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The Insurance Cost of Medical Malpractice: Rising Out of Reach

The recent rise in the number of medical malpractice suits has directly impacted the insurance cost of medical malpractice, driving it almost out of reach for the doctors who truly need it. It is not sufficient that the insurance cost of medical malpractice is very high - in terms of providing coverage for a doctor who has already been sued and/or convicted previously, the fees almost double.

The rising costs actually leave little choice for many doctors besides practicing medicine without insurance, which puts them into a very high-risk position that could cost them their license. Since they are aware that they are open to the risk of medical malpractice suits, these doctors do not to go out of their way for innovative treatments, a practice for which the patient pays. Hence, the insurance cost of medical malpractice is directly impacting the health system in the United States subtly but steadily.

Why Has the Insurance Cost Of Medical Malpractice Risen So Suddenly?

Looking back one can see that the insurance cost of medical malpractice rate of growth was about 10 percent to 15 percent between 2000 and 2002. From 2003 onwards the percentage of the increase in the premium crossed 50 percent, which is a huge leap by any standard, and hard for physicians to match while their salaries don't enjoy corresponding inflation.

The rise in price is not due to one particular factor but a combination of different economic changes. In the recent past the globalization has brought about a steep rise in the interest. There has also been a steep rise in the medical malpractice suits making this particular field a very high risk area. These medical suits have been awarded higher and higher compensation for which the insurance carriers have to raise their premiums in order to cover the possible financial risks.

Impact of the Rising Insurance Cost Of Medical Malpractice On Health Services

Since the premiums today are out of reach for many doctors, some physicians prefer to work uninsured, and as a result of this aspect, they do not venture to treat any complicated cases for fear of facing any type of medical malpractice suit. In this way health services have become weaker and weaker, with the greatest brunt borne by the common man. There are many measures, which are trying to correct this deviation, but to date no perfect solution has been worked out. Hopefully, the future will be good news both for the doctors and patients, and remove legal barriers to the practice of risky medicine for those who need it most.
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