Today I paid $1,397.25 NZ dollars (1,117 US) for my yearly subscription to the Medical Protection Society. This is the equivalent of medical malpractice insurance in the US. This covers me as a Cardiologist practicing in New Zealand. My yearly coverage in the Florida was well over $60,000.00 US dollars. The Medical Protection Society is a no-fault compensation system that "harmonizes injury compensation, provider accountability and patient safety". In New Zealand, patients seek compensation not through malpractice suits but rather through the ACC a no-fault government-funded compensation.* The compensation is decided by a administrative panal and usually takes weeks to months to resolve. On the other hand the US system of medical compensation is decided by legal action which may take years to resolve and has very high administrative costs with each side hiring a team of medical experts. A medical malpractice settlement may involve 50% of the compensation going to the attorney for administrative costs. Our medical compensation system cost billions of dollars to date compensation for medical injuries has cost New Zealand $29 million dollars. Despite this the US has a much higher incidence of patients being harmed by medical error 9.7% vs 5.6% in New Zealand. The US system is expensive does not improve patient safety and serves the interests of MALPRACTICE LAWYERS MORE THAN THE INTERESTS OF PATIENTS. Food for thought from down under!
*Reference: The Commonwealth Fund, Feb. 2006/Volume 30
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