The study was conducted by the actuarial department at MagMutual. Hoping to evaluate the effectiveness of the risk mitigation tools the company offers, the investigation was started and came to a significant conclusion for healthcare providers who want to improve patient outcomes: taking advantage of the advice resources offered by MagMutual is associated with a 10% reduction in medical malpractice losses.
The analysis included data from 35,796 providers with Physician and Surgeon Liability policies effective from 1998-2022 and covered all specialties. The segments contained two groups: providers who have taken courses focused on risk mitigation or used one of MagMutual’s risk mitigation tools and providers who have done neither.
Overall, the study showed a strong correlation between the number of risk mitigation courses and medical malpractice losses. For every course taken the reported loss costs decreased by 3.2%, on average. The results suggest that healthcare providers are applying the evidence-based strategies developed by MagMutual’s medical faculty, experiencing even better patient outcomes, and seeing a tangible reduction in claims loss.
MagMutual’s Learning Center offers many additional resources concerning the business, practice and regulation of medicine.
Disclaimer: The information provided in this article does not constitute legal, medical or any other professional advice. No attorney-client relationship is created and you should not act or refrain from acting on the basis of any content included in this article without seeking legal or other professional advice.
