The Indiana Department of Insurance announced 2013 rates for the Patient’s Compensation Fund (PCF) surcharge would reflect a 2.5 percent increase for physicians and a 5.8 percent increase for hospitals. The new rates are effective for coverage beginning April 1.
PCF rates are determined annually by the balance in the fund.
“Despite the slight increase this year in surcharge rates, physicians have still enjoyed a 45 percent cumulative decrease over the last five years,” said Julie Reed, ISMA general counsel. “In fact, physicians are paying significantly less than they were paying 10 years ago. We know that is partially attributable to our continued vigilance in helping defend medical malpractice cases and the Patient’s Compensation Fund.”
The current balance in the PCF, after the recent January payout and expenses is $148,988,597.
The final payout for January 2013 was $64,117,127.34. That’s on 84 cases; four of them attributed to Mark Weinberger, M.D., the ENT specialist who fled to Europe after being accused of health care fraud and performing unnecessary procedures on his patients. Dr. Weinberger was sentenced to seven years in prison last October.
The July 2012 payout was $73,840,661.31 on 94 payouts; four cases were attributed to Dr. Weinberger. The IDOI noted there were more petitions and payments over the last year than ever before, although the average payment is down a bit.
If you have further questions about the PCF balance or payouts, please contact Julie Reed, ISMA general counsel.