How Can Medical Malpractice Costs Be Reduced?
One Company is Taking a Software Approach to Help Defendants and Insurance Companies
It’s no secret that medical malpractice litigation costs hospitals, medical providers, insurance companies, and consumers billions of dollars each year. In 2012, for example, Texas A&M University found that medical malpractice payments exceeded $3 billion. According to their calculations, a payout relating to alleged medical malpractice occurred approximately every 43 minutes on average during that year.
When a medical malpractice lawsuit is filed, the named defendants and their legal counsel must develop a litigation strategy designed at minimizing costs and preserving reputations. Ultimately, unless a case is dismissed, the litigation strategy will need to address whether to settle or go to trial. A software company called Premonition Analytics believes at this critical juncture defendants and their counsel will need as much data as possible to help them make the best decision; and, have developed a product they believe provides this data.
Should We Settle or Go to Trial?
What if the settlement/trial decision could be accelerated, or if other critical information could be known closer to the outset of a medical malpractice case that might lead to a more effective litigation strategy?
Premonition Analytics, a new company, believes it can assist in this process and is promoting a statistical approach utilizing artificial intelligence to analyze healthcare system litigation win rates in the United States for past years, including medical malpractice claims and payouts.
Premonition Analytics claims to have the world’s largest archive of court data, which can allow clients to assess information at a granular data level. The Company asserts, for instance, that clients can get information about the specific success rates for opposing counsel, information on court rulings, wins that a particular attorney might have had before a specific judge, win rates of experts and other information. They believe this combination of information can be used with the evidence of a specific case to help defense counsel and their clients make more informed decisions concerning the likelihood of success at trial; and, can also be used in the early stages of litigation to help in defining a litigation strategy.
The Increasing Use of Data and Artificial Intelligence
Premonition Analytics acknowledges the importance of understanding that data and artificial intelligence do not replace the human element, or to make the ultimate decisions. Rather, they believe, data-based artificial intelligence can provide statistical information based upon comprehensive information that a person otherwise would not be able to see. The Company’s position is that these methodologies will help healthcare providers and their counsel make more informed decisions in individual cases and may also lead to reduced costs over the long-term due to more effective decision-making.
Snow Christensen & Martineau has no opinion or interest in the above-referenced product or company and has not used, experienced or evaluated the product but is simply reporting on the concept.
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