State's largest medical malpractice carrier reaps big windfall in sale; HB 479, the medical malpractice bill, awaits action by Florida Governor Rick Scott
While HB 479, the "medical malpractice" bill remains on the desk of Florida Governor Rick Scott pending his action, FPIC Insurance Group, the state’s largest medical malpractice insurer announced yesterday, May 24, 2011, that it has been sold for $362 million, which amounts to a 31 percent increase over the stock price of the company before the sale. The Florida Current reports below and details of HB 479 are explained below that:
Republican State Representative Mike Horner's bill, HB 479, will makes numerous changes to affect medical malpractice litigation and protect physicians from liability in Florida.
State's largest medical malpractice carrier reaps big windfall in sale
Christine Jordan Sexton, 05/24/2011 - 02:03 PMwww.thefloridacurrent.com
The state’s largest medical malpractice insurance company announced Tuesday that it has been sold for $362 million, representing a 31 percent increase over the stock price of the company before the sale.
The transaction comes shortly after state lawmakers enacted changes to medical malpractice laws that had been sought by Florida’s doctors for years. Legislators also passed separate measures that will help doctors affiliated with institutions such as the University of Miami to be shielded from lawsuits.
The main malpractice bill -- HB 479 -- requires that doctors who testify in medical malpractice cases will be required to obtain expert witness certificates. Gov. Rick Scott has not yet acted on the bill but he has been an outspoken advocate of the need for additional lawsuit limits in Florida to help the state’s business climate.
FPIC Insurance Group is being acquired by The Doctors Company, the nation’s largest professional medical liability insurance company.
“This transaction will deliver significant value to our shareholders and place our organization with one of the largest and most respected medical professional liability insurance organizations in the nation," said John Byers, president and chief executive officer of FPIC.
FPIC Insurance Group covers 18,000 policyholders and is the largest provider of medical malpractice insurance in Florida, and is a leading provider in several other Southern states. The Doctors Company offered $42 per share -- which was a sizable increase over the $32.10 FPIC was trading at before the announcement.
FPIC was a major player in last year’s election cycle as campaign records show the company donated nearly $200,000 to candidates, political parties and other political organizations. While FPIC did donate to some Democrats, campaign records show that last year the company donated $100,000 to The Committee for Florida Justice Reform, a committee of continuous existence that donated heavily to the Republican Party of Florida and to GOP candidates.
Filed in: Health Care, Insurance
About HB 479
If enacted, HB 479, originally sponsored by State Representative Mike Horner, would make numerous changes to affect medical malpractice litigation in Florida.
The bill would allow a prospective defendant to interview a claimant's health care providers without the presence of the claimant if the prospective defendant provides 10 days notice of the intent to interview.
It also requires the claimant to execute an authorization for release of health information.
Further, it creates an "expert witness certificate" that an expert witness who is licensed in another jurisdiction must obtain before testifying in a medical negligence case or providing an affidavit in the presuit portion of a medical negligence case.
Under HB 479, discipline against the license of a physician, osteopathic physician or dentist that provides misleading, deceptive, or fraudulent expert witness testimony related to the practice of medicine or the practice of dentistry is provided.
An "informed consent" form related to cataract surgery would be created. Such a form is admissible in evidence and its use creates a rebuttable presumption that the physician properly disclosed the risks of cataract surgery.
Medical malpractice insurance contracts would be required to contain a clause stating whether the physician or dentist has a right to "veto" any admission of liability or offer of judgment made within policy limits by the insurer. Current law prohibits such provisions in medical malpractice insurance contracts.
If enacted, HB 479 would provide that records, policies or testimony of an insurer's reimbursement policies or reimbursement decisions relating to the care provided to the plaintiff are not admissible in any civil action and provides that a health care provider's failure to comply with, or breach of, any federal requirement is not admissible in any medical negligence case.
A plaintiff in a medical negligence action would be required to prove by clear and convincing evidence that the failure of a health care provider to order, perform, or administer supplemental diagnostic tests is a breach of the standard of care.
HB 479 would provide that a hospital is not liable for the negligence of a health care provider with whom the hospital has entered into a contract unless the hospital expressly directs or exercises actual control over the specific conduct which caused the injury.
