Medical Malpractice Settlements
Receiving full compensation following medical malpractice isn't easy. Malpractice victims must negotiate with the accused doctor and their insurance provider, legally referred to as the defendants.
How do juries and judges determine the value of an instance? This article will examine the most important factors to consider when settling a malpractice case.
Damages
In general a medical settlement malpractice is comprised of two kinds of damages: economics and non-economics. Economic damages are based upon calculable losses such as medical bills as well as future costs. Non-economic damages include pain and suffering, disfigurement and loss of enjoyment of life.
When negotiating a medical malpractice settlement, you and your attorney will work with economists as well as other financial experts to determine the worth of your damages. If you are permanently disabled due to a doctor's negligence then the value of future lost income is also calculated. This is called the present value, and it's a complex calculation for which your lawyer will hire an expert to assist.
For this reason, it is vital to hire an experienced medical
malpractice attorney on your side. Depending on the extent of your injuries, you could be eligible for millions or even millions of dollars in compensation.
Many kinds of medical malpractice cases have an impressive settlement value, including missed diagnoses, prenatal errors that result in maternal suffering and minor surgical errors. However, some malpractice cases have lower settlement values. This could be due to reactions to allergies that were cured with medication or a minor omission in surgery where the injury was not serious. These types of injuries aren't as likely to result in the disability that lasts for the rest of your life and do not warrant the same damages as serious injuries that require ongoing treatment.
Costs of litigation
As with any malpractice case there are a variety of aspects that impact the value of a medical malpractice settlement. These include economic damages, which are the costs of your future and past expenses resulting from the malpractice incident, as well as non-economic damages.
The first one is the medical bills that you have suffered and the costs of future treatments, as well as any lost wages resulting from absence from work as a result of your injury. The latter refers to compensation for the pain, suffering, and diminished quality of life you have endured as a result of the negligence that caused your injury. The amount of non-economic damages is usually determined by the severity your injury and are determined using a severity factor (also called a multiplier) that can vary between two and five.
Although it might appear that malpractice lawsuits are dragging doctors into the courtroom for frivolous accusations but the reality is that malpractice suits represent only about 0.3 percent of healthcare costs and are necessary to ensure that patients receive the medical treatment they deserve. The majority of medical malpractice cases settle outside of court by negotiating a fair settlement in cash.
Aside from state laws establishing the minimum value of a medical malpractice case, the location in which your claim is filed can impact the value of your 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 will not get paid unless they get a settlement or verdict on behalf of you, either through negotiations or trial. This can be an excellent option to get top-quality legal representation without having to think about the upfront expenses of hiring an attorney in the typical situation.
If you win an action for malpractice the lawyer you hire will charge a portion of the settlement you receive. It is usually 33% but can vary dependent on the experience of your lawyer and knowledge. Since your lawyer is only paid if they recover funds for you and their interests align with yours. They'll always be determined to maximize the amount you receive from your settlement for malpractice.
This arrangement may be beneficial to certain victims, but it could be detrimental for those dealing with medical malpractice cases. Having a fee structure that pits the financial interests of lawyers against those of their clients is inherently harmful to the relationship between a lawyer and a client. Moreover, this type of fee arrangement provides a powerful incentive for clients to take a lesser amount than what their case is worth, which could be detrimental in a number of instances.
Settlements outside the Courtroom
Contrary to what you'll see on TV, nearly 90% of valid legal cases involving malpractice settle out-of-court, with the assistance of attorneys computing a reasonable monetary settlement. This is because large insurance companies are more inclined to avoid costly litigation.
During negotiations for a settlement those who have suffered injuries will seek compensation for both economic and non-economic losses. Economic damages refer to past and future medical expenses, including medication or rehabilitation therapy. The damages also compensate for lost wages due to working hours away because of it.
Non-economic damages deal with mental anxiety, and loss of quality. Mental anguish can be characterized as extreme emotional distress, which can lead to post-traumatic disorder, apathy and anger. 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 unjust trend in settlements. But, research and data reveal that medical negligence claims are only about 0.3 percent of the healthcare costs.
A settlement that is not in court allows the victim to keep their privacy and prevents public disclosure of what happened. However going to trial could force the victim to remember the pain they experienced and could be subject to a harsh judgement from others. It is vital that victims take their time when making the possibility of settling their case out of court.