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jmp001-medical-malpractice.pdf

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🔗 Source: jmp.com

📊 Size: 793 KB

📄 Pages: 11 pages

⬇️ Downloads: 160

Summary

Medical malpractice costs the US $55.6 billion annually, 2.4% of healthcare spending. An insurance company wants to understand its claims paid out for medical malpractice lawsuits. The data set contains 118 claim payments with variables such as claim amount, severity of damage, age of claimant, and more. Analysis of the claim amount shows a right-skewed distribution with a mean of $91,045 and median of $22,750. Excluding outliers does not make sense in this case, as it would remove high claim payments and lead to inaccurate forecasting. The average claim amount would be underestimated, potentially leading to unpleasant surprises for the company.

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Description

Medical malpractice costs the US $55.6 billion annually, 2.4% of healthcare spending.

Technical Information

File Format: PDF
File Size: 793 KB
Pages: 11
Language: EN
Total Downloads: 160
Last Updated: 1 week ago

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