Medical malpractice tort cost factoid – total expenses in 2004 were just under $29 billion; 2003 costs were $26.5 billion.
O perhaps I should characterize this as a “possibly fact-oid”, as the source’s definition of what constitutes “tort costs” appears a little shaky.
And is not verifiable.
And includes “administrative expenses”.
And this is from a company that prides itself on actuarial research?
In any event, a small fraction of total medical costs – about a half a percent.
Mar
13
This half per cent sounds small but to a PCP in Miami Fl. with revenues 0f $350,000 and nets $150,000 and must pay $25,000 annually for med mal even when he has not been sued in 10 years, this half per-cent is really closer to 10 per cent thrown to the waiting hands of the med mal sharks. Maybe his daughter could have used that money for college? And this is for $250,000 coverage! This is real,folks!