01-108 Patientsí Compensation Fund Oversight Board
The Patientsí Compensation Fund Oversight Board was established by Louisiana Revised Statute 40:1299.44.D (Act 967 of the 1990 Regular Legislative Session). The Board has the responsibility for the management, administration, operation and defense of the Patientsí Compensation Fund (PCF). The PCF provides medical malpractice coverage, excess of $100,000 of $400,000 plus related medical expenses to "qualified" healthcare providers. A healthcare provider becomes "qualified" by providing proof of financial stability for the initial $100,000 and paying the applicable surcharge. Proof of financial stability is established either by obtaining professional liability coverage from a commercial carrier or becoming "self-insured" by depositing with the Board $125,000 in money or represented by instruments of security/collateral acceptable to the Board.
The PCF was created in order to guarantee that affordable medical malpractice coverage was available to all private providers and to provide a certain, stable source of compensation for legitimate victims of malpractice. The PCF and the limitation on damages that may be awarded against "qualified" health care providers benefits the citizens of the state by providing a corresponding restraint on overall health care costs.
The Board believes it has the twofold duty to vigorously resist and defend unmeritorious and/or exaggerated claims, while at the same time ensuring that legitimate claims are resolved promptly and fairly.
The Patient's Compensation Fund Oversight has only one program, Administrative. Therefore the mission and goals of the Patient's Compensation Fund Oversight Board are the same as those listed for Administrative program in the program description that follows.
This agency's recommended appropriation does not include any funds for short-term debt.
This agency does not have any long-term debt for Fiscal Year 1999-2000.
This agency's recommended appropriation also includes the following amount by means of financing for payments on the unfunded accrued liability of the Louisiana State Employees' Retirement System in accordance with the provisions of Article X, Section 29 of the Constitution of Louisiana:
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