costs, administrative costs, and insurance company profits.
"You can't find a more ineffective system for compensating injured patients than what we have in the United States," Jackson says. "We take in far too much money and get so few dollars to medically injured persons. The system is just not working for patients."
A fact sheet outlining the new data and a detailed description of the methodology can be viewed at http://tinyurl.com/bqevory.
Patients for Fair Compensation estimates that more than $650 billion is wasted each year on unnecessary medical procedures ranging from X-rays, biopsies, CT scan, MRIs, and other tests that doctors order to keep from being sued.
Physicians, hospitals, dentists, therapists, and a host of other healthcare providers paid about $31 billion in medical malpractice premiums in 2011, which is a new record, according to a study released recently by Patients for Fair Compensation, a group based in Alpharetta, GA, that seeks to educate the public about the costs of defensive medicine.
You have reached your article limit for the month. Subscribe now to access this article plus other member-only content.
- Award-winning Medical Content
- Latest Advances & Development in Medicine
- Unbiased Content