The cost of medical malpractice remains stable for healthcare providers nationwide, according to an annual report from Aon and the American Society of Healthcare Risk Management. The 2014 Aon/ASHRM Hospital and Physician Professional Liability Benchmark report was released Wednesday, according to a statement.
“Although overall cost levels appear to be calm, these seemingly still waters hide a system of swirling undercurrents,” said Erik Johnson, leader of the health care practice group with Aon’s Actuarial & Analytics Practice.
The 2014 report offers new text mining techniques to help risk mangers better identify costly risks by measuring the frequency and cost of claims against the cause of loss.
“Projected loss rate for hospital professional liability is $2,870 per occupied bed equivalent for events occurring in 2015. The frequency of claims is projected to be 1.69 percent per OBE and the severity of claims is expected to be $170,000 per claim,” the report stated.