A report from the Legislative Audit Bureau showed that Wisconsin’s medical malpractice insurance fund has recovered from a large transfer and has seen positive growth after the recent economic downturn.
The bureau’s study highlighted the fact that the fund’s investment earnings have been growing steadily over the last two years, capping the net balance at $361.3 million as of mid-2012.
In mid 2009, the fund had a deficit of $109 million, which was due to the 2007-2009 state budget prioritizing Medicaid over the medical malpractice insurance fund, transferring $200 million from the latter to the former.
The state transferred $234 million back into the medical malpractice fund, which has paid $807.8 million and has covered 660 claims since its establishment in 1975, after the Wisconsin Supreme Court declared that the money transfer was illegal in the first place.
Regrettably, medical malpractice lawsuits are all too common, as many people in Wisconsin are negatively impacted by the negligent actions of medical care providers. If you have been harmed by a careless medical professional, our attorneys at Habush Habush & Rottier S.C. may be able to help you seek financial compensation for your losses. Call 800-242-2874 today to learn more.