Medical Malpractice Settlements

Getting full compensation after medical malpractice can be a challenge. The victims of malpractice have to bargain with the doctor accused of the malpractice and their insurance company, legally referred to as defendants.

How do juries and judge determine the value of an instance? This article will look at the key factors that affect a malpractice settlement.

Damages

Typically, a medical negligence settlement is comprised of two different kinds of damages that are non-economic and economic. Economic damages are based on measurable losses, which include medical bills and future care costs. Non-economic damages include the effects of pain and suffering disfigurement, loss of enjoyment of living.

Your attorney and you will consult with economists and financial experts to determine the value of your damages. For instance, if are permanently disabled as a result of an error of a physician, the value of your future income loss must be calculated too. This is known as the present value, and it is an extremely complex calculation that your lawyer will employ a specialist to assist.

In this regard, it is vital to hire an experienced medical malpractice attorney on your side. You could be entitled to thousands or even millions of dollars in compensation, based on the severity and the extent of your injuries.

Many kinds of medical malpractice carry a high settlement amount, including missed diagnosis or prenatal errors which cause maternal pain, as well as minor surgical errors. However, some malpractice cases have lower settlement values. This might include allergic reactions that were treated with medication, or a minor error in surgery where the damage was not significant. These types of injuries are less likely to result in a long-term disability and therefore don't warrant the same level of compensation as a severe injury that requires regular treatment.

Costs for litigation

Like any malpractice case, there are many factors that impact the value of an settlement for medical negligence. These include economic damages which are the amount of your past and future expenses associated with the malpractice incident, as well other damages that are not economic.

The former covers the cost of any medical bills you've incurred, the anticipated costs of future medical treatment and any loss of wages from time missed from work due to your injury. The latter refers to compensation for the pain, suffering and reduced quality of life that you've endured as a result of the negligence that led to your injury. The amount of non-economic damages is usually dependent on the severity of your injury and is determined the use of a seriousness factor (also called a multiplier) that can vary between two and five.

It may seem that doctors are being forced into the courtroom by frivolous lawsuits but the truth is malpractice suits only represent 0.3% of healthcare costs. They are needed to make sure patients receive the medical attention they need. The majority of medical malpractice cases are settled out of court, with lawyers calculating the appropriate amount of money.

The location of your claim is also a factor in the value. State laws determine the minimum amount for an medical malpractice claim. For example, jurors in Baltimore City and Prince George's County generally are very supportive towards those who suffer from medical malpractice, while Anne Arundel, Carroll County, and Montgomery County are less so.

Attorney's Fees

In the majority of medical malpractice cases your lawyer will be paid on the basis of contingency. The attorney will not be paid until you receive a settlement, verdict or award via negotiations or trial. This is an excellent option to receive top-quality legal representation without the upfront costs that come with hiring an attorney.

If you win a malpractice case the lawyer will charge a percentage of the amount you receive. This is usually 33%, however it may differ depending on the expertise and experience of your medical attorney for malpractice. Because your lawyer only gets paid if they collect funds for you their interests are aligned with yours and they will always work hard to increase the amount you receive in your malpractice settlement.

This arrangement may be beneficial to certain victims, but it could be detrimental when dealing with medical malpractice cases. The use of a fee structure that puts the financial interests of lawyers against the interests of their clients is unbalanced for the relationship between the lawyer and the client. Furthermore, this kind of fee arrangement can create a strong incentive for clients to take a lesser amount than what their case is worth, which could cause harm in a variety of situations.

Settlements Outside the Courtroom

Contrary to what you might be seeing on television, over 90 percent of viable malpractice cases settle out of court with the assistance of lawyers who calculate a fair settlement. This is due to the fact that large insurance companies want to avoid costly litigation.

During medical malpractice settlement negotiations the injured claimants seek compensation for both economic and non-economic damages. Economic damages are a way to cover past and future medical bills as well as any medication or rehabilitation therapy costs. They also include lost wages from time away from work due to the medical negligence.

Non-economic damages are aimed at addressing the mental stress and loss of quality. Mental anxiety can manifest as extreme emotional distress that results in post-traumatic stress disorder, apathy anger, and depression. Loss of quality of life involves the inability to exercise and sleep or maintain healthy relationships.

Many insurance companies and doctors believe that malpractice claims have created an unfair trend in settlements. However, research and statistics indicate that medical negligence claims are only about 0.3 percent of the healthcare costs.

A settlement that is not in court lets the victim keep their privacy, and prevents public disclosure of what transpired. A trial makes the victim reflect on their experience, and could expose them to scathing judgments from others. It is vital that victims take their time when making the possibility of settling their case outside of court.