patient compensation funds (2024)

FAQs

What is the patient compensation fund? ›

Patient compensation funds are paid for by an annual surcharge against healthcare providers, generally a percentage of the provider's annual liability premium. Participating healthcare providers are required to maintain liability limits in an amount no less than the threshold at which the excess coverage applies.

The Injured Patients and Families Compensation Fund provides participating physicians and other health care providers in Wisconsin with secondary medical malpractice insurance to cover claims that exceed the coverage limits of their primary insurance.

Healthcare providers who choose to enroll in the PCF remain responsible for the first $100,000 of each claim. The PCF provides coverage for the second layer of $400,000 plus all related medical expenses. Enrollment in the PCF is required to participate in The Trust Funds.

The PCF will consider many aspects of the damages that you have suffered in making the determination as to how much additional compensation should be received, including but not limited to medical bills, lost wages, pain and suffering, how it has affected your daily life and activities, how it has affected your spouse ...

Eight states have active patient compensation funds-Indiana, Kansas, Louisiana, Nebraska, New Mexico, Pennsylvania, South Carolina, and Wisconsin.

Under the Louisiana Medical Malpractice Act, damages are capped at $500,000 plus continuing medical expenses for providers who purchase the statutorily-required $100,000/$300,000 primary layer and pay the applicable Louisiana Patient's Compensation Fund (PCF) surcharge.

State statutes require most full-time Wisconsin physi- cians to participate in the fund and pay fees to finance the payment of claims and the fund's op- eration.

In order for a physician to have patient compensation fund access, they must have limits of $250,000/750,000, and they must be insured by a New Mexico state-admitted carrier.

—There is created a “Florida Patient's Compensation Fund” for the purpose of paying that portion of any claim arising out of the rendering of or failure to render medical care or services, or arising out of activities of committees, for health care providers or any claim for bodily injury or property damage to the ...

Performance, productivity, and profitability are the 3 components of getting paid. These elements all affect one another, so balancing them is key. How physicians are paid matters. The goals of physician compensation are performance, productivity, and profitability.

Does Nebraska have a patient compensation fund? ›

Nebraska Excess Liability, Patient Compensation Fund

➢ In event of a major claim >$500K, carrier pays $500K, State would pay excess up to cap $2.25M. ➢ 24/7 coverage is mandatory.

Pay for performance improved patient outcomes (mortality, clinical adverse events) either only very slightly or not at all. It seems that providing hospitals with additional payments to reward performance achieves only small, short‐term, but non‐sustainable, effects.

For PCF participants, the PCF will be responsible for amounts above $500,000, with a $1,800,000 ultimate cap on damages.

The South Carolina Medical Malpractice Patients' Compensation Fund (PCF) is a state agency, which was created by the General Assembly in 1976 for the specific purpose of providing medical malpractice coverage in excess of South Carolina healthcare provider's basic or primary insurance coverage.

New Mexico Patient Compensation Fund

The fund is a state-established liability funding mechanisms that provides medical malpractice coverage in excess of the primary insurance requirements of the applicable state.

Participation in the PCF is not mandatory. It is voluntary.

The purpose of the PCF is to promote the availability of coverage for medical professional liability to health care providers practicing in New Mexico. The PCF provides an excess layer of coverage to doctors, hospitals, and other health care providers who qualify under the provisions of the Medical Malpractice Act.