PROTECTING YOUR PROFESSION
July 2015 marked the 40th anniversary of the passage of the controversial, but powerful Medical Malpractice Act (The Act). The Act marked a significant change in how malpractice claims are litigated and paid. The LSMS and its local members were instrumental in the passage of this landmark legislation. From grassroots lobbying to physician testimony before the legislature, the passage of the Act served as a significant example of how LSMS advocacy protects the profession and makes Louisiana a better place to practice medicine.
One of the critical components of the Act was the creation of the Patient’s Compensation Fund (PCF), a viable fund for compensating claimants paid for by annual assessments of physicians across the state. For years, the PCF struggled to remain solvent. In an effort to maintain solvency, the PCF continuously raised the assessment rates on physicians. As a result, Louisiana physicians paid some of the highest medical malpractice premiums in the nation.
In 2012, the PCF not only maintained solvency but also began to flourish. In fact, the PCF strengthened to the point that it was able to meet all future potential liabilities. In light of this strong financial stability, the LSMS began actively urging for rate reductions. Due to the efforts of the LSMS and its appointees on the PCF board, the board agreed to reductions in annual premiums. They are as follows:
2013: 5.21% ∙ 2014: 8.9% ∙ 2015: 17.8%
Let’s show this in real dollars:
Successes like the passage of the Act and the decrease in malpractice premium rates are just small examples of the importance of LSMS advocacy. Today I am asking you to consider showing your support for our efforts by joining the membership. The 3 year earned savings more than covers the cost of membership dues on the state and local level. Another financial bonus: 75% of LSMS dues are tax deductible. In order to continue our legislative and regulatory successes, we need your membership. We have a solid reputation as a strong, unified voice with members of the legislature and we must maintain our ongoing efforts. If you want continued top-notch medical malpractice protection, use your PCF savings and join today!