Decline in med mal litigation among factors contributing to NY insurance market volatility, P.2

Last time, we began discussing the currently volatility in the New York medical malpractice market. As we noted, the situation not only puts physicians at risk, but also patients who attempt to sue physicians covered by insurance providers who become insolvent.

We mentioned that the number of medical malpractice claims has decreased in the last decade—dropping 32 percent between 2004 and 2014—but there is also the fact that payouts on claims are decreasing as well. In such a situation, insurance companies can maximize their profits since they aren’t paying as much on claims. Again, it remains to be seen how the situation will be addressed by regulators and lawmakers, but patients are bound to be affected in some way if nothing is done.

Quickly filing a medical malpractice claim when one is harmed by a physician is not necessarily the best solution. When a patient suspects he or she may have suffered injury at the hands of a negligent physician, what really needs to be done is to consult with an experienced attorney who can look at the case and determine what evidence there may be to support a claim for medical malpractice. If there is merit to the case, it needs to also be determined what types and amounts of damages likely to result from the bringing the case.

Just because a case of medical negligence may have merit does not automatically mean a lawsuit should be filed. It is particularly important for a patient to work with an experienced advocate to do a cost-benefit analysis to determine whether the likely payout in a case is worth the cost and time investment. Obviously, this is a very fact-specific consideration which requires the guidance and expertise of experienced legal counsel.