There are many people who want us to believe these myths to serve their interests: politicians, lawyers, and legislators, just to name a few. They know that if the public reads or hears something enough times, they will begin to believe these “facts.” However, there is a great deal of misinformation that needs to be debunked.
When it comes to medical malpractice insurance, there are many myths. Here are some:
1. Malpractice insurance is expensive. The truth is that insurance rates have been at their lowest level in over a decade. The insurance market is actually going through a “soft” market, which means claims are down, premiums are low, and many types of coverage are available. Risk Retention Groups (RRGs), smaller local and regional companies, and mutual companies provide alternatives and offer more affordable insurance options.
2. All insurance policies are the same. Many medical professionals will buy a policy based solely on price, but it’s important to make sure it’s the right type of policy with enough coverage. It is important to obtain a policy from an established and reputable company.
3. Medical malpractice payments contribute to high health care costs. In Tom Baker’s book, The Medical Neglige Myth, he says that when legal fees, insurance costs, and payouts are added together, the cost of malpractice lawsuits actually comes to less than half of 1 percent of the expense. in medical care. Baker argues that most patients who are victims of negligence do not actually 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, you will most likely not be provided with an attorney. If you buy your own policy, you’ll cover legal costs. When shopping for personal malpractice insurance, it’s important to work with an experienced broker who knows the different types of policies and finds quality insurance at an affordable price.
The best thing you can do is carry out your own due diligence. The more research you do on medical malpractice insurance, the more informed you will be. You can make informed decisions about the type of insurance that is right for your medical specialty. You will be able to navigate through the distracting misinformation that is being posted.
What other myths about malpractice insurance do you know?