Healthcare providers often look to educational content to bolster their skills, learn about new techniques and manage their risk as a practicing clinician. But how affective are these training tools? A recent study examined this and found that among one company that offered such resources, there was a correlation with a 10% reduction in malpractice losses.
The study was conducted by the actuarial department at MagMutual. Hoping to evaluate the effectiveness of the risk mitigation tools the company offers, the investigation was started and came to a significant conclusion for healthcare providers who want to improve patient outcomes: taking advantage of the advice resources offered by MagMutual is associated with a 10% reduction in medical malpractice losses.
The analysis included data from 35,796 providers with Physician and Surgeon Liability policies effective from 1998-2022 and covered all specialties. The segments contained two groups: providers who have taken courses focused on risk mitigation or used one of MagMutual’s risk mitigation tools and providers who have done neither.
Overall, the study showed a strong correlation between the number of risk mitigation courses and medical malpractice losses. For every course taken the reported loss costs decreased by 3.2%, on average. The results suggest that healthcare providers are applying the evidence-based strategies developed by MagMutual’s medical faculty, experiencing even better patient outcomes, and seeing a tangible reduction in claims loss.
MagMutual’s Learning Center offers many additional resources concerning the business, practice and regulation of medicine.
Disclaimer: The information provided in this article does not constitute legal, medical or any other professional advice. No attorney-client relationship is created and you should not act or refrain from acting on the basis of any content included in this article without seeking legal or other professional advice.