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I posted this in another forum, but thought some of you would find this interesting.
Indiana is taking the lead in malpractice reform, thanks to an old governor who was a physician.
When a physician is sued for more than 15K, a medical review panel meets to determine the merits of the case. The panel consists of a lawyor (the guy who answers questions the docs need) and three physicians. At least two physicians should be of the specialty that the physician being sued is. The vast majority of cases are found in favor of the physician and most cases are dropped (the panel review is admissible in court). Most plaintiffs drop the suit because the chances are not in their favor if the physician wins the medical review panel. Thus, you are judged first by your peers and this is undoubtably in your favor.
Take the rare case when the review panel finds you did not meet the standard of care. Then, you go to court if you don't settle. Luckily, in IN a plaintiff CANNOT take your assets, such as a car, home, boat, etc. In IN, there is a liability limit of $250,000 and max damages of 1.25 million.
Now, lets take the extreme case that the court finds you did something very wrong and awards the plaintiff 1.25 million. Anything over $250,000 is paid for by 100% the INDIANA PATIENT COMPENSATION FUND. This is state provided insurance that is charged by the Commissioner of Insurance (the ins company puts this in their charge to you and the ins company pays the state their part).
Even better, IN offers OCCURRENCE BASED INSURANCE. There are two major types of insurance - claims based and occurence based. Claims based means you are covered for X years at a time and are covered by that policy strictly during that period. Occurrence based means you are covered for ANY and ALL claims made during the period of X years (if you had an old policy two years ago and now finally have a suit against you, your old policy will cover you because it is based on the date of the occurrence). Occurrence based is superior to claims based. If you have claims based insurance and you move to another state, you must purchase a tail insurance, which is VERY VERY VERY EXPENSIVE. This is because the claims based policy will not cover you when you leave the state and you must get a short torm insurance policy. Had you had occurrence based insurance, then you would be covered should any former patient sues you.
No doubt, indiana rocks. I'm glad to know when I am out in practice, my assets will be safe.
Indiana is taking the lead in malpractice reform, thanks to an old governor who was a physician.
When a physician is sued for more than 15K, a medical review panel meets to determine the merits of the case. The panel consists of a lawyor (the guy who answers questions the docs need) and three physicians. At least two physicians should be of the specialty that the physician being sued is. The vast majority of cases are found in favor of the physician and most cases are dropped (the panel review is admissible in court). Most plaintiffs drop the suit because the chances are not in their favor if the physician wins the medical review panel. Thus, you are judged first by your peers and this is undoubtably in your favor.
Take the rare case when the review panel finds you did not meet the standard of care. Then, you go to court if you don't settle. Luckily, in IN a plaintiff CANNOT take your assets, such as a car, home, boat, etc. In IN, there is a liability limit of $250,000 and max damages of 1.25 million.
Now, lets take the extreme case that the court finds you did something very wrong and awards the plaintiff 1.25 million. Anything over $250,000 is paid for by 100% the INDIANA PATIENT COMPENSATION FUND. This is state provided insurance that is charged by the Commissioner of Insurance (the ins company puts this in their charge to you and the ins company pays the state their part).
Even better, IN offers OCCURRENCE BASED INSURANCE. There are two major types of insurance - claims based and occurence based. Claims based means you are covered for X years at a time and are covered by that policy strictly during that period. Occurrence based means you are covered for ANY and ALL claims made during the period of X years (if you had an old policy two years ago and now finally have a suit against you, your old policy will cover you because it is based on the date of the occurrence). Occurrence based is superior to claims based. If you have claims based insurance and you move to another state, you must purchase a tail insurance, which is VERY VERY VERY EXPENSIVE. This is because the claims based policy will not cover you when you leave the state and you must get a short torm insurance policy. Had you had occurrence based insurance, then you would be covered should any former patient sues you.
No doubt, indiana rocks. I'm glad to know when I am out in practice, my assets will be safe.
