Medical
malpractice law firms Settlements
It isn't always easy to obtain full compensation for medical malpractice. Malpractice victims are required to bargain with the doctor who is accused and their insurance company who are legally referred to as defendants.
How do juries and judge determine the worth of the case? This article will discuss the main factors that affect an agreement for a malpractice settlement.
Damages
In general a settlement involving medical negligence is comprised of two types of damages which are non-economic and economic. Economic damages are based upon calculable losses such as medical bills as well as future costs. Non-economic damages are based on a plaintiff's pain and suffering and disfigurement, loss enjoyment of life, and more.
When negotiating a medical negligence settlement the attorney and you will work with economists and other financial experts to determine the value of your losses. If you are permanently disabled as a result of negligence of a physician, then the value of your future loss of income is also determined. This is referred to as present value, and is a complex calculation that your lawyer will hire an expert to assist with.
This is why it is important to have an experienced medical malpractice attorney on your side. Based on the extent of your injuries, you could be able to claim millions or thousands of dollars in compensation.
Many types of medical malpractice are covered by an amount of money that is high in settlement, including missed diagnosis, prenatal mistakes that cause maternal suffering, and minor surgical errors. However, some malpractice cases have lower settlements. These include minor surgical errors or allergic reactions that can be treated with medication. These kinds of injuries aren't likely to result in the disability that lasts for a lifetime and do not warrant the same indemnity as serious injuries which require continuous treatment.
Costs of litigation
As with any malpractice claim there are a myriad of factors that affect the value of an settlement for medical negligence. These include economic damages which are the amount of your past and future expenses resulting from the medical malpractice case, as well other damages that are not economic.
The first includes any medical bills that you have incurred and the costs of future medical treatment, as well any lost wages due to the absence of work because of your injury. The second kind of compensation is for pain, suffering and the loss of quality of life due to the negligence that caused your injury. Non-economic damages typically are dependent on the severity of your injury and is determined the use of a seriousness factor (also known as a multiplier) which varies between two and five.
Although it could appear as if malpractice lawsuits are dragging doctors to the courtroom for frivolous accusations however, the reality is that malpractice suits amount to only 0.3 percent of healthcare costs and are vital to ensure patients get the medical treatment they need. Most medical malpractice cases are settled out of court, with lawyers calculating the appropriate amount of money.
In addition to state laws that establish the minimum value of a medical malpractice claim, the location in which 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 those who suffer from medical negligence.
Attorney's Fees
In the majority of medical
malpractice lawsuits, your lawyer will be paid on the basis of contingency. This means that the attorney will not get paid unless they get a settlement or verdict on behalf of you, either through negotiation or trial. This is a great option to get high-quality legal representation without the upfront costs associated with hiring an attorney.
If you prevail in a malpractice suit the lawyer will charge a percentage of the compensation you receive. It is usually 33%, but it can vary depending on the experience and expertise of your medical attorney for malpractice. Because your lawyer only gets paid if they recover funds for you, their interests are aligned with yours. They will always fight hard to increase the amount you get in the settlement you receive for your malpractice.
While this arrangement is good for many victims, it could be negative in medical malpractice cases. A fee structure that puts the financial interests of lawyers against those of their clients is detrimental to the relationship between the lawyer and client. This kind of fee structure creates an incentive for lawyers to advise clients to settle their cases for less than they are worth. This can be harmful for many clients.
Settlements outside the Courtroom
Despite what you may be seeing on television, over 90 percent of viable malpractice cases are settled out of court with the assistance of lawyers making a reasonable settlement. This is due to the fact that large insurance companies are more inclined to avoid costly litigation.
In the course of negotiations for a settlement those who have suffered injuries will seek compensation both for economic and non-economic damage. Economic damages cover the past and future medical expenses which include any medications or rehabilitation therapy costs. The damages also compensate for lost wages due to the absence from work because of it.
Non-economic damages, on the contrary, focus on mental distress and loss of quality of life. Mental anguish is characterized by severe emotional stress, which can cause post-traumatic disorder or apathy, as well as anger. Loss in quality of life results from the inability to exercise or sleep, as well as maintain healthy relationships.
Many doctors and insurance companies believe that malpractice claims are creating an unfair trend of skyrocketing settlement awards. However, studies and data show that medical negligence claims are only 0.3 percent of the healthcare costs.
In addition, settling a case out-of-court allows the victim to preserve their privacy and avoid unnecessary public disclosure of what transpired to them. In contrast going to trial could force the victim to revisit what they suffered and potentially expose them to judgments that are hurtful from other people. This makes the decision to settle the case out of court an important decision that every victim should take into consideration.