Welcome!

News Feed Item

Study Finds $1.4 Billion in Annual Medicaid Savings with New Medical Liability System

TALLAHASSEE, Fla., Feb. 19, 2013 /PRNewswire-iReach/ -- With Florida facing skyrocketing Medicaid bills and surmountable deficits, a new study finds replacing the Florida medical liability system with a no-blame, administrative Patients' Compensation System could annually save $1.4 billion for Florida's state share of Medicaid.

(Photo: http://photos.prnewswire.com/prnh/20130219/CG62338)

Defensive medicine occurs when physicians order more tests and procedures than are medically necessary to keep from being sued. The annual cost of defensive medicine in Florida is estimated at $30 billion, with taxpayers picking a $5.2 billion portion of the tab through Medicaid.

The actuarial study, released by the international healthcare economics firm BioScience Valuation, found that doctors would scale back the practice of defensive medicine if the medical tort system was replaced with a no-blame, administrative compensation system.

Without the constant fear of being sued, physicians would choose the best healthcare for their patients, resulting in fewer unnecessary tests and procedures. BioScience estimates doctors would reduce the practice of defensive medicine by 30 to 70 percent under a Patients' Compensation System.

"There is no single effort that could reduce the cost of healthcare as dramatically as eliminating the practice of defensive medicine" Dr. Lee Gross, treasurer of Charlotte County Medical Society. "If Florida lawmakers embrace this model, they will bring enormous healthcare savings to taxpayers and our state budget."

Under a Patients' Compensation System, a patient who was medically injured could file a claim for review by a panel of expert practitioners. If that panel deemed the injury was "avoidable," the claim would be forwarded to a Compensation Department to award compensation.

This would create a predictable model where patients are assured their cases would be heard. Injured patients would have access to justice. And unlike the current tort system, low-value claims would be heard. The system would provide more injured patients compensation. They would receive predictable settlements in much faster time. Doctors would know they wouldn't be hauled into court for frivolous reasons.



Among highlights of the BioScience Valuation report:

  • Annual cost of defensive medicine in Florida is estimated at $30 billion, an estimated 26 percent of total Florida health care costs (based on a survey by Gallup).
  • Annual cost of defensive medicine is almost $7.5 billion for Florida Medicaid.
  • With an effective no-fault, Patients' Compensation System, first year savings for Florida's state share of Medicaid could be $340 million; that number may grow to annual savings of $1.4 billion after five years.
  • Yearly overall savings for Florida Medicaid are each expected to be in the order of $780 million in the first year and more than $3.9 billion annually after five years.
  • Long-term, Florida Medicaid could achieve overall savings exceeding $45 billion over a ten-year period, of which $16.8 billion would be Florida's state share of Medicaid.

To access the full report from BioScience Valuation, visit: 
http://www.patientsforfaircompensation.org/landing-pages/fl-economics-of-defensive-medicine/

About Patients for Fair Compensation
Patients for Fair Compensation is a 501(c) 4 organization seeking to replace our broken medical liability system with a no-blame, administrative system. The Patients' Compensation System will lower healthcare costs by eliminating the practice of defensive medicine, saving up to $650 billion per year nationally in unnecessary costs. By assuring access to real justice for injured patients and increasing patient safety, the system is one that works for patients and our economy. Visit http://www.patientsforfaircompensation.org for more information.

Media Contact: Jordan Jacobs Patients for Fair Compensation, 850-224-0174, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Patients for Fair Compensation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
SYS-CON Events announced today BZ Media LLC has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and Commercial Drone markets.