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IDOI makes second PCF payout of the year
This month, 63 claims were paid from the Patient’s Compensation Fund, according to the Indiana Department of Insurance. The total payout for those cases was $42,956,884.84. Each year, two payouts are made from the fund, in January and July.
“The number of claims paid and the amount paid are consistent with recent payouts, which indicates stability within the fund,” said Julie Reed, ISMA legal counsel. “These numbers remained level despite the fact that 66 percent of the claims paid were for the wrongful death of an adult or a child, which is the highest percentage of wrongful death cases in at least five years. Also, the number of petitions filed for payouts from the fund remains consistent with past payout periods.”
A breakdown of cases (shown below) shows 31 cases were for wrongful death of an adult; 12 were for wrongful death of a child. Fifteen cases were for personal injury to an adult; seven were for personal injury to a child.
The balance in the PCF after the July payout is $122,567,119.68; just one year ago, the balance was $49,964,014.40.
“The fund’s balance continues to increase and is the highest it has been in nearly 10 years, indicating the overall financial health of the fund.,” said Reed.
That healthy PCF balance also translates to some good news for physicians.
“We’re not raising rates,” said Mark Sander with Medical Assurance, a major Indiana medical malpractice insurance carrier. “The overall impact is a slight decrease for some specialties.”
Sander said rates are going down nationwide.
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