I’m a private practice psychiatrist. I estimate about 6% of my income goes to malpractice coverage, which I have to pay myself. As a resident, your hospital pays the malpractice coverage. I hope I never get sued, but I’m assuming it will probably happen at least once during my career. There are not a lot of things to do to protect yourself if you are in solo practice other than get high limits of coverage. If you are in solo practice, you are providing a “personal service” so even if you incorporate or form an LLC, your personal/family assets can potentially be threatened. In real life, I’ve never heard of a psychiatrist losing any personal assets over the coverage that the malpractice insurance covers, which is usually $1 million per occurrence, $3 million overall. Hope that helps.
A couple weeks ago I was watching a Seattle station during prime time on a Thursday night an there was an infomercial for health care reform. It was really interesting! Both of Washington’s senators voted against limiting jury awards for non-economic damages.
Here’s the website for the organization that sponsored the infomercial: Doctors for Medical Liability Reform
I’m just curious, do any of you write your members of congress and senators about these issues? I do, but I’m not sure how much of a difference it makes when both of Washington’s (both women)senators recive quite a bit of money from the trial lawyers association.