Medical Malpractice Settlements

Receiving full compensation following medical malpractice isn't easy. Malpractice victims have to bargain with the doctor who was accused and their insurance company legally known as defendants.

Victims deserve to be compensated for their losses, but how exactly do judges and juries calculate the value of a case? This article will discuss the most important factors that are considered when settling a case of malpractice.

Damages

Typically, a medical negligence settlement consists of two distinct types of damages that are non-economic and economic. Economic damages are based upon the possibility of calculating losses, such as medical bills and future costs. Non-economic damages are based on the plaintiff's pain and suffering as well as disfigurement, loss enjoyment of life, and more.

You and your attorney will consult with economists and financial experts to determine the worth of your losses. If you are permanently disabled due to an error by a doctor, the value of your future loss of income is also determined. This is called the present value, and it's a complicated calculation for which your lawyer will engage experts to help.

For this reason, it is important to have an expert medical malpractice law firm lawyer on your side. You could be entitled thousands or even millions of dollars in compensation, based on the severity and the extent of your injury.

Many types of medical malpractice cases have high settlement values that include missed diagnoses, prenatal errors which cause maternal pain and minor surgical errors. However, some malpractice cases have lower settlement values. This might include allergic reactions that have been cured with medication or a minor error in surgery where the damage was not severe. These types of injuries are less likely to cause an ongoing disability, so they do not merit the same amount of compensation as a serious injury that requires ongoing treatment.

Costs of litigation

In any malpractice case there are a variety of factors that affect the value of a settlement for medical malpractice. These include economic damages which are the cost of your past and future expenses resulting from the malpractice incident, as well other damages that are not economic.

The first one is the amount of the medical bills you've been able to pay, the anticipated costs of any future medical expenses, as well as any lost wages resulting from time off from work due to your injury. The latter is compensation for the pain, suffering, and reduced quality of life that you have endured due to the negligence that led to your injury. Non-economic damages vary based on the severity of the injury. This is determined with the severity multiplier (also called a multiplier), which can range between two and five.

While it might seem that malpractice lawsuits are dragging doctors to court for frivolous claims, the truth is that malpractice suits represent only about 0.3 percent of healthcare costs and are necessary to ensure that patients receive the medical care they deserve. Most medical malpractice cases are settled out of court, with lawyers calculating a reasonable monetary amount.

Aside from state laws establishing the minimum value of a medical malpractice case, the location in which your claim is filed can influence its worth. For example, jurors in Baltimore City and Prince George's County are generally very favorable towards victims of medical malpractice, whereas Anne Arundel, Carroll County and Montgomery County are less so.

Attorney's Fees

In most medical malpractice claims your lawyer will be paid on the basis of a contingency. This means that the lawyer won't be paid until they get a settlement or verdict on behalf of you, whether through negotiation or trial. This is an excellent option for obtaining top-quality legal representation without the upfront costs that come with hiring an attorney.

If a malpractice lawsuit is successful, the attorney will charge you a set percentage of the amount that you receive in compensation. It's usually 33%, but it can differ depending on your lawyer's experience and knowledge. Because your lawyer only gets paid if they collect money for you their interests are aligned with yours. They will always fight hard to maximize the amount of money you receive from your settlement for malpractice.

While this arrangement is good for a lot of victims, it is harmful in medical malpractice cases. A fee arrangement that places the financial interests of lawyers against the interests of their clients is unbalanced for the relationship between the lawyer and the client. Additionally, this type of fee structure creates an incentive for clients to accept a lower amount than the case is worth, which could be harmful in many instances.

Settlements Outside of the Courtroom

Despite what you may see on television, almost 90% of valid malpractice cases settle out-of-court with the assistance of lawyers who calculate a fair settlement. This is because insurance companies are more likely to settle outside of court than to go through costly litigation.

During negotiations for medical malpractice settlements, injured claimants seek compensation for both economic and non-economic damages. Economic damages cover the cost of medical bills in the past and into the future as well as any medication or rehabilitation therapy costs. The damages also pay for lost wages resulting from absence from work as a result.

Non-economic damage, on the other hand, deal with mental distress and loss of quality of life. Mental anguish can include 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 and sleep or maintain healthy relationships.

Many doctors and insurance companies believe that malpractice claims have triggered an unjust trend in settlement awards. However, studies and data show that medical negligence claims are just 0.3 percent of healthcare expenses.

A settlement that is not in court allows the victim to keep their privacy and avoids public disclosure of what occurred. A trial requires the victim to relive their experiences and may expose them to scathing judgments from others. This is why the decision to settle the case out of court an important decision that every victim should carefully consider.