More important than the direct malpractice insurance is the indirect "defensive medicine" costs.
Malpractice insurance is actually only like 3% of total healthcare costs in the US. Significant, but not critical. However, in a desperate effort to reduce malpractice claims, doctors are often made to do all sorts of expensive testing that they feel is unnecessary, just for that one-in-a-million chance that this guy's pink eye is actually (insert deadly disease or cancer).
Your ankle looks sprained, but lets do an x-ray and MRI just to be sure! Such waste drives up healthcare costs tremendously. Doctors need to be more free to use their own professional judgment instea of what their lawyer thinks they should do.
Tort reform would reduce costs and decrease waiting times. (less wasteful usage of limited equipment)
It's not the only thing we should do, but we really should do it!