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Medical Malpractice Insurance

Medical Malpractice Insurance. Tim Capps. Objectives. Health care costs and malpractice premiums have increased Establish correlation between rate increases. Rising Healthcare Costs. Overall Healthcare Expenditures:*. *Source: Centers for Medicare & Medicaid Services.

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Medical Malpractice Insurance

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  1. Medical Malpractice Insurance Tim Capps

  2. Objectives • Health care costs and malpractice premiums have increased • Establish correlation between rate increases

  3. Rising Healthcare Costs • Overall Healthcare Expenditures:* *Source: Centers for Medicare & Medicaid Services

  4. Rising Healthcare Costs

  5. Rising Healthcare Costs • 7.9% annual increase* • Inflation rate – 3.5%** • 1980 – 7.9% of GNP spent on health care* • 2001 – 14.1%* *Centers for Medicare and Medicaid Services **Bureau of Labor Statistics

  6. Rising Healthcare Costs • “The cost of health care is rising rapidly, and that burdens our families, it hurts our small businesses, it makes it harder for the job creators to expand the job base. Too many Americans are left struggling to find affordable health care.” *President George W. Bush – January 5, 2005

  7. Rising Malpractice Insurance Costs • Malpractice Insurance • Designed to protect physicians from being sued for medical malpractice by patients and/or patient’s families

  8. Rising Malpractice Insurance Costs • OB/GYNs: 100% premium hike* • Nevada: Quadrupled rates in 2002** • Connecticut: $100,000 - $150,000, up from $15,000+ *Mark DeFrancesco, Medical Director of Physicans for Women’s Health **Joelle Babula, writer for Las Vegas Review Journal +Women’s Health Weekly

  9. Rising Malpractice Insurance Costs • Illinois: 160 physicians forced to retire or relocate in two counties* • Missouri: Doctors looking at Kansas** *President George W. Bush – January 5, 2005 **Julius Karash, The Kansas City Star

  10. Correlation • Liability Surcharges • $10-$15 per visit* • $500 per pregnancy** • Move practices elsewhere+ *Michael Romano – Modern Healthcare **Women’s Health Weekly +Julias Karash, The Kansas City Star

  11. Correlation • “It’s a system that’s just not fair. It’s costly for doctors; it’s costly for small businesses; it’s costly for hospitals; it is really costly for patients.”* *President George W. Bush – January 5, 2005

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