Let's talk about malpractice

[pinipig523]

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So, question regarding malpractice.

In TX, they have tort and malpractice reform.

3 types of penalties:
1. Economic - income and medical expenses (I did not see a max limit on this)
2. Non-economic - pain and suffering - max to 250K
3. Exemplary - to set an example, limited to 750K max or economic+noneconomic (whichever is less)

Let's assume you can have occurrence based or claims + tail.

To be safe, what should a malpractice coverage limit be in the state of TX?

 

[GeneralVeers]

Your question assumes that your coverages are up to you. Most groups provide standardized malpractice to their employees at a level they feel is necessary for each state.

 

[pinipig523]

Your question assumes that your coverages are up to you. Most groups provide standardized malpractice to their employees at a level they feel is necessary for each state.

Yes, my group pays 1M per occurrence and 3M aggregate for that calendar year.

And this was the uniform standard to all the other groups I applied to in Dallas TX.

Problem is - where did they get this number considering the possibility of a 5M malpractice award??

Any thoughts?

 

[southerndoc]

I've been told that very few lawyers file suits above your malpractice insurance limit. They might ask for more, but usually when suing multiple people or health systems.

Of course this doesn't keep them from filing a suit that's way more than your limit, but it's rare.

 

[pinipig523]

I've been told that very few lawyers file suits above your malpractice insurance limit. They might ask for more, but usually when suing multiple people or health systems.

Of course this doesn't keep them from filing a suit that's way more than your limit, but it's rare.

Now, we are very sure about this?

Because with my 1M limit - if someone sues me for $10M in TX... and say it does go through. That's a $9M negative... might as well live in a shack then.

 

[deleted109597]

Yes, but 10M suits are rare in TX. You're not likely to be the reason someone has a 4M ICU stay. And very few people have 10M in economic damages. That's 250K for 40 years. So their lawyers have a reason for their limits.

 

[pinipig523]

Yes, but 10M suits are rare in TX. You're not likely to be the reason someone has a 4M ICU stay. And very few people have 10M in economic damages. That's 250K for 40 years. So their lawyers have a reason for their limits.

Good point... but the possibility being there is still very scary.

 

[pinipig523]

Yes, but 10M suits are rare in TX. You're not likely to be the reason someone has a 4M ICU stay. And very few people have 10M in economic damages. That's 250K for 40 years. So their lawyers have a reason for their limits.

Look at this link and let me know what you think.

http://www.millerweisbrod.com/CM/Custom/Proven-Results.asp

That's in Dallas TX.

 

[GeneralVeers]

Good point... but the possibility being there is still very scary.

You are correct, which is why every Emergency Physician should have an umbrella policy. A $1 million umbrella policy costs $200 - $300 per year and will cover you for any liability damages over and above your homeowners, auto, or malpractice insurance. This will protect and proprety you own from confiscation due to an award. Most trial lawyers are not going to sue for above and beyond your malpractice policy limits and umbrella limits.

 

[pinipig523]

You are correct, which is why every Emergency Physician should have an umbrella policy. A $1 million umbrella policy costs $200 - $300 per year and will cover you for any liability damages over and above your homeowners, auto, or malpractice insurance. This will protect and proprety you own from confiscation due to an award. Most trial lawyers are not going to sue for above and beyond your malpractice policy limits and umbrella limits.

GV,

I have heard about an umbrella policy - I was told this did not include Malpractice.

 

[GeneralVeers]

GV,

I have heard about an umbrella policy - I was told this did not include Malpractice.

Geico covers it:

http://www.geico.com/information/aboutinsurance/umbrella/insights/professionals/

 

[pinipig523]

Geico covers it:

http://www.geico.com/information/aboutinsurance/umbrella/insights/professionals/

Whoa...

 

[Apollyon]

This will protect and proprety you own from confiscation due to an award. Most trial lawyers are not going to sue for above and beyond your malpractice policy limits and umbrella limits.

Except for that scumbag piece of **** John Edwards - that is exactly how he made his $60million, and I seriously don't expect any other piece of **** scumbag lawyer to have any type of scruples or reluctance to go the same route in the future, as time goes on.

 

[GeneralVeers]

Except for that scumbag piece of **** John Edwards - that is exactly how he made his $60million, and I seriously don't expect any other piece of **** scumbag lawyer to have any type of scruples or reluctance to go the same route in the future, as time goes on.

