According to this year’s medical malpractice payout data from Diederich Healthcare, New York is among only three states with total medical malpractice payouts exceeding $300 million in 2017. In addition, its total payout of $617,973,000 earns it the distinction as the state with the highest per capita payout ($313) in the nation.
This isn’t surprising. As Lawsuit Reform Alliance of New York notes, “New York ranked first in each of the last five years, except for 2016, when it was bumped down a spot by New Hampshire.” Total payouts in the Northeast, says Diederich, were responsible for 41.95 percent of the U.S. total, illustrating just how far out of line the numbers are in states like New York.
Unfortunately, it’s one of the reasons New York is an extremely challenging business and professional environment for healthcare providers. The stakes are very high, and providers need excellent protection. It’s why MLMIC operates with the highest level of fiscal responsibility and with business practices that ensure strong backing for the liability coverage we offer our policyholders. (In contrast, when companies advance unsustainable pricing practices, the risks are great.)
In addition to offering policyholders this kind of security, MLMIC monitors – and when possible – works to improve the environment for healthcare providers. You can find information about some of these efforts in The Albany Report, which MLMIC publishes periodically with a concise, insiders’ view of pending legislative, regulatory and political developments that have an impact on the New York State medical malpractice insurance marketplace.