Matter Communications reposted this
Medical malpractice verdicts over $10 million have surged by 67% from 2013 to 2023, with over half of those verdicts exceeding $25 million in 2023 alone. Despite fewer claims overall, "social inflation" is driving increases in verdict amounts, fueled by societal desensitization to large numbers, third-party litigation investors, and emotional jury manipulation. This trend raises healthcare costs and promotes defensive medicine, but fortunately, tort reform may offer a solution. Read more in “Medical Malpractice Payouts Are Ballooning—and Insurers Are Warning It Will Cost Patients” from our president, Robert White: https://lnkd.in/g2S4v9NR Article originally appeared on Fortune.com. #Healthcare #MedicalMalpractice #Insurance #SocialInflation #TortReform
Excellent article.
Owner, The Law Offices of John Day, P.C.
1wMost large verdicts are linked to costs for past and future medical care, which have explored in the last decade. The best way to reduce jury verdicts is to reduce malpractice and slow down the increasing cost of medical care. Also, many of the so-called nuclear verdicts are reduced by trial judges through the applicable of artificial caps on so-called non-economic damages. Finally, the increase in verdicts (not paid judgments, but verdicts) haven't stopped this company from paying $470 million in dividends to their insureds or paying over $150 to retiring doctors under it Tribute Plan. Please share with us the effective rates paid by doctors for malpractice insurance, taking into account dividend reductions, over each of the last ten years, by rate class.