It’s not the sort of thing that you want to think about. But as a new survey shows, you definitely should look at preparing for it. We’re talking about medical malpractice lawsuits and the findings of a new survey just released by the American Medical Association that shows that most doctors will be sued for malpractice at some point during their careers.
According to the survey, more than 60% of doctors aged 55 and above have faced a medical malpractice lawsuit at least once in their career. That makes it a shocking 95 medical malpractice lawsuits filed for every 100 physicians currently in practice. Even though most of these lawsuits are either dropped or dismissed, the fact is that most doctors can expect to face a medical malpractice lawsuit at least once in their career.
5,825 doctors were included in the survey. Some doctors were found to be more susceptible to claims and litigation than others. General surgeons and obstetricians/gynecologists were up to five times more likely to be sued, compared to pediatricians and psychiatrists. Approximately half of all obstetricians/gynecologists below the age of 40 had been sued. 90% of surgeons about age 55 had been named in a medical malpractice claim. Male doctors were more likely to be sued than female doctors. That could simply be due to the fact that male doctors tend to be concentrated in the specialties that are frequently targeted in claims.
Approximately 65% of all claims are dropped or dismissed. That doesn’t mean however that these lawsuits do not cost these doctors. The average defense costs for a medical malpractice lawsuit that is dropped or dismissed amounts to a whopping $22,000. For cases that go to trial, the defense costs can shoot right up to $100,000.
It’s all the more reason why doctors should think about asset protection for their wealth.
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