Medical Malpractice Settlements
Getting full compensation after medical malpractice can be a challenge. Malpractice victims must negotiate with the accused doctor and their insurance company, legally referred to as defendants.
How do juries and judges judge the value of an instance? This article will discuss the most important elements to be considered when settling a malpractice case.
Damages
In general, a settlement for medical negligence is comprised of two types of damages which are non-economic and economic. Economic damages are based on calculable losses, which include medical bills and future costs. Non-economic damages include the effects of pain and suffering, disfigurement and loss enjoyment of life.
In negotiating a medical malpractice settlement both you and your attorney will work with economists and other financial experts to determine the value of your losses. If you are permanently disabled because of an error by a doctor, the value of future lost income is also calculated. This is referred to as the present value, and it's an extremely complex calculation that your lawyer will employ experts to help.
This is why it is important to have an experienced medical
malpractice attorney to represent you. You could be entitled thousands or millions of dollars in compensation depending on the severity and the extent of your injuries.
Many types of medical malpractice cases have a high settlement value that include misdiagnosis, prenatal mistakes which cause maternal pain and minor surgical errors. However, certain malpractice cases have lower settlement values. This could be due to allergic reactions that were treated by medication, or a minor error during surgery when the injury wasn't significant. These types of injuries are less likely to cause permanent disability, and therefore aren't entitled to the same level of compensation as an extreme injury that requires ongoing treatment.
Litigation Costs
Like all malpractice cases there are a variety of factors that determine the value of a settlement for medical malpractice. These include economic damages which are the cost of your past and future expenses related to the medical malpractice case, as well other damages that are not economic.
The first is the cost of any medical bills you've incurred, the anticipated costs of future medical care, and also any lost earnings resulting from the absence from work because of your injury. The second kind of compensation is for pain, suffering and a diminished quality of your life due to the negligence that led to your injury. Non-economic damages are determined by the severity of an injury. This is determined with a severity multiplier (also known as a multiplier) that ranges between two and five.
Although it could appear as if malpractice lawsuits are dragging doctors to court to make frivolous claims, the truth is that malpractice suits only account for 0.3% of healthcare costs and are necessary to ensure patients get the medical treatment they need. The majority of medical malpractice cases are settled out of court, with lawyers calculating the appropriate amount of money.
In addition to the state laws that define the minimum value of a case involving medical malpractice the location where your claim is filed will affect the value of your claim. For instance jurors in Baltimore City and Prince George's County are generally very favorable to victims of medical malpractice, while Anne Arundel, Carroll County, and Montgomery County are less so.
Attorney's Fees
In the majority of medical malpractice cases the lawyer you choose to work with will be on a contingency fee basis. This means that the attorney won't be paid until they are able to negotiate a settlement or verdict for you, either through negotiation or trial. This can be an excellent option to get top-quality legal representation without having to come up with the initial expenses of hiring an attorney in the typical case.
If a malpractice lawsuit is successful, the attorney will charge you a fixed percentage of the amount you receive in compensation. It's usually 33%, but may vary according to the lawyer's experience and knowledge. Your lawyer's interests are aligned since they only get paid when they earn you money. They will always strive to maximize the amount you will receive from your malpractice settlement.
While this arrangement is great for many victims, it could be detrimental in medical malpractice cases. A fee structure that pits lawyers financially against their clients' is fundamentally detrimental to the relationship between lawyer and client. Additionally, this type of fee arrangement can create a strong incentive to counsel clients to pay less than the case is worth, which can be harmful in many instances.
Settlements Outside of the Courtroom
Contrary to what you see on TV, almost 90% of malpractice cases that are viable end up in court with the assistance of lawyers who can calculate a reasonable amount. This is because insurance companies are more likely to settle out of court than go through costly litigation.
In the course of medical
malpractice law firm settlement negotiations the injured claimants seek compensation for both economic and non-economic damages. Economic damages cover past and future medical bills including any medications and rehabilitation therapy costs. They also cover lost wages from time away from work due to the medical negligence.
Non-economic damage, on the other hand, address mental stress and loss of quality of life. Mental anguish is characterized by severe emotional distress, which can lead to post-traumatic disorder as well as anger, apathy and depression. Loss of Quality of Life is the inability to exercise and sleeping or maintaining healthy relationships.
Many doctors and insurance companies believe that malpractice lawsuits are creating an unjust trend of rising settlement awards. Medical negligence claims only account for 0.3 percent of healthcare costs, as per research and information.
Additionally, settling a case out-of-court lets the victim keep their privacy and avoid public disclosure of what transpired to them. Contrarily, going to trial forces the victim to remember what they suffered and potentially subject them to hurtful judgments from others. This is why the decision to settle a case outside of court an important one that every victim should take into consideration.