Texas has the lowest prize payout, according to the analysis. It is followed by Arkansas, Idaho, Wisconsin and Mississippi. Perhaps, unsurprisingly, the highest rates of medical malpractice tend to occur in states with patient-friendly laws and high populations. New York has some of the highest malpractice rates in the country, and it also has some of the highest award payments in malpractice lawsuits.
West Virginia completes the five worst states, although its low population and mostly rural atmosphere make it an outlier. However, West Virginia juries have historically favored the plaintiff and granted more payments than most other states, increasing insurance premiums. Doctors in New York pay the most, doctors in Rhode Island, Pennsylvania and New Jersey complete the top four states in terms of malpractice insurance costs. North Dakota doctors pay the least.
Which states have the highest number of medical malpractice lawsuits each year? It may surprise you to learn that it is Louisiana. Did you know that most American doctors face at least one medical malpractice lawsuit in their READ MORE. While medical malpractice premiums alone may not be a reason to pack up and move to a new state, they can help shape the course of your career. The cost of medical malpractice insurance varies depending on your specialty, the state in which you practice, and the amount of coverage you need.
Although medical malpractice rates vary over time, most states have a general tendency to be low or high. In today's litigation society, medical malpractice insurance is not a luxury, but a necessity to READ MORE. But it will probably be a relief for some doctors to hear that we are also ranked No. 1 when it comes to the lowest payments for medical malpractice lawsuits.
The cost of malpractice insurance varies so much that only about 5% of doctors pay about 54% of all malpractice penalties. For the average doctor, the cost of medical malpractice insurance pays off and is usually just over 3% of your annual salary. The decision to purchase medical liability insurance for your family doctor's office is an important one, and READ MORE. Medical malpractice insurance is a requirement for any type of practice, but it can also have a massive impact on your earning potential.
Texas is the state with the lowest amount of medical malpractice award payments per capita, according to an analysis by WalletHub, a personal finance website. Malpractice insurance protects doctors when their patients make malpractice claims and file lawsuits against them. Data provided by medical malpractice specialists Cunningham Group; averages determined by Physician's Practice.