The Truth About Physician Medical Malpractice

One of my buddies -- emergency medicine physician -- called me the other day. Usually this guy is laid back, but this time he was the most anxious and stressed out I’ve ever seen.

He’s been practicing medicine for 14 years.

And he’s been sued twice.

He lost the first case.

The second case is still pending for the past 5 years.

But a few days back he got hit with his third lawsuit.

That’s when panic set in.

“Will my insurance premiums go up?”

“Will my group fire me?”

“Will I be stripped of my license to practice medicine?”

“How can I protect my assets?”

“Practicing medicine sucks today and it’s only going to get worse.”

Those were some of his comments.

Don’t get me wrong.

He’s a really smart guy and a great clinician, and if I ever get injured or have to go the ER, I want him to be my doctor.

When he told me about his latest lawsuit, here’s what I said to him:

“You’ve already lost the case.”

“What do you mean by that?” he asked.

“Think about it. Let’s say the case goes all the way to trial and the jury sides with you. What compensation did you get for your pain and suffering? Did anyone pay you for the time and mental anguish you suffered and how that affected your work, your family, and the rest of your life? Suppose you’re dismissed from the case. Do you get any money?”

Of course the answers to those questions are No.

You see, if you’re physician and you’re sued in a medical malpractice case, you ALWAYS lose no matter what the outcome.

No one gives you any compensation for the abuse you have to go through to prove your case.

If I were the ruler of the world -- which someday I hope to be (can the world handle me?) -- then I would create a “loser pays” system.

You lose. You pay.

The problem right now for physicians is that if you “win” you still lose.

Think about that for a moment.

In which other job or career would someone voluntarily continue working when you lose 100% of the time if you make a mistake that usually isn’t your fault?

If you want to start winning, don’t focus on lobbying the government for tort reform. That’s a losing game. They’ll never accept the loser pays system.

Instead invest in yourself and take the time to manage your finances and investments properly -- or hire someone who walks in your shoes, resonates with you, and acts in your best interests to manage them for you.

Once you get that straightened out, you don’t have to put up with the insurmountable odds the medical malpractice system has forced on you.

If you want to get started with revamping your finances and investments, do that right here:

Financial Strategy Consultation