Medical Malpractice Settlements
It isn't easy to obtain the full amount of compensation for medical malpractice. Malpractice victims must bargain with the doctor who was accused and their insurance provider legally referred to as defendants.
How do juries and judges determine the value of a case? This article will explore some of the most important factors to consider when settling a case of malpractice.
Damages
In general a settlement involving medical malpractice is composed of two kinds of damages which are non-economic and economic. Economic damages are based on calculable losses, which include medical bills and future care costs. Non-economic damages are based on a claimant's suffering and pain disfigurement, loss of enjoyment of life, and many more.
Your attorney and you will consult with financial experts and economists to determine the value of your losses. For instance, if you have been permanently disabled because of an error of a physician and you are unable to work, the value of your future income loss has to be calculated as well. This is known as the present value, and it's a complex calculation for which your lawyer will hire experts to help.
It is crucial to hire a medical malpractice attorney with years of experience on your side. You could be entitled to thousands or even millions of dollars in compensation depending on the degree and severity of your injury.
Many kinds of medical malpractice cases have high settlement values, including the omission of diagnoses, prenatal errors that result in maternal suffering, and minor surgical mistakes. However, certain malpractice cases have lower settlement value. These include minor surgical mistakes or allergic reactions that can be treated with medications. These types of injuries aren't likely to cause an injury that lasts over a lifetime, and therefore do not require the same amount of indemnity as serious injuries which require continuous treatment.
Costs of Litigation
As with any malpractice claim there are a myriad of factors that impact the value of a settlement for medical malpractice. Economic damages are the price of future and past costs due to the malpractice incident. Other damages are also included.
The former covers the cost of the medical bills you've paid, as well as the expected costs of any future medical treatment, and any loss of earnings from being unable to work due to your injury. The second type of compensation is for pain, suffering and a decrease in the quality of your life as a result the negligence that led to your injury. Non-economic damages are usually dependent on the severity of your injury and is determined the use of a seriousness factor (also called a multiplier) which varies between two and five.
While it might seem that
malpractice lawsuits are dragging doctors to the courtroom for frivolous accusations however, the reality is that malpractice suits represent only about 0.3 percent of healthcare costs and are necessary to ensure patients get the medical treatment they need. The vast majority of medical malpractice cases settle out-of-court with lawyers calculating a fair monetary settlement.
The the location of your claim will also affect the value. State laws determine the minimum value for a medical malpractice claim. For example, jurors in Baltimore City and Prince George's County generally are very supportive toward victims of medical malpractice, whereas Anne Arundel, Carroll County and Montgomery County are less so.
Attorney's Fees
In the majority of medical malpractice lawsuits your lawyer will be paid on the basis of contingency. The lawyer won't be paid until you receive an settlement, verdict, or award via negotiation or trial. This can be an excellent way to receive the best legal representation without having to come up with the initial expenses of hiring an attorney in the typical situation.
If a
malpractice lawsuit is successful, your lawyer will charge you a fixed percentage of the amount you receive in compensation. This is typically 33%, however it may differ depending on the experience and expertise of the medical malpractice lawyer. Because your lawyer only gets paid if they are able to recover money for you Their interests are aligned with yours, and they will always be determined to increase the amount you receive in your malpractice settlement.
This arrangement may be beneficial for some victims, but it can also be harmful when dealing with medical malpractice cases. Having a fee arrangement that pits the financial interests of lawyers against the interests of their clients is harmful to the relationship between the lawyer and the client. Furthermore, this type fee arrangement provides a powerful incentive to advise clients to pay less than the case is worth, which can be harmful in many cases.
Settlements Outside the Courtroom
Contrary to what you watch on TV, more than 90% of malpractice cases that can be argued are settled out of court with the assistance of lawyers who can calculate a reasonable amount. This is because insurance companies are more likely to settle outside of court rather than engage in expensive litigation.
During negotiations to settle a case those who have suffered injuries will seek compensation for both economic and non-economic damage. Economic damages cover the cost of medical bills in the past and into the future including any medications and rehabilitation therapy costs. They also cover lost wages due to time off work due to the medical negligence.
Non-economic damages address the mental stress and loss of quality. Mental anguish is characterized by severe emotional distress that can cause post-traumatic disorder or apathy, as well as anger. Loss of Quality of Life is the inability of exercising, sleeping, or maintaining healthy relationships.
Many doctors and insurance companies believe that malpractice claims are the cause of an unfair trend in settlement awards. Medical negligence claims are only responsible for 0.3 percent of medical expenses, according to research and data.
A settlement outside of court lets the victim keep their privacy and prevents public disclosure about what happened. A trial, on the other hand, forces the victim relive their experiences and exposes them to hurtful judgements from others. This makes the decision to settle the case out of court an important one that every victim should carefully consider.