Medical Malpractice Settlements
In order to receive full compensation after medical malpractice can be a challenge. Malpractice victims have to negotiate with the accused doctor and their insurance company legally known as the defendants.
Victims are entitled to compensation for their losses, but how exactly do juries and judges determine the value of a case? This article will examine the most important factors to consider when settling a malpractice claim.
Damages
In general, a malpractice settlement is made up of two types of damages which are economic and non-economic. Economic damages are based on calculable expenses, such as medical bills and future costs. Non-economic damages are based on the claimant's pain and suffering disfigurement, loss of enjoyment of life, and other.
You and your attorney will consult with financial experts and economists to determine the value of your damages. If you are permanently disabled as a result of a doctor's negligence then the cost of lost income is also calculated. This is known as the present value and is a complicated calculation your lawyer will hire an expert to help with.
It is therefore important to work with a medical negligence attorney who has years of experience to help you. You could be entitled thousands or even millions of dollars in compensation, based on the severity and the extent of your injuries.
Many kinds of medical malpractice cases have an excellent settlement value, including misdiagnosis, prenatal mistakes which cause maternal pain, and minor surgical mistakes. Some
malpractice lawyers cases, however, have lower settlement amounts. These include minor surgical mistakes or allergic reactions that can be treated with medication. These injuries are less likely to result in an ongoing disability, so they do not warrant the same amount of compensation as a serious injury that will require continuous treatment.
Costs of litigation
As with all malpractice cases there are a variety of aspects that impact the value of a medical malpractice settlement. These include economic damages which are the amount of your past and future expenses associated with the malpractice incident, as well other damages that are not economic.
The first one is the medical bills that you have incurred and the costs of future medical treatment, and any lost wages resulting from the absence of work because of your injury. The second type of compensation is for suffering, pain and a decrease in the quality of your life due to the negligence that led to your injury. Non-economic damages are usually determined by the severity of your injury, which is determined by the use of a seriousness factor (also called a multiplier) which can range between two and five.
It might appear that doctors are being forced into court by frivolous lawsuits however, the reality is that malpractice suits are only 0.3 percent of the healthcare costs. They are required to ensure that patients receive the medical attention they need. Most medical malpractice cases are settled out of court by lawyers who calculate a reasonable monetary amount.
The the location of your claim will also impact its value. State laws determine the minimum amount for a medical malpractice 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 cases the lawyer you choose to work with will be on a contingent fee basis. The lawyer won't be paid unless you get an settlement, verdict, or award through negotiations or trial. This is a great way to get professional legal representation without needing to cover the initial costs of hiring an attorney in the typical situation.
If you win an action for malpractice, your lawyer will charge a percentage of the amount you receive. It's usually 33%, however it may differ depending on the expertise and experience of your medical legal expert. Because your lawyer only gets paid if they collect money for you their interests are aligned with yours and they will always work hard to increase the amount you get in the settlement you receive for your malpractice.
This arrangement could be beneficial to certain victims, but it could be detrimental for those dealing with medical malpractice cases. A fee structure that pits lawyers with financial interests against their clients' is detrimental to the relationship between lawyer and client. This type of fee structure creates an incentive for lawyers to convince clients to settle their cases for less than what they are worth. This can be harmful to many clients.
Settlements outside the Courtroom
Contrary to what you'll see on television, nearly 90% of all malpractice cases that are viable can be resolved without court 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.
During negotiations for a settlement the injured claimants can seek compensation for both economic and non-economic losses. Economic damages cover the past and future medical expenses, including any medications or rehabilitation therapy costs. The damages also pay for lost wages resulting from time away from the workplace because of it.
Non-economic damages are aimed at addressing mental distress, as well as loss of quality. Mental anguish can be 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, sleep, or maintain healthy relationships.
Many insurance companies and doctors believe that malpractice claims have led to an unjust trend in settlement awards. However, research and statistics suggest that medical negligence lawsuits are only 0.3 percent of the healthcare costs.
A settlement outside of court allows the victim to keep their privacy and prevents public disclosure of what transpired. A trial, on the other hand, forces the victim relive their experience and may expose them to scathing judgments from other people. It is important that victims think through the decision to settle their case outside of court.