What is the need for hospital and physician professional liability coverage (malpractice insurance) in American health...
What is the need for hospital and physician professional liability coverage (malpractice insurance) in American health care today. Why is malpractice coverage so extremely expensive today? Do you think the need for liability insurance adds to or detracts from the patient care that is provided?
Homework Answers
Medical malpractice insurance is professional liability
insurance for doctors and other health professionals that prevent
from liability associated with the wrongful practices. It protects
physicians and other professionals against claims done by the
patient and their family members, alleging injury of the patient is
due to the physician’s negligent acts.
A claim made form is used to write the malpractice coverage, which
covers claims against the insured physicians during their policy
period. Some malpractice policy covers vicarious liability for the
events committed by another person.
Malpractice policy is expensive in the United States. According to
the report, the United States is facing nearly 1 million
malpractice experiences. Among these 1 million malpractices, only
2% of patients are claiming for malpractices. Since there are few
medical malpractice claims each year, insurers tend to invest a
considerable portion of the premium in the bond. However, in a
broader sense, due to economic recession, insurers do not want to
take chances, and thus, they hike malpractice policy premiums for
the doctors. Another reason for this high cost is to prevent
medical professionals from repetitively doing malpractices.
Malpractice claim is associated with the lengthy lawsuits, which
requires a considerable amount of money and thus insurers attached
high premium with this policy.
Yes, liability insurance may detract professionals from patient
care. When a physician gets to know that the malpractice policy can
cover them for their wrong actions towards patients, they can be
somehow distractful from their medical ethics.
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