Anesthesiologists are facing rising malpractice insurance costs, largely driven by high-risk procedures and sometimes limited access to standard coverage.
According to data released Oct. 6 by Homewood Insurance Group, a Naples, Fla.-based medical insurance group, anesthesiologists pay average annual malpractice insurance premiums of $21,000-$23,000 for standard $1 million or $3 million policies.
Here are five other data points from the report:
1. Nearly 45% of anesthesiologists will face at least one malpractice claim during their careers, with 10% of claims exceeding $1 million in payouts.
2. Insurance companies often identified chronic pain management interventions as one area of high-risk procedures, increasing premiums by 20-50% or more due to nerve injury and infections claims.
3. Airway management is linked to 46% of procedure-related malpractice claims.
4. Regional anesthesia, including spinal and epidural blocks, contribute to 27% of claims.
5. Non-operating room anesthesia has an average payout of $554,000, nearly double that of OR cases.