March 2017 Issue 89
www.independent-practitioner-today.co.uk
INDEPENDENT PRACTITIONER TODAY
The business journal for doctors in private practice
In this issue
Socking it to head injury
Protecting brains is part of the revolutionary work of The Concussion Clinic P26
It’s time to spring-clean your finances With spring in the air, it’s a good time to brush up your finances P30
The future of potentially thou sands of consultants and GPs in private practice is under threat from an imminent shock rise in indemnity costs. Defence subscriptions will go up dramatically due to Lord Chan cellor Liz Truss changing the con troversial formula courts use to adjust large compensation pay ments to take account of future investment returns. Some reports have estimated the ‘discount rate’ switch, effective ini tially in England and Wales, could see some multi-million pound damages bills rocketing by 30%50%. Private doctors’ new premiums were being assessed by indemnity providers as we went to press.
The industry hopes the fall-out will be a catalyst to introduce longawaited personal injur y law reforms it has been urging to com bat spiralling claims. Another life line could be a ‘discount rate’ revamp. In a joint statement, Chancellor Philip Hammond and Association of British Insurers boss Huw Evans said: ‘The Government will pro gress urgently with a consultation on the framework for setting future rates, and bring forward any neces sary legislation at an early stage.’ But this will come too late for many doctors awaiting quotes for their next annual defence sub scription. The Medical Defence Union (MDU) warned lowering the dis count rate from 2.5% to -0.75% would mean ‘a dramatic increase’
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Is your portfolio benefiting from sterling’s decline? Our financial expert explains why investments should have a global outlook P42
in the cost of indemnifying mem bers. It warned compensation award costs would go up immediately for known claims and also those aris ing from future incidents. And it will apply retrospectively to claims for past negligent inci dents where no claim has yet been made but will be at some future date. Chief executive Dr Christine Tomkins said: ‘We need a longterm solution to the inflation-bust ing rises we are seeing in clinical negligence compensation pay ments. Personal injury law needs root and branch reform. ‘The impact on our members and the provision of healthcare is calamitous and a solution is needed urgently.’ ➱ continued on page 9
CAP THAT! Consultant surgeons celebrated the 25th anniversary of the newly refurbished Knee Unit at HCA’s The Wellington Hospital, London, with model and former patient Jodie Kidd. From left: Mr Howard Ware, Mr Sam Oussedik, Mr Chinmay Gupte, Mr David Sweetnam, Mr Matthew Bartlett and Mr Rahul Patel. Full story next month In association with
Free tax guide
The world really is your oyster
‘Calamity’ looms for defence fees
By Robin Stride
£12.50
Doctors lag behind law on patient consent ‘Surprising numbers’ of independ ent practitioners are putting them selves at risk because they have not caught up with new duties for obtaining consent to treatment. Solicitor Paul Sankey said doc tors across the specialties seemed to have missed a law change two years ago. The landmark Montgomery v Lanarkshire Health Board case redefined the legal doctor-patient relationship and placed a higher obligation on specialists to warn of treatment risks. But Foot Anstey LLP partner Mr Sankey said: ‘Many seem to know little or nothing of the change. The continued use of standardised consent forms suggests practice has not sufficiently changed. ‘Standard forms are unlikely to record the sort of patient-centred advice and discussion the law expects.’ He warned: ‘Failing to comply with their legal duty means not only that doctors are failing their patients but are putting them selves at risk. ‘They can face months or years of anxiety over legal claims and hav ing to look to their insurers to pay substantial damages. The award of damages in Montgomery v Lanark shire Health Board was £5.25m.’ n Questions answered: page 12