Lawsuits and medical malpractice suits are a difficult but unfortunately common facet of the healthcare industry.
There are several reasons for malpractice payments. Surgical mistakes, overdoses, and obstetric errors are all reasons for insurance payments. However, the most common reason for insurance payments were diagnostic mistakes, accounting for 28.6 percent of payouts. Errors related to treatment and surgery are the second most common.
According to the New York Times, in a survey of 7,000 doctors, nearly one in four were involved in litigation. The effects of litigation on doctors can be detrimental. Surgeons involved in recent lawsuits are more likely to suffer from depression and burnout. And although a large majority of claims never result in any kind of payments, they still rack up costs of $55 billion yearly.
Healthcare providers and nursing homes face inherent risks when running their business. Medical malpractice suits alone can rack up significant costs both financially and time-wise that can seriously set healthcare providers back.
Healthcare services require insurance coverage that comes with a risk management program to help them analyze their history and current exposure and evaluate an operation inside and out before implementing solutions.
At Sinclair Risk & Financial Management, our services include risk survey and assessments, loss prevention, claims monitoring and intervention and more. Our insurance products span everything from Property to Business Interruption, General Liability and Workers Comp. Our integrated risk consulting and claims philosophy can help you reduce your risk. Contact us today for more information. (877) 602-2305