SANTA FE, NM—State Representative Jack Chatfield filed a bill to provide financial relief to hospitals from the astronomical medical malpractice costs that drive up prices for both medical providers and patients. Medical malpractice premiums have recently increased by more than 200%, and that’s assuming hospitals can find an insurance carrier, causing significant financial pressure.
The bill would apply the same medical malpractice caps adopted in the 2023 session for independent healthcare facilities, to also apply to all New Mexico Hospitals. “For too long, the fear of excessive litigation has hindered our healthcare providers, driving up the cost of healthcare and preventing it from reaching those who need it most”, said Rep. Chatfield.
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In the 2023 legislative session, during a Legislative Finance Committee meeting, the President and CEO of the New Mexico Hospital Association said that two-thirds of New Mexico hospitals saw their expenses exceed revenues over the past 12 months. “When rural hospitals are affected by excessive litigation, they are less likely to provide quality care for patients and risk closing their doors”, Rep. Chatfield stated.
New Mexico’s rural communities rely on limited options for healthcare and this bill will provide these rural hospitals the deserved relief that was overlooked in the previous session.