OB/GYN Asset Protection
Those in the medical profession, especially physicians, are among the most sued individuals. Today we're talking about the obstetrician/gynecology (OB/GYN) specialty, the growing number of lawsuits and the impact that has on medical doctors. More and more lawsuits result in judgments that far exceed the limits of malpractice insurance. So, asset protection for physicians and surgeons is creating peace of mind for these respected professionals. It gives them rest that that their personal assets are not up for grabs to settle medical malpractice cases or satisfy the resulting judgments.
A recent study showed that more than 75% of OB/GYNs have been sued during their careers; most being sued more than once. On average an OB/GYN will be hit with at least two and a half lawsuits. Orthopedic surgeons, neurosurgeons and now OB/GYNs are one some of the most frequently sued medical professionals. Neurosurgeons and Orthopedic surgeons are sued more frequently due to their clients being high-risk. However giving birth and brining a new little life into the world is so emotionally eventful, OB/GYNs are almost as frequently.
The healthcare industry is, in some cases, a victim of nature. Even in nature there is a large percentage of the populous with bodily defects and a certain percentage of those are complicated defects. So, when the defect is in a child or the mother of the child and there are complications associated with birth, the physician often feels the brunt the complications caused by the genetic malady. For example, we know a couple where the wife was complaining of severe pain a few days prior to giving birth to her first child. The experienced physician knew that mothers-to-be often complain of unusual sensations because they have never experienced pregnancy. So, the physician instructed the patient to rest and that he would see her in the morning. The problem, however, was internal hemorrhaging that resulted in the child being born with severe mental retardation. Defense attorneys know that parading a disabled child before a courtroom is bound to tug on the heartstrings of a jury. So, whether or not the physician was completely at fault juries will often let sympathy sway them into letting the patient dig into the perceptively "rich doctor's" pockets. The number of OB/GYN lawsuits are disproportionate to the percentage of lawsuits filed against other professionals. Again, more and more jury awards are for far more than the insurance will cover. Moreover, insurance companies are notorious for "investigating" the case and moths later, weaseling out of paying the claim by replying that "your insurance doesn't cover cases like that." OB/GYNs make up only 5% of the physicians, are 14% of the claims and almost 25% of plan losses. So, not only are OB/GYNs sued more frequently than others, but those suits pay the highest claims. Over a quarter of the claims are more than $250,000.
Speaking to some doctors, anxiety about lawsuits is prevalent. The mental stress of being sued or worrying about being sued is well-known by many physicians. Medical doctors are having sleepless nights over being sued, huge insurance premiums that generally exceed $30K-$100K annually are not enough to guarantee the security of assets in the event of a devastating lawsuit. A doctor does not generally get to choose his or her clients. A high-risk patient pays the exact same as a low-risk patient.
The lawsuit risks are great and the downside is steep. Judgment proof asset protection is a phone call away. We have helped hundreds of physicians augment their medical malpractice insurance policies with well thought out asset protection plans. Practicing OB/GYNs, surgeons, and other medical professionals across the country, whether in California or other states, should be especially concerned with how assets would fare with a judgment ready to devour most or all of his or her assets. We offer free risk evaluation consultations. To make contact, see the number on this page.