The odds of a physician losing his or her personal assets in a malpractice suit are vanishingly low, but the fear of losing it all stubbornly persists, according to Medscape Business of Medicine.
Doctors have a wealth of knowledge when it comes to medical subjects, but they often feel out of their depth when it comes to the legal system, according to Nancy D. Miller, an attorney who works with malpractice insurers. That spurs fears about the worst-case scenario. "Having to pay personal assets may be rare, but it's certainly possible," Miller said.
In general, malpractice insurance is sufficient to settle cases, but even when it isn't, many state laws make it difficult to attach a physician's personal assets in a lawsuit, according to the article. In some cases, that fact has spurred doctors to purchase expensive homes, or to undertake other schemes to protect their assets, a choice which probably holds less value than simply purchasing more insurance, said defense attorney Michael Sacopulos.
The fact is, relatively few malpractice lawsuits ever go to trial, and of those that go to trial, even fewer end up with a verdict in favor of the plaintiff, as FiercePracticeManagement has previously reported. That's because the system itself creates incentives for both sides to settle a case, not least because such litigation can be expensive for both sides, and settlements offer the best opportunity for plaintiffs--and their lawyers--to get paid, said Sacopulos.
Physicians who act in good faith and communicate openly with their patients can further reduce their risk, since the types of fines not covered by insurance typically tend to be punitive damages, which Sacopulos said are rarely due to anything but "outrageous, almost intentional misconduct."
To learn more:
- see the article