Steadily rising jury awards for 'pain and suffering' in professional liability cases are driving escalating insurance premiums for physician's professional liability insurance. These insurance premium increases have become so extreme that many doctors, particularly in high risk specialties such as Obstetrics and Neurosurgery, have found the insurance unaffordable. Some have left practice, retired early or have limited their practices in such a way as to minimize their risk exposure.
While the medical community acknowledges the right of true victims of negligence and malpractice to receive reasonable compensation for their injuries, 'Jackpot Justice' must be eliminated before the entire healthcare system is driven into bankruptcy. Rising professional liability insurance premiums in combination with diminishing reimbursement from managed care and Medicare is creating a 'Perfect Storm' which threatens to distroy the Medical Profession. We cannot curb the cost of healthcare without placing some limitation on professional liability. |