The Risks Facing Medical Professionals
Many people associate serious disability with freak accidents, and they can't envision
themselves disabled or in a wheelchair. Such disabilities are actually very rare. The reality is that most serious disabilities
are caused not by injuries, but by illness. More than 90% of long-term disabilities result from illness (Source: 2014
CDA Long-term Disability Claims Review). Just over 1 in 4 of today's 20 year olds will become disabled before they retire.
(Source: US Sociality Security Administration Fact Sheet, January 2015).
Illness strikes those who are young, as well as old. In fact, the average age of onset is fairly young for
many disabling diseases, including Rheumatoid Arthritis (25-35)
MEDICAL MALPRACTICE LAWSUITS THE OTHER RISK FOR MEDICAL PROFESSIONALS
According to 2016 study by the New England Journal of Medicine, about 75 percent of physicians
will be sued for medical malpractice in their careers. Roughly 20 percent will have to pay an indemnity because of a
judgement against them.
The AMA Warns Most Doctors
Will Face Medical Malpractice Lawsuits in their Career. Nearly 17 percent had been sued at least
twice.
HOW TO MITIGATE EFFECTS OF FRIVIOLOUS MEDICAL MALPRACTICE LAWSUITS
Asset Preservation/Protection
works for one simple reason, it removes the economic incentive for an individual and their attorney to even initiate a legal
action against you or your practice.
What are the chances of being sued for malpractice? A survey by the American Medical
Association (AMA) showed more than one-third of respondents had been sued at least once. Nearly 17 percent had been sued at
least twice.
It's not the sort of thing that you want to think about. But as a new survey shows, you should look at
preparing for it.
According to the survey, more than 60% of doctors aged 55 and above have faced a medical
malpractice lawsuit at least once in their career. That makes it a shocking 95 medical malpractice lawsuits filed for
every 100 physicians currently in practice. Even though most of these lawsuits are either dropped or dismissed, the
fact is that most doctors can expect to face a medical malpractice lawsuit at least once in their career--5,825 doctors were
included in the survey.
Some doctors were found to be more susceptible to claims and litigation than others.
General surgeons and obstetricians/gynecologists were up to five times more likely to be sued, compared to pediatricians and
psychiatrists.
Approximately half of all obstetricians/gynecologists
below the age of 40 had been sued. 90% of surgeons about age 55 had been named in a medical malpractice claim.
Male doctors were more likely to be sued than female doctors. That could simply be due to the fact that male doctors
tend to be concentrated in the specialties that are frequently targeted in claims.
Approximately 65% of all claims are dropped or dismissed. That doesn't mean however that
these lawsuits do not cost these doctors. The average defense costs for a medical malpractice lawsuit that is dropped
or dismissed amounts to a whopping $22,000. For cases that go to trial, the defense costs can shoot right up to $100,000.
Most medical malpractice trials last 2-4 weeks, but some can go on for months. The length
depends on the complexity of the case, the number of witnesses, and the court schedule. Some courts conduct trials only
on certain days of the week.
In the recent survey,
40% of those whose cases went to trial spent more than 50 hours in court and trial-related meetings. One doctor commented,
"(I was) in court for 8 weeks. Couldn't practice. I should have sued the patient for lost wages."
Another said, "Trial lasted 3 weeks--I lost 12 pounds."
In a long trial, you might be able to get a pass of sorts. Your attorney might request the judge to instruct
the jury that you will not be able to attend every day, owing to your work schedule.
Asset Preservation/Protection works for one simple reason: It removes
the economic incentive for an individual and their attorney to even initiate a legal action against you or your practice.
HOW TO MITIGATE THE RISKS FACING MEDICAL PROFESSIONALS
FOR A COMPLIMENTARY NO-OBLIGATION CONSULTATION ON ALL OF THESE TOPICS, PLEASE CONTACT RICHARD
MOORE.
