While the cost of medical malpractice is growing at the slowest rate it has in 14 years, these claims can and will still carry significant financial consequences for hospitals in 2014, according to Aon Risk Solutions' 2013 Hospital and Physician Professional Liability Benchmark Analysis.
The report's findings include:
- For events occurring in 2014, the projected loss rate for hospital professional liability will be an estimated $2,940 per bed. The frequency of claims is projected to be 1.67 percent per occupied bed equivalent and the severity of each claim is projected to be $176,000.
- For events occurring in 2014, the projected loss rate for physician professional liability is projected to be $6,030 for each class 1 physician, with a frequency of 2.97 percent per class 1 physician. The severity of these claims is expected to be $203,000.
- The projected loss rate for hospital general liability is expected to be $119 per OBE. The average general liability claim is expected to be $36,000.
- Obstetrics, the most costly specialty in terms of malpractice claims in 2013, is expected to again be one of the costliest in 2014. Projected loss rate for obstetrics claims in 2014 is expected to be $171 per birth.
- Projected loss rates vary greatly across the country. Florida ($7,440) and Pennsylvania ($4,720) have projected loss rates significantly higher than states like Indiana ($800) and Minnesota ($810).
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