Medical Malpractice Settlements
The process of obtaining full compensation for medical malpractice can be challenging. Patients who suffer from malpractice must negotiate with the doctor in question and their insurance company legally known as the defendants.
Victims should be compensated for their losses, but how exactly do juries and judges evaluate the value of a case? This article will explore the most important factors that are considered when settling a malpractice case.
Damages
In general a settlement involving medical malpractice is comprised of two kinds of damages which are non-economic and economic. Economic damages are based on measurable expenses, such as medical bills and future costs. Non-economic damages include injuries and suffering as well as disfigurement and loss of enjoyment of life.
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 an error by a doctor, 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 assign a specialist to assist.
In this regard, it is vital to hire an expert medical
malpractice lawyer to assist you. You could be entitled to thousands or millions of dollars in compensation depending on the severity and extent of your injuries.
Many kinds of medical malpractice cases have high settlement values that include misdiagnosis, prenatal mistakes which cause maternal pain and minor surgical mistakes. However, some malpractice cases have lower settlements. This includes minor surgical errors or allergic reactions that can be treated with medications. These kinds of injuries aren't likely to cause permanent disability for over a lifetime, and therefore do not need the same indemnity as serious injuries which require continuous treatment.
Costs of litigation
As with any malpractice claim, there are many factors which affect the value the settlement for medical malpractice. Economic damages refer to the cost of the past and future costs that result from the malpractice incident. Additionally, non-economic damages are included.
The first one is the medical bills you've suffered and the costs of future treatments, as well as any lost wages resulting from time away from work because of your injury. The second kind of compensation is for pain, suffering and a diminished quality of your life due to the negligence that caused your injury. Non-economic damages are based on the severity of an injury. This is determined using a seriousness multiplier (also called a multiplier) which can be a range between two and five.
It may seem that doctors are being dragged into court due to frivolous lawsuits, but the truth is
malpractice lawsuits only account for 0.3 percent of healthcare expenses. They are necessary in order to ensure that patients receive the medical attention they need. The vast majority of medical malpractice cases settle out of court by negotiating a fair settlement in cash.
The where you filed your claim can also impact the value. State laws establish the minimum value for medical malpractice claims. 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 most medical malpractice cases, your lawyer will work on a contingent fee basis. This means that your lawyer will not get paid unless they win a settlement or verdict on behalf of you, whether through negotiation or trial. This is a great way for getting high-quality legal representation without the upfront costs associated with hiring an attorney.
If a malpractice case succeeds, your lawyer will charge you a fixed percentage of the amount you receive in compensation. It's usually 33%, but it may differ depending on the expertise and experience of the medical malpractice lawyer. Because your lawyer only gets paid if they are able to recover funds for you and their interests align with yours, and they will always fight hard to maximize the amount you receive in your settlement for malpractice.
While this arrangement is good for many victims, it is negative in medical malpractice cases. The use of a fee structure that puts the financial interests of lawyers against those of their clients is inherently unbalanced for the relationship between a lawyer and a client. This kind of fee structure creates an incentive for lawyers to convince clients to settle their cases for less than they are worth. This can be detrimental for many clients.
Settlements Outside of the Courtroom
Contrary to what you might be seeing on television, over 90% of valid legal cases involving malpractice settle out-of-court, with the assistance of attorneys who calculate a fair settlement. This is because insurance companies prefer to avoid costly litigation.
During negotiations for medical malpractice settlements, injured claimants seek compensation for both economic and non-economic damages. Economic damages cover future and past medical bills which include any medications or rehabilitation therapy costs. They also cover the loss of wages resulting from time off work as a result of the medical negligence.
Non-economic damage, on the contrary, focus on mental anxiety and loss of quality of life. Mental anxiety can manifest as severe emotional distress that results in post-traumatic stress disorder, apathy, depression, and anger. Loss of quality of life is the inability to exercise and sleep or maintain healthy relationships.
Many doctors and insurance companies believe that malpractice claims have created an unjust trend in settlement awards. However, research and statistics indicate that medical negligence claims are just 0.3 percent of healthcare costs.
In addition the option of settling a case outside of court lets the victim keep their privacy and avoid public disclosure of what happened to them. However proceeding to trial requires the victim to relive the pain they experienced and could expose them to harsh judgments from others. This makes the decision to settle a dispute outside of court an important one that every victim should take into consideration.