How Large Is the Louisiana Patient’s Compensation Fund?March 19th, 2015
Since 1975, when Louisiana legislators passed new laws related to medical malpractice, the state has been paying out claims against both private health-care professionals and public providers. The payouts and claims for private providers fall under the Medical Malpractice Act while the claims for public health-care providers fall under the Malpractice Liability for State Services Act
A key aspect of these acts involves the allocation of funds for payouts in the event of medical malpractice. Unfortunately, though the fund is large, annual payouts are often small.
If you are suffering from the side effects or other consequences of a medical procedure, you may be eligible for compensation via the various Louisiana medical malpractice acts. The Bowling Christiansen Law Firm specializes in medical malpractice claims, and an experienced New Orleans medical malpractice attorney can look through your case and determine if you may have a valid claim. Call us today at (504) 586-5200 to schedule an appointment, and read on for more information regarding the compensation fund.
How much is in the Louisiana Patient’s Compensation Fund?
According to The Times-Picayune, the Louisiana Patient’s fund exists to compensate people who suffer loss or damages because of malpractice by a Louisiana health-care provider who is a member of the fund. Doctors, health-care professionals and institutions build up the fund by paying surcharges toward it every year. This includes hospitals, physicians, nurses, doctors and dentists, among others.
The law requires each institution to pay a specific dollar amount per bed, with a sliding scale in place requiring professionals in higher risk sectors to pay more. According to The Times-Picayune, the fund is worth more than $820 million.
How much is paid out from the Compensation Fund?
According to the Louisiana State Legislature, the money in the fund is not state property, but rather, it is a private fund that the board is holding in trust for the benefit of medical malpractice victims and its health-care provider members. Despite this, the board has paid out only one-eighth of the fund to date. Currently, the fund has paid out slightly more than $100 million to 300 claimants.
That makes the average payout amount approximately $330,000. The board justifies this payout rate by claiming that they have built up the fund to anticipate risk and that claims are often lengthy processes that take many years to finalize.
Filing a medical malpractice claim is a complicated and often overwhelming process. If you feel you are suffering due to a negligent doctor, health-care provider or institution, you could benefit from contacting an experienced New Orleans medical malpractice lawyer.
The Bowling Christiansen Law Firm has more than 30 years of trial experience, and we always put our clients first. Regardless of the claim, give us a call to discuss your concerns, and we can assess your case and determine if you may be entitled to compensation.Call us today at (504) 586-5200 to schedule an appointment.