Malpractice Question- ""Let's say..."

[nradsoit3]

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I have a friend who is seriously considering applying to OB/GYN. However, a major concern is the malpractice situation. Let's say, you get your first lawsuit when you are in your mid fifties (yeah right) and you have accumulated a couple million dollars in assets over the years. What happens if you are slammed with a 80 million dollar lawsuit for a cerebral palsy birth or a missed Pap smear? Will you be completely wiped out financially and left bankrupt just before retirement considering that malpractice would only cover a small fraction of this amount?

 

[dixiechicken]

There are ways of shielding your assests. That's why you need a good lawyer and a good financial advisor.

 

[drmanyee999]

There are ways of shielding your assests. That's why you need a good lawyer and a good financial advisor.

That's why I married someone applying to law school. 😀 Just kidding.

 

[ny skindoc]

I have a friend who is seriously considering applying to OB/GYN. However, a major concern is the malpractice situation. Let's say, you get your first lawsuit when you are in your mid fifties (yeah right) and you have accumulated a couple million dollars in assets over the years. What happens if you are slammed with a 80 million dollar lawsuit for a cerebral palsy birth or a missed Pap smear? Will you be completely wiped out financially and left bankrupt just before retirement considering that malpractice would only cover a small fraction of this amount?

Most of the time cases are setteled within the bounds of the physicians policy,and many OBGYNs have a second layer of coverage to give them more protection.In addition in birth related complications a hospital with deeper pockets will be sued and they will pay much of the ultimate award.
However this problem is becoming a real concern and physicians especially OBGYN are at risk of judgements in excess of their policy.They are much more likely to run into this problem than on ther docs.A plan of asset protection must be put in place long before a lawsuit.If you work in alarge HMO setting like Kaiser your personal assets are generally safe but private practitions are at great risk.This is why OBGYN should be avoided except for the most highly dedicated or savy individuals.

 

[Global Disrobal]

Well I lucked out as well by marrying an attorney 🙂

There are various ways of protecting your assets depending on the state you're practicing in. A common way, as mentioned above, is to have your assets in both your name and your spouse's. There are other shields as well.

Getting back to your original post, tell your friend not to consider OB-GYN or decide on the specialty solely based on malpractice, pay, etc. Besides historically issues such as matching high percentages, competetiveness, malpractice, wages, etc have displayed a pendulum effect. It just happens that OB-GYN has hit the wrong side of the pendulum swing at this time.

 

[Diane L. Evans]

agree with former post. You should do what you want to do and laws are changing and will change drastically in the next 5 years.
Join the military or public health service (pay malpractice and act as a shield to lawsuits). Why let fear stop you?

 

[Richard James]

If you are concerned about malpractice situation in Ob/Gyn, check out http://cervicalcancer.webex.com
There is a free webcast on this issue tomorrow (May 5)