Submission + - Malpractice Insurance May Force M.D.'s out of NY
TheMeuge writes: Newsday is reporting that recent hikes in malpractice insurance in New York State will amount to a 25% increase in premiums, in addition to a $50'000 surcharge.
With insurance rates peaking at as much as $100'000/year, this will mean that many doctors may have to shell out nearly $175'000 in insurance premiums this year alone. Considering an average physician in private practice makes around $200'000 in New York State (before taxes), it is leaving a significant percentage of doctors with no choice but to pick up and move elsewhere.
Given that health insurance companies have no intention of paying 25% more for doctor's time we're left with a situation where rising healthcare costs are being blamed on overpaid doctors, while liability claims go through the roof and malpractice insurance threatens to reduce the physician to a minimum-wage job.
With insurance rates peaking at as much as $100'000/year, this will mean that many doctors may have to shell out nearly $175'000 in insurance premiums this year alone. Considering an average physician in private practice makes around $200'000 in New York State (before taxes), it is leaving a significant percentage of doctors with no choice but to pick up and move elsewhere.
Given that health insurance companies have no intention of paying 25% more for doctor's time we're left with a situation where rising healthcare costs are being blamed on overpaid doctors, while liability claims go through the roof and malpractice insurance threatens to reduce the physician to a minimum-wage job.
