Part B News: Beth Boone on Raising Medical Malpractice Insurance Rates
In the last three years, medical malpractice insurance rates have increased year-over-year, reaching highs not seen since the 2000s, according to a report from the American Medical Association. The trend has some providers questioning why premiums are rising and how they can hold down costs.
Beth Boone, Georgia-based partner at Hall Booth Smith, told Part B News long-term, medical malpractice and liability premiums tend to fluctuate: “They’re somewhat cyclical. You could find articles saying the same thing 10, 15 years ago.”
The increase, according to Beth, may be the effect of nuclear verdicts, or outlier verdicts that tend to make premiums go up. “Most of these cases aren’t $20-30 million awards but when they happen, it kind of emboldens folks who have pending litigation and increases the costs,” she said.
Subscribers may read the full article here.