Oklahoma has made a smart decision in choosing to investigate the rising costs of malpractice insurance for physicians.
This morning at 10 a.m. a panel will meet at the state capitol to investigate rising costs of medical malpractice insurance for Oklahoma physicians. The panel will look to explain why physicians' premiums for insurance have risen as much as 60 percent in the last year. In 2002 the average premium for a general practice physician was $3,177. Now it is
$5,083.
These increases in costs have caused an obvious problem. Premiums have become so high that some physicians are eliminating areas of their practice or retiring altogether. The panel will investigate increases in premiums and attempt to determine why there has been such a significant change in the last year. Depending on whom one talks to, premiums have increased for different reasons.
Insurance companies place blame on frivolous lawsuits and out-of-control juries. Insurers contend that costs have risen in reaction to increasing costs caused by frivolous lawsuits alleging the negligence of physicians. Finding a way to cut back on frivolous lawsuits would cut back on costs of premiums.
State trial lawyers provide a different story. They contend that the increase in premiums has occurred because insurance companies are making a desperate attempt to recoup losses from bad investment decisions. Trial lawyers also contend that lawsuits provide the desirable benefit of holding physicians accountable for their actions.
Although the two sides present completely different explanations, the fact remains that premiums for insurance have increased by a great deal, and something should be done about this.
The panel hopes to address this issue and determine a solution. Addressing the issue now will hopefully keep premium costs at a minimum, and guarantee quality health care the state of Oklahoma.
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