Medical Malpractice Settlements
It can be difficult to get complete compensation for medical negligence. Victims of
malpractice attorneys are required to negotiate with the physician accused and their insurance company, who are legally recognized as defendants.
Victims are entitled to compensation for their losses, but how exactly do juries and judges determine a case's value? This article will explore some of the most important aspects to be considered when settling a malpractice claim.
Damages
Typically, a medical negligence settlement is composed by two types of damages that are non-economic and economic. Economic damages are based on tangible losses, like medical bills and future costs. Non-economic damages include the pain and suffering of others, disfigurement and loss enjoyment of living.
You and your attorney will consult with financial experts and economists in order to determine the value for your losses. If you are permanently disabled as a result of a doctor's negligence then the value of future lost income is also determined. This is referred to as present value and is a complex calculation that your lawyer will employ an expert to assist.
In this regard, it is essential to have an experienced medical malpractice attorney to assist you. Based on the severity of your injury you could be able to claim millions or even millions of dollars in compensation.
Many types of medical malpractice are covered by a large settlement amount, including missed diagnosis or prenatal errors that cause maternal suffering, and minor surgical mistakes. Certain malpractice cases are, however, less expensive settlement amounts. These include minor surgical mistakes or allergic reactions that can be treated with medication. These types of injuries are less likely to lead to permanent disability, and therefore don't warrant the same level of compensation as a severe injury that will require regular treatment.
Litigation costs
Like any malpractice case there are many factors that affect the value of a medical malpractice settlement. These include economic damages which are the cost of your future and past expenses associated with the malpractice, as well as non-economic damages.
The first one is the amount of any medical bills that you've paid, as well as the expected costs of future medical care, and any lost wages from time missed from work due to your injury. The second kind of compensation is for pain, suffering and diminished quality of your life as a result the negligence that led to your injury. The amount of non-economic damages is usually determined by the severity your injury and are determined using a seriousness factor (also known as a multiplier) which can range between two and five.
While it might seem that malpractice lawsuits are dragging doctors to the courtroom for frivolous accusations but the reality is that malpractice suits represent only about 0.3% of healthcare costs and are vital to ensure patients get the medical care they deserve. Most medical malpractice cases are settled out of court with attorneys calculating an acceptable amount of money.
Apart from the state laws that determine the minimum value of a medical negligence case the place in which your claim is filed can affect the value of your claim. For example jurors in Baltimore City and Prince George's County are generally favorable toward victims of medical malpractice, while Anne Arundel, Carroll County and Montgomery County are less so.
Attorney's Fees
In the majority of medical malpractice lawsuits your lawyer will be paid on an hourly basis. This means that your lawyer will not get paid unless they are able to negotiate a settlement or a verdict for you, either through negotiations or trial. This is an excellent way to receive the best legal representation without having to think about the initial expenses of hiring an attorney in the typical case.
If a
malpractice lawsuit succeeds, your lawyer will charge you a certain percentage of the amount that you receive in compensation. This is usually 33%, however it can differ based on the expertise and experience of your medical lawyer for malpractice. Your lawyer's interest is aligned with yours because they only get paid when they earn the money you owe. They will always strive to maximize the amount you receive from the settlement.
While this arrangement is beneficial for many victims, it could be harmful in medical malpractice cases. A fee structure that places the financial interests of lawyers against those of their clients is inherently unbalanced for the relationship between the lawyer and client. This type of fee structure provides an incentive for lawyers to tell clients to settle their cases for less than they are worth. This could be detrimental to a lot of clients.
Settlements Outside of the Courtroom
Despite what you may see on television, almost 90 percent of viable malpractice cases settle out of court with the assistance of lawyers in determining a fair monetary settlement. This is because insurance companies are more likely to settle outside of court than to go through expensive litigation.
During the medical malpractice settlement negotiations those who suffer from the injury seek compensation for both economic and non-economic damages. Economic damages refer to the future and past medical expenses, including medication or rehabilitation therapy. They also include lost wages due to time away from work as a result of the medical negligence.
Non-economic damages deal with mental anguish, and loss of quality. Mental anguish may be extreme emotional distress that results in post-traumatic stress disorder, apathy, anger, and depression. Loss of Quality of Life is the inability to exercise, sleeping, or maintaining healthy relationships.
Many doctors and insurance companies believe that malpractice claims have created an unfair trend in settlements. However, research and statistics suggest that medical negligence lawsuits are just 0.3 percent of healthcare costs.
Additionally, settling a case out-of-court allows the victim to preserve their privacy and avoid unnecessary public disclosure of what transpired to them. A trial, on the other hand, makes the victim reflect on their experiences and exposes the victim to harsh judgments from others. It is crucial that victims think through the decision to settle their case out of court.