Medical Malpractice Settlements
It isn’t easy to obtain full compensation for medical malpractice. Patients who suffer from malpractice are required to negotiate with the doctor accused and their insurance company which are legally referred to as defendants.
Victims are entitled to compensation for their damages but how do judges and juries calculate a case’s value? This article will discuss the most important factors to consider when settling a malpractice claim.
Damages
In general, a medical malpractice settlement is comprised of two different kinds of damages which are economic and non-economic. Economic damages are based on calculable losses, including medical bills and future costs. Non-economic damages are based on the claimant’s pain and suffering disfigurement, loss of enjoyment of life, and other.
When negotiating a medical negligence settlement both you and your attorney will work with economists as well as other financial experts to determine the value of your losses. If you suffer permanent disability due to negligence by a doctor, then the value of future lost income is also determined. This is called present value, and is a complex calculation that your lawyer will hire an expert to assist with.
In this regard, it is important to have an experienced medical malpractice attorney to assist you. Depending on the extent of your injuries, you could be entitled to millions or thousands of dollars in compensation.
Many types of medical malpractice attorneys carry an amount of money that is high in settlement which includes missed diagnosis or prenatal errors that result in maternal suffering and minor surgical errors. However, some malpractice cases have lower settlement value. This includes minor surgical errors or allergic reactions that can be treated with medication. These types of injuries aren’t likely to cause the disability that lasts for the rest of your life and do not require the same amount of compensation as severe injuries that require ongoing treatment.
Costs of Litigation
Like any malpractice case, there are numerous factors that influence the worth of a settlement for medical malpractice. Economic damages are the cost of future and past costs that result from the malpractice incident. Non-economic damages are also included.
The former covers the cost of any medical bills you’ve incurred, the anticipated costs of future medical treatment and also any lost wages from time missed from work due to your injury. The second type of compensation is for pain, suffering and the loss of quality of life as a result of the negligence that caused your injury. Non-economic damages depend on the severity of an injury. This is determined using a seriousness multiplier (also known as a multiplier) that ranges between two and five.
It is possible to believe that doctors are being brought to court due to frivolous lawsuits, but the reality is that malpractice suits only represent 0.3 percent of the healthcare costs. They are needed to make sure patients receive the medical attention they need. The majority of medical malpractice cases settle out-of-court with lawyers calculating a fair settlement in cash.
Apart from the state laws that determine the minimum value of a medical malpractice claim the place where your claim is filed will also determine the value of your claim. 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 medical malpractice cases the lawyer you hire will be paid on a contingency basis. The attorney will not be paid until you have an settlement, verdict, or award through negotiation or trial. This is an excellent option for obtaining top-quality legal representation without the upfront costs associated with hiring an attorney.
If a malpractice lawsuit is successful, your attorney will charge you a fixed percentage of the amount that you receive in compensation. It’s usually 33% but could vary according to the lawyer’s experience and ability. Your lawyer’s interests align because they only get paid if they recover your money. They will always strive to maximize the amount you get from your malpractice settlement.
While this arrangement is great for a lot of victims, it could be negative in medical malpractice cases. A fee structure that pits lawyers with financial interests against their clients’ is fundamentally detrimental to the relationship between lawyer-client. This type of fee structure provides an incentive for lawyers to inform clients to settle their cases for less than what they are worth. This can be detrimental to a lot of clients.
Settlements outside of the Courtroom
Contrary to what you see on TV, almost 90% of malpractice cases that are able to settle out of court with the help of attorneys who calculate a reasonable monetary amount. This is due to the fact that insurance companies tend to settle outside of court rather than go through expensive litigation.
When negotiating a settlement the injured claimants can seek compensation both for economic and non-economic damages. Economic damages refer to the past and future medical expenses, including medication or rehabilitation therapy. They also include lost wages from time away from work as a result of the medical negligence.
Non-economic damage, on the other hand, address mental anguish and loss of quality of life. Mental anguish can be characterized as extreme emotional stress, which can result in post-traumatic disorders as well as anger, apathy and depression. Loss of Quality of Life is the inability of exercising or sleeping, or maintaining healthy relationships.
Many insurance companies and doctors believe that malpractice claims are the cause of an unfair trend in settlement awards. However, research and statistics show that medical negligence claims are only 0.3 percent of healthcare costs.
A settlement without a court hearing allows the victim to maintain their privacy and avoids public disclosure of what transpired. In contrast, a trial requires the victim to relive their experiences and may expose them to scathing judgments from others. It is important that victims think through the possibility of settling their case out of court.