Medical Malpractice Settlements
It isn't always easy to obtain complete compensation for medical negligence. Malpractice victims have to bargain with the doctor accused of the malpractice and their insurance provider legally referred to as the defendants.
Victims are entitled to compensation for their losses however, how do juries and judges determine the value of a case? This article will examine the main factors that affect the calculation of a settlement for malpractice.
Damages
Typically, a medical negligence settlement is comprised of two different kinds of damages which are economic and non-economic. Economic damages are based on measurable losses, which include medical bills as well as future costs. Non-economic damages include the effects of pain and suffering disfigurement, loss of enjoyment of life.
Your attorney and you will consult with financial experts and economists to determine the value for your losses. For instance, if are permanently disabled as a result of the negligence of a doctor then the value of your future income loss has to be calculated in addition. This is referred to as the present value, and it's a complicated calculation for which your lawyer will assign a specialist to assist.
For this reason, it is crucial to have an experienced medical malpractice attorney to represent you. You could be entitled to thousands or even millions of dollars in compensation depending on the degree and severity of your injuries.
Many types of medical malpractice cases have high settlement values for misdiagnosis, prenatal mistakes that cause maternal suffering and minor surgical errors. However, certain malpractice cases have lower settlement value. This includes minor surgical errors or allergic reactions that can be treated with medications. These injuries are less likely to lead to a long-term disability and therefore aren't entitled to the same level of compensation as a serious injury that requires ongoing treatment.
Litigation Costs
As with any malpractice case there are a variety of factors that affect the value of a settlement for medical
malpractice attorneys. These include economic damages which are the cost of your past and future expenses related to the malpractice, as well as non-economic damages.
The first is any medical bills you've incurred and the costs of future medical treatment, and any loss of earnings due to being off work because of your injury. The latter refers to compensation for the suffering, pain and diminished quality of life you've endured due to the negligence that caused 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), which can range between two and five.
While it may seem like malpractice lawsuits are dragging doctors into the courtroom for frivolous accusations however, the reality is that malpractice suits only account for 0.3 percent of healthcare costs and are necessary to ensure patients get the medical care they deserve. The vast majority of medical malpractice cases settle outside of court with attorneys calculating a reasonable monetary settlement.
The where you filed your claim will also affect the value of your claim. State laws determine the value minimum for a medical
malpractice law firms case. 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 lawsuits, your lawyer will be paid on the basis of contingency. This means that the lawyer won't be paid until they are able to negotiate an agreement or verdict for you, whether through negotiation or trial. This is a great way to get high quality legal representation without having to think about the initial expenses of hiring an attorney in the typical scenario.
If you win a malpractice lawsuit the lawyer you hire will charge a percentage of the money you receive. It is usually 33%, but it can differ depending on the experience of your lawyer and knowledge. Since your lawyer is only paid if they recover money for you, their interests are aligned with yours. They'll always be determined to maximize the amount that you receive in your settlement for malpractice.
This arrangement could be beneficial to some victims, but it could be detrimental when dealing with medical malpractice cases. Having a fee structure that puts the financial interests of lawyers against the interests of their clients is inherently unhealthy for the relationship between lawyer and client. This kind of fee structure creates an incentive for lawyers to inform clients to settle their cases for less than they are worth. This can be detrimental for many clients.
Settlements Outside the Courtroom
Despite what you might see on TV, almost 90% of all malpractice cases that can be resolved end up in court with the help of attorneys who can calculate a reasonable amount. This is because large insurance companies prefer to avoid costly litigation.
During negotiations for medical malpractice settlements the injured claimants seek compensation for both economic and non-economic damages. Economic damages are a way to cover past and future medical bills as well as any medication or rehabilitation therapy costs. They also cover lost wages from time away from work due to the medical negligence.
Non-economic damages are aimed at addressing the mental stress and loss of quality. Mental anguish includes severe emotional distress that can cause post-traumatic disorder, apathy and anger. Loss of Quality of Life is the inability to exercise and sleeping or maintaining healthy relationships.
Many doctors and insurers believe that malpractice lawsuits are creating an unfair trend of skyrocketing settlement awards. But, research and data reveal that medical negligence claims are just 0.3 percent of the healthcare costs.
Additionally, settling a case out-of-court allows the victim to preserve their privacy and avoid unnecessary public disclosure of what happened to them. A trial requires the victim to relive their experience, and could expose them to hurtful judgements from other people. This makes the decision to settle a case outside of court an important decision that every victim should take into consideration.