Medical Malpractice Settlements
Getting full compensation after medical malpractice isn't easy. The victims of malpractice must bargain with the doctor who is accused and their insurance company, who are legally known as defendants.
Victims are entitled to compensation for their damages however, how do judges and juries calculate a case's value? This article will look at the most important aspects that make up a malpractice settlement.
Damages
In general, a settlement for medical malpractice is made up of two types of damages both economic and non-economic. Economic damages are based upon tangible losses, like medical bills and the cost of future care. Non-economic damages include injuries and suffering disfigurement, loss of enjoyment of living.
When you negotiate a medical-malpractice settlement both you and your attorney will work with economists as well as other financial experts to determine the worth of your losses. If you are permanently disabled due to negligence of a physician, then the value of your future lost income is also determined. This is known as the present value and is a complicated calculation the lawyer will assign an expert to help with.
It is important to have an experienced medical malpractice attorney on your side. You could be entitled thousands or even millions of dollars in compensation based on the severity and the extent of your injury.
Many types of medical malpractice are covered by the highest settlement value that includes missed diagnoses and prenatal mistakes that cause maternal suffering, as well as minor surgical errors. Certain malpractice cases however, have lower settlement amounts. This might include allergic reactions that have been cured with medication or a minor omission in surgery where the injury wasn't significant. These types of injuries aren't likely to cause an injury that lasts over a lifetime, and therefore do not need the same indemnity as serious injuries which require ongoing treatment.
Costs of litigation
As with any malpractice claim there are many variables which affect the value an settlement for medical negligence. Economic damages are the price of future and past expenses caused by the malpractice incident. Additionally, non-economic damages are included.
The first one is the amount of the medical bills you've suffered, the anticipated cost of future medical treatment and also any lost wages resulting from time off from work due to your injury. The second kind of compensation is for pain, suffering and diminished quality of your life due to the negligence which caused your injury. The amount of non-economic damages is usually based on the severity of your injury and are determined the use of a seriousness factor (also known as a multiplier) that varies between two and five.
Although it might appear that malpractice lawsuits are dragging doctors to the courtroom for frivolous accusations but the reality is that malpractice suits amount to only 0.3% of healthcare costs and are needed to ensure that patients receive the medical care they deserve. The vast majority of medical malpractice cases settle outside of court with lawyers calculating a fair monetary settlement.
The location of your claim can 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 lawsuits your lawyer will be paid on a contingency basis. This means that your lawyer will not be paid until they are able to negotiate an agreement or verdict for you, whether through negotiations or trial. This is an excellent option for getting high-quality legal representation without the upfront costs that come with hiring an attorney.
If you prevail in a malpractice suit the lawyer will charge a portion of the settlement you receive. This is typically 33%, however it can differ based on the expertise and experience of the medical legal expert. Since your lawyer is only paid when they recover funds for you their interests are aligned with yours and they will always fight hard to increase the amount you receive from your malpractice settlement.
This arrangement can be beneficial for some victims, but it could be detrimental for those dealing with medical malpractice cases. The use of a fee arrangement that places the financial interests of lawyers against those of their clients is inherently unbalanced for the relationship between lawyer and client. This kind of fee structure creates an incentive for lawyers to tell clients to settle their cases for less than what they are worth. This could be harmful for many clients.
Settlements Outside of the Courtroom
Contrary to what you be seeing on TV, 90% of all malpractice cases that are able to can be resolved without court the assistance of lawyers who come up with a reasonable amount. This is because insurance companies are more inclined to avoid costly litigation.
During the medical malpractice settlement negotiations in which injured claimants seek reimbursement for both economic and non-economic damages. Economic damages are for past and future medical bills, including any medications or rehabilitation therapy costs. The damages also provide compensation for lost wages caused by the absence from work due to the injury.
Non-economic damage, on the contrary, focus on mental anguish and loss of quality of life. Mental anguish can include severe emotional distress, which results in post-traumatic stress disorder, apathy depression, and anger. Loss of Quality of Life is the inability to exercise, sleeping, or maintaining healthy relationships.
Many insurance companies and doctors believe that
malpractice lawsuit claims have triggered an unfair trend in settlement awards. However, research and statistics indicate that medical negligence claims are only 0.3 percent of the healthcare costs.
A settlement that is not in court permits the victim to retain their privacy and prevents unnecessary public disclosure about what happened. In contrast, going to trial forces the victim to relive the pain they experienced and could expose them to harsh judgments from other people. It is vital that victims carefully consider the possibility of settling their case outside of court.