Medical Malpractice Settlements
In order to receive full compensation after medical malpractice can be challenging. Malpractice victims must negotiate with the doctor in question and their insurance provider, legally referred to as the defendants.
Victims should be compensated for their losses however, how do juries and judges calculate a case's value? This article will discuss the key factors that go into the settlement of a
malpractice law firm case.
Damages
In general a settlement involving medical malpractice is comprised of two types of damages: economics and non-economics. Economic damages are based on tangible losses, like medical bills as well as future costs. Non-economic damages are based on the claimant's suffering disfigurement, loss of enjoyment of life, and more.
Your attorney and you will consult with financial experts and economists to determine the value of your losses. If you are permanently disabled because of negligence of a physician, then the value of your future lost income is also calculated. This is referred to as the current value, and it is a complex calculation for which your lawyer will employ an expert to assist.
For this reason, it is essential to have an expert medical malpractice lawyer on your side. You could be entitled to thousands or even millions of dollars in compensation, based on the severity and the extent of your injury.
Many kinds of medical malpractice come with a high settlement amount, including missed diagnosis, prenatal mistakes that cause maternal suffering, and minor surgical errors. However, some malpractice cases have lower settlement value. These could include allergic reactions that have been cured by medication, or a minor error in surgery where the injury wasn't significant. These injuries are less likely to lead to an extended disability and aren't entitled to the same level of compensation as a more serious injury that will require continuous treatment.
Costs for litigation
As with all malpractice cases there are a variety of factors that determine the value of a medical malpractice settlement. Economic damages are the cost of future and past expenses incurred as a result of the malpractice incident. Additionally, non-economic damages are included.
The first one is the medical bills that you have suffered and the costs of future medical treatment, in addition to any loss of earnings due to absence from work as a result of your injury. The latter refers to compensation for the pain, suffering, and reduced quality of life that you've experienced as a result of negligence that led to your injury. Non-economic damages are typically determined by the severity of your injury, which is determined by using a severity factor (also known as a multiplier) which varies between two and five.
Although it could appear as if
malpractice lawsuits are dragging doctors to court for frivolous claims However, the reality is malpractice suits represent only about 0.3 percent of healthcare expenses and are vital to ensure patients get the medical care they need. The vast majority of medical malpractice cases settle outside of court with attorneys computing a reasonable settlement in cash.
In addition to the state laws that define the minimum value of a medical malpractice case the place where your claim is filed will determine the value of your claim. Jurors in Baltimore City, Prince George's County and Montgomery County, for example, are more favorable to victims of medical negligence.
Attorney's Fees
In the majority of medical malpractice cases the lawyer you choose to work with will be on a basis of contingency fees. This means that your lawyer won't be paid until they win a settlement or verdict for you, whether through negotiation or trial. This can be an excellent way to receive top-quality legal representation without having to pay the initial expenses of hiring an attorney in the typical scenario.
If a malpractice lawsuit is successful, your attorney will be charged a specific percentage of the amount you receive in compensation. It's usually 33% but could vary depending on your lawyer's experience and expertise. Since your lawyer is only paid if they are able to recover money for you, their interests are aligned with yours. They will always work hard to maximize the amount you get in the settlement you receive for your malpractice.
This arrangement may be beneficial to certain victims,
malpractice lawsuits but it could be detrimental when dealing with medical malpractice cases. A fee structure that pits lawyers' financial interests against their clients' interests is undoubtedly detrimental to the relationship between lawyer and client. This kind of fee structure creates an incentive for lawyers to convince clients to settle their cases for less than they are worth. This can be detrimental to a lot of clients.
Settlements Outside of the Courtroom
Contrary to what you see on TV, almost 90% of malpractice cases that are able to are settled out of court with the assistance of lawyers who can calculate a reasonable amount. This is due to the fact that insurance companies are more likely to settle outside of court than to go through costly litigation.
During negotiations for a settlement, injured claimants will seek compensation both for economic and non-economic damages. Economic damages are for the cost of medical bills in the past and into the future including any medications and rehabilitation therapy costs. They also cover lost wages due to time off work as a result of the medical negligence.
Non-economic losses, on the other hand, deal with mental anguish and loss of quality of life. Mental anxiety can manifest as extreme emotional distress that can result in post-traumatic stress disorder, apathy, anger, and depression. Loss in quality of life results from the inability to exercise or sleep, or maintain healthy relationships.
Many doctors and insurance companies believe that
malpractice attorney claims are contributing to an unfair trend of skyrocketing settlement awards. However, studies and data indicate that medical negligence claims are only about 0.3 percent of the healthcare costs.
A settlement without a court hearing allows the victim to keep their privacy and avoids public disclosure about what happened. A trial requires the victim to relive their experience and may expose them to hurtful judgements from other people. It is important that victims carefully consider the possibility of settling their case out of court.