3 Ways of Protecting Yourself from Bankruptcy Due to a Medical Malpractice Lawsuit
“The important question isn’t how to keep bad physicians from harming patient; it’s how to keep good physicians from harming patients. Medical malpractice suits are a remarkably ineffective remedy… And a patient’s likelihood of winning a suit depended primarily on how poor his or her outcome was, regardless of whether that outcome was caused by disease or unavoidable risks of care.” – Atul Gawande, Complications: A Surgeon’s Notes on an Imperfect Science
This lengthy quotation by Atul Gawande highlights the quintessential issue with medical malpractice lawsuits. And, the importance as a physician to insure yourself against potential personal injury claims.
Succinctly stated, while medical malpractice lawsuits are considered to be a valid way of recompensating the patient for the alleged medical negligence, research has shown that “for healthcare providers, there is perhaps no word that elicits as much confusion, fear and anger as “malpractice.””
And, justifiably so, the consequences of the continual threat of being charged with malpractice while doing their jobs, doctors are less willing to treat patients because of the fear of being hit with a lawsuit should something go wrong.
Additionally, doctors are insuring themselves against personal financial losses as a consequence of a lawsuit filed against them. This, in turn, contributes to the rise in medical costs. Additionally, medical professionals now practice what is known as defensive treatment where they order additional tests to cover themselves in the case of a lawsuit being filed against them.
Therefore, the question that medical professionals must ask is: How do they protect themselves from bankruptcy while practicing medicine and treating patients?
By way of answering this question, let’s consider the following three options:
Hire a defense attorney
If you are facing allegations of negligence or malpractice, know that a Miami, FL medical malpractice attorney like DDRB lawyers will be aggressive and relentless in holding you and/or your organization accountable. You will need the help of an experienced defense attorney, who will advise you on how to protect yourself reputationally and financially in the event of a possible lawsuit filed against you.
Also, should you end up with a personal injury lawsuit filed against you, your lawyer will defend you against the charges. The essence of this point is that you need to build a relationship with one attorney or firm of attorneys. In this way, you will ensure that your best interests are taken care of without having to worry about the consequences of the lawsuit.
Take out adequate malpractice insurance
There is insurance coverage available for medical practitioners that will pay in the event of a lawsuit. However, it’s important to note that the more the insurance pays out on behalf of the practising doctor, the monthly premiums will rise exponentially.
But it is an essential part of the medical practitioner’s monthly overhead costs. Otherwise, a malpractice suit, whether deserved or not, could result in bankruptcy.
Remain calm and focused while saving lives
While it is acknowledged that it is incredibly challenging to stay calm while faced with one or more medical malpractice lawsuits, it is vital to remain focused on the job at hand. Otherwise, you could collapse from exhaustion and burnout. Which, in turn, will increase the risk of making mistakes while treating patients.
Ultimately, this cycle of medical malpractice charges, stress and burnout, and mistakes occurring can end up becoming a vicious cycle that is potentially harmful to yourself and your patients. Thus, it is best to trust your attorney to negotiate the best possible outcome in the event of a malpractice suit being filed against you.