They would have a tough time getting much. I would make sure that everything I own was "gambled away" at the Bellagio across the street from me. Then I would move to New Zealand.

 

[deleted109597]

Look at this link and let me know what you think.

http://www.millerweisbrod.com/CM/Custom/Proven-Results.asp

That's in Dallas TX.

Most of those are OB/GYN though. Not sure what their caps are. Also, most of the really big settlements are for newborns, where the economic damages are usually higher. Because all of those crack babies were going to grow up to be millionaire lawyers. Statistically.

 

[southerndoc]

Now, we are very sure about this?

Because with my 1M limit - if someone sues me for $10M in TX... and say it does go through. That's a $9M negative... might as well live in a shack then.

Of course not, reread my post. There's no law that says a lawyer can't sue for more than your malpractice coverage.

Re: GEICO covering malpractice... that's interesting. Going to call State Farm tomorrow, and if they don't cover, perhaps I'm switching to GEICO!

 

[docB]

Of course not, reread my post. There's no law that says a lawyer can't sue for more than your malpractice coverage.

Re: GEICO covering malpractice... that's interesting. Going to call State Farm tomorrow, and if they don't cover, perhaps I'm switching to GEICO!

I have an umbrella through State Farm but I'm pretty sure it specifically excludes malpractice. I was also told a few years back that State Farm was going to quit offering umbrellas.

 

[Arch Guillotti]

Re: GEICO covering malpractice... that's interesting. Going to call State Farm tomorrow, and if they don't cover, perhaps I'm switching to GEICO!

Someone on sermo said they called Geico and they don't cover malpractice.

 

[The White Coat Investor]

I'd be very surprised if Geico's umbrella covered malpractice. That's a huge risk to take for not very much money. I'm pretty sure my umbrella with USAA doesn't cover it.

That said, if Geico actually tells someone here they'll cover malpractice with their umbrella, please post it here. I'll switch too.

 

[jendc08]

I called Geico yesterday and asked about it. They said they do not cover malpractice. The umbrella is basically an extension of the home owners/auto insurance you already have through the carrier...

 

[southerndoc]

State Farm told me yesterday they do not cover malpractice.

 

[GeneralVeers]

I called Geico yesterday and asked about it. They said they do not cover malpractice. The umbrella is basically an extension of the home owners/auto insurance you already have through the carrier...

Hmm wonder why they list malpractice on the website?

 

[pinipig523]

Boo... that sucks.

 

[emtthink]

Hi all, I will be starting medical school in August, and I'm leaning towards EM at this point. What do you pay for malpractice per year? I'm trying to budget loan repayments and throretically when I could have them paid off. Thanks

 

[Apollyon]

Hi all, I will be starting medical school in August, and I'm leaning towards EM at this point. What do you pay for malpractice per year? I'm trying to budget loan repayments and throretically when I could have them paid off. Thanks

Many groups, even with independent contractors as the employees, pay the malpractice cost. It may even be most.

At the same time, though, like has been said to others, you won't even be in practice until 2019. Quite honestly, no one - at all - has any educated clue as to what will be happening then. Right now, someone is predicting it exactly correctly, but there's no way to know that that person is right, and another is wrong. Back in 1992, when I applied to med school the first time, there were dire predictions of an oversupply of physicians in 2010. As that year came and went, we see that that did not transpire.

As such, to say that someone pays $15K/year today cannot be extrapolated to just before the turn of the decade.

 

[southerndoc]

My malpractice last year ran $29,000 for someone with no claims. My company pays it, but that's my individual cost to the company.

 

[Birdstrike]

.

 

[emtthink]

That's about what mine was last year.



Youalways pay it. There's no magical pot of money out of which this money comes. It comes out of dollars that otherwise would be available to pay the doctor. You can make $290,000 minus $29,000 and take home $261,000 or you make yourself feel better by telling yourself you make $261,000 "plus" malpractice payed for you.

So, typically, the guy making $290,000 minus $29,000 for malpractice will be convinced he's getting screwed whereas the guy making $261,000 with malpractice "included" somehow feels his group has his back.

Please be smarter than this.

Sorry, I meant having my school loans paid off. I know that I will be paying malpractice as long as I'm practicing. Thanks for the help everyone