First, Physician Do No Harm
Contributor
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Three years ago, insurance companies and rabid tort reformer physicians convinced the unsuspecting public that tort reform was needed to reduce malpractice insurance rates being paid by physicians. They told the public that victims of medical negligence were simply litigious and that trial lawyers were greedy. They told the public that if tort reform was not passed, they were all leaving Florida for greener pastures. Well, tort reform passed; injured victims can no longer receive the compensation they deserve; insurance company payouts are down; and doctor malpractice rates are no better than they were before tort reform. Once again: the insurance industry wins!
The Pensacola News Journal reports that payouts since 2003 have dropped 43.6 percent and insurance companies have booked 2005 profits of $803,000,000!! What level of premium decreases have physicians seen? First Professional Insurance co. has apparently filed an 11% rate reduction. But, if you are a victim of a physician's negligence, there is a limit to the value of the compensation you should receive; at least according to the doctors.
Physicians have historically bemoaned "run away juries" and unrealistic damage awards. First, if they are honest and look at the statistics, it is crystal clear that doctors uniformly win more than victims in medical malpractice cases. Further, the average damage awards in medical negligence cases are anything but excessive. Let's take an example; 30 year old patient is brain damaged and paralyzed as a result of medical negligence. It is expected that he will live a normal life expectancy; so, 40 more years. The patient's non-economic damages are capped at $500,000 for 40 years of living as a paralyzed brain injured person. That's $12,500 per year; $114.15 per day; and $4.76 per hour. So, physicians apparently feel that, if they cause injury as the result of their negligence, it is fair to compensate the injured victim at a rate lower than the minimum wage. I have to wonder when they will feel the same way about their fees.
So lawmakers and physicians can be proud that they have lined the coffers of the insurance industry, while punishing victims of medical negligence. First, physician do no harm? Only if you think you can cap your damages?