Medical Malpractice Settlements
In order to receive full compensation after medical malpractice can be challenging. Malpractice victims are required to negotiate with the doctor that is accused and their insurance company, which are legally referred to as defendants.
Victims should be compensated for their losses however, how do juries and judges calculate the value of a case? This article will explore the most important factors that are considered when settling a case of malpractice.
Damages
In general, a medical malpractice settlement is composed by two types of damages which are economic and non-economic. Economic damages are based on tangible losses, like medical bills as well as future costs. Non-economic damages include injuries and suffering, disfigurement and loss of enjoyment of living.
You and your attorney will consult with economists and financial experts to determine the value for 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 that the lawyer will assign an expert to assist.
It is essential to have a medical malpractice attorney who has experience on your side. Based on the severity of your injury you could be entitled to millions or thousands of dollars in compensation.
Many kinds of medical malpractice have a large settlement amount such as missed diagnosis and prenatal mistakes which cause maternal pain, and minor surgical mistakes. However, some malpractice cases have lower settlements. These include minor surgical errors or allergic reactions that can be treated with medication. These injuries are less likely to cause permanent disability, and therefore don’t warrant the same level of compensation as a serious injury that requires regular treatment.
Costs for litigation
As with all malpractice cases there are a variety of factors that determine the value of a medical malpractice settlement. Economic damages are the cost of future and past expenses caused by the malpractice incident. In addition, non-economic damages are included.
The first is any medical bills that you have suffered and the costs of future medical treatment, and any loss of earnings due to the absence of work because of your injury. The second kind of compensation is for pain, suffering and diminished quality of your life due to the negligence that led to your injury. Non-economic damages are typically determined by the severity of your injury which is determined using a seriousness factor (also called a multiplier) which varies between two and five.
It might appear that doctors are being forced into court by frivolous lawsuits however, the reality is that malpractice suits only represent 0.3 percent of healthcare expenses. They are essential to make sure patients receive the medical care they need. Most medical malpractice cases are settled outside of court with attorneys calculating an acceptable amount of money.
Aside from state laws establishing the minimum value of a case involving medical malpractice the place in which your claim is filed will impact the value of your case. For instance jurors in Baltimore City and Prince George’s County are generally favorable towards victims of medical malpractice, while 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 a contingency basis. This means that your lawyer won’t be paid until they obtain a settlement or a verdict for you, whether through negotiation or trial. This is a great solution for getting high-quality legal representation without the upfront costs associated with hiring an attorney.
If a malpractice case is successful, your attorney will be charged a specific percentage of the amount that you receive in compensation. This is typically 33%, but it could vary based on the expertise and experience of the medical lawyer for malpractice. Since your lawyer is only paid if they collect funds for you their interests are aligned with yours. They’ll always strive to maximize the amount you receive from your settlement for malpractice.
While this arrangement is good for a lot of victims, it could be detrimental in the context of medical malpractice cases. The use of a fee arrangement that pits the financial interests of lawyers against those of their clients is inherently unhealthy for the relationship between lawyer and 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 harmful to many clients.
Settlements outside of the Courtroom
Contrary to what you watch on TV, more than 90% of malpractice cases that are viable can be resolved without court the assistance of lawyers who come up with a reasonable amount. This is due to the fact that insurance companies prefer to avoid costly litigation.
In the course of negotiations for a settlement the injured claimants can seek compensation for both economic and non-economic damage. Economic damages cover future and past medical bills, including any medications or rehabilitation therapy costs. They also include lost wages from time away from work due to the medical negligence.
Non-economic losses, on the other hand, deal with mental anxiety and loss of quality of life. Mental anxiety can manifest as extreme emotional distress that can result in post-traumatic stress disorder, apathy, depression, and anger. Loss in quality of life results from the inability to exercise or sleep, or maintain healthy relationships.
Many doctors and insurance companies believe that malpractice claims are the cause of an unjust trend in settlement awards. Medical negligence claims only account for 0.3 percent of all healthcare expenses, based on research and information.
Additionally the option of settling a case outside of court lets the victim keep their privacy and avoid unnecessary public disclosure of what transpired to them. By contrast going to trial could force the victim to recall the trauma they endured and may be subject to a harsh judgement from others. This is why the decision to settle a case out-of-court an important decision that every victim should carefully consider.