INSURANCE SURVEY

INSURANCE SURVEY
Medical malpractice
Ninety-six percent of physicians say the rising cost of liability insurance is hindering patients' access to care and doctors' ability to practice medicine with the best interests of the patient in mind. Here are additional findings of a survey of about 600 Ohio State Medical Association members:
Over the past two years, 83 percent of physicians reported that they saw an increase in their professional liability costs.
Physicians who reported an increase in professional liability insurance premiums during the past two years experienced an average increase of 40 percent. A neurology clinic with 14 doctors in Cincinnati reported that its average rate per physician went from $40,000 to $116,000.
Physicians in high-risk specialties (72 percent) indicated rising professional liability insurance costs have significantly affected their willingness to perform high-risk procedures.
Because of rising professional liability insurance costs, 31 percent of physicians in their 40s and 53 percent of physicians in their 50s are considering early retirement.
The state medical society is supporting Senate Bill 281, which is based on a California law known as the Medical Injury Compensation Reform Act. The state medical society says the California law increased access to care and reduced the time it takes to settle a claim by 33 percent.
The number of professional liability lawsuits filed has remained about the same, with 70 percent resulting in no payment to the plaintiff. However, the size of jury awards is increasing dramatically, up 43 percent from 1999 to 2000.
One in three physicians is considering early retirement, and almost one in 10 is planning to retire early.
40 percent have reduced their staff or will defer hiring new staff members.
Source: Ohio State Medical Association