June 19, 2007
Hersch, O'Connell & Viscusi on Early Offer Reform
The abstract states:
The early offer reform proposal for medical malpractice provides an option for claimants to receive prompt payment of all their net economic losses and reasonable attorney fees. Using a large sample of closed individual medical malpractice claims from Texas supplemented by data from Florida, this article provides an empirical assessment of the consequences of the early offer reform. Noneconomic damages comprise about two-thirds of paid claim amounts. The minimum payment amount for serious injuries will affect the magnitude of insurer savings and claimant compensation. Payments to claimants will be expedited by two years by the early offer reform, and litigation costs will be reduced by an average of $100,000 to $200,000 per claim.
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