Hartford-based Conning recently released a report stating the unpredictable business of medical malpractice insurance will continue its trends of lower profits and will face expansive changes in the age of federal health care reform.
The trends ahead have been forecast very differently than in the past largely due to several components to the new health care reform including required electronic records by 2012, demands on health care workers to provide more efficient service and a mandatory addition of 32 million people who weren’t eligible for insurance before or just didn’t have it, explained New York Injury Lawyers.
Prior to this, costs for medical-malpractice insurance stopped increasing in 2006 after reaching an all time low in 2001. Rates were actually cut by insurers in 2008 and continually went down through the third quarter of 2010.
“There has been a rise in acquisition activity and pricing competition in the last three years,” said Jeffrey Thompson, vice president of insurance research and publications at Conning.
New York Injury Lawyers predict that mergers and acquisitions will continue to increase in the next five years much like they have been the last half of this decade.
In the end the report predicts insurers will pay higher losses in claims due to tort-reform laws which limit payouts in malpractice lawsuits, a growing shortage will increase the role and liability of nurse practitioners in providing care; and electronic medical records could possibly give lawyers access to more information that could be used in a lawsuit.
Being involved in a medical malpractice lawsuit as a doctor or a patient requires knowledge of the current insurance laws. New York Injury Attorneys understand all of the new reforms and will help you through the process. New York Injury Attorneys will do our best to make sure you or your loved one are taken care of.Stephen Bilkis & Associates with its NY Injury Lawyers, has convenient offices throughout the New York Metropolitan area including Chelsea, NY. Our Personal Injury Attorneys can provide you with advice to guide you through situations where an injury resulted because of another’s negligence. Without a New York Injury Attorney you may lose your rights which may cost you a significant amount of money.
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