It also would provide additional immunity from civil liability for volunteer team physicians.
For information about quality, certified, accredited and affordable quality home health care in South Florida, contact Brian Gauthier at A Family Member Home Care (954) 986-5090 or http://www.afamilymemberhomecare.com/.
State's largest medical malpractice carrier reaps big windfall in sale
Christine Jordan Sexton, 05/24/2011 - 02:03 PMwww.thefloridacurrent.com
The state’s largest medical malpractice insurance company announced Tuesday that it has been sold for $362 million, representing a 31 percent increase over the stock price of the company before the sale.
The transaction comes shortly after state lawmakers enacted changes to medical malpractice laws that had been sought by Florida’s doctors for years. Legislators also passed separate measures that will help doctors affiliated with institutions such as the University of Miami to be shielded from lawsuits.
The main malpractice bill -- HB 479 -- requires that doctors who testify in medical malpractice cases will be required to obtain expert witness certificates. Gov. Rick Scott has not yet acted on the bill but he has been an outspoken advocate of the need for additional lawsuit limits in Florida to help the state’s business climate.
FPIC Insurance Group is being acquired by The Doctors Company, the nation’s largest professional medical liability insurance company.
“This transaction will deliver significant value to our shareholders and place our organization with one of the largest and most respected medical professional liability insurance organizations in the nation," said John Byers, president and chief executive officer of FPIC.
FPIC Insurance Group covers 18,000 policyholders and is the largest provider of medical malpractice insurance in Florida, and is a leading provider in several other Southern states. The Doctors Company offered $42 per share -- which was a sizable increase over the $32.10 FPIC was trading at before the announcement.
FPIC was a major player in last year’s election cycle as campaign records show the company donated nearly $200,000 to candidates, political parties and other political organizations. While FPIC did donate to some Democrats, campaign records show that last year the company donated $100,000 to The Committee for Florida Justice Reform, a committee of continuous existence that donated heavily to the Republican Party of Florida and to GOP candidates.
Filed in: Health Care, Insurance
About HB 479
If enacted, HB 479, originally sponsored by State Representative Mike Horner, would make numerous changes to affect medical malpractice litigation in Florida.
The bill would allow a prospective defendant to interview a claimant's health care providers without the presence of the claimant if the prospective defendant provides 10 days notice of the intent to interview.
It also requires the claimant to execute an authorization for release of health information.
Further, it creates an "expert witness certificate" that an expert witness who is licensed in another jurisdiction must obtain before testifying in a medical negligence case or providing an affidavit in the presuit portion of a medical negligence case.
Under HB 479, discipline against the license of a physician, osteopathic physician or dentist that provides misleading, deceptive, or fraudulent expert witness testimony related to the practice of medicine or the practice of dentistry is provided.
An "informed consent" form related to cataract surgery would be created. Such a form is admissible in evidence and its use creates a rebuttable presumption that the physician properly disclosed the risks of cataract surgery.
Medical malpractice insurance contracts would be required to contain a clause stating whether the physician or dentist has a right to "veto" any admission of liability or offer of judgment made within policy limits by the insurer. Current law prohibits such provisions in medical malpractice insurance contracts.
If enacted, HB 479 would provide that records, policies or testimony of an insurer's reimbursement policies or reimbursement decisions relating to the care provided to the plaintiff are not admissible in any civil action and provides that a health care provider's failure to comply with, or breach of, any federal requirement is not admissible in any medical negligence case.
A plaintiff in a medical negligence action would be required to prove by clear and convincing evidence that the failure of a health care provider to order, perform, or administer supplemental diagnostic tests is a breach of the standard of care.
HB 479 would provide that a hospital is not liable for the negligence of a health care provider with whom the hospital has entered into a contract unless the hospital expressly directs or exercises actual control over the specific conduct which caused the injury.
It also would provide additional immunity from civil liability for volunteer team physicians.
For information about quality, certified, accredited and affordable quality home health care in South Florida, contact Brian Gauthier at A Family Member Home Care (954) 986-5090 or http://www.afamilymemberhomecare.com/.
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