Medical liability insurance payments and surcharges are taking Indiana physicians on a roller coaster ride. Last August, it was announced that commercial medical malpractice insurance rates would go down an average of 8 percent for physicians and hospitals. The major factor, according to the Indiana Department of Insurance, was improved claims experience.
Now, a bulletin issued in late December advised that the surcharge you pay for the Patient’s Compensation Fund (PCF) would increase 13 percent from rates in effect April 1, 2013, through March 31, 2014. The increased rates are effective for coverage beginning April 1, 2014.
Starting in 2007, PCF surcharges declined or remained flat for five consecutive years, until they increased slightly in 2012.
The PCF balance reached its lowest point in years last summer, due to the settlement of 342 malpractice cases against Mark Weinberger, M.D., of Merrillville (For more details on these cases, see ISMA e-Reports.)
In the most recent Jan. 15, 2014, payout from the PCF, 78 cases were paid for a total payout of $65,155,908.58. The balance remaining in the fund is now $75,162,204.21.