Reducing Malpractice Claims
Improving patient satisfaction has a direct impact on financial results through a reduction in the number of malpractice claims. With nearly $4 billion in paid malpractice claims each year and an average payment of more than $300,000, the impact of malpractice on your organization’s fiscal health is clear. The bottom line is that satisfied patients are less likely to seek litigation.
The malpractice ROI calculator will help you realize the financial implications of improving patient satisfaction and reducing malpractice claims:
The following resources provide information for reducing malpractice claims:
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Return on Investment: Reducing Malpractice Claims by Improving Patient Satisfaction
This white paper discusses how medical malpractice has a major impact on the financial performance and reputation of individual physicians and institutions. Approximately one out of four physicians receives a complaint every year, and 65% of physicians are sued sometime during their career. A total of $3,861,429,248 was paid in malpractice claims in 2006, with an average payment of $308,593 (Kaiser Family Foundation 2007). The average dollar value associated with malpractice claims is expected to increase at an annual rate of 6%. Settlements have also shown a steady increase, from a median of $300,000 in 1998 to $1 million in 2004. (December 2007)
