Medical Malpractice Settlements

In order to receive full compensation after medical malpractice can be a challenge. The victims of malpractice must negotiate with the doctor accused and their insurance company, who are legally recognized as defendants.

Victims are entitled to compensation for their losses however, how do judges and juries calculate a case's value? This article will explore the major aspects that make up an agreement for a malpractice settlement.

Damages

In general, a medical malpractice settlement is made up of two distinct types of damages which are economic and non-economic. Economic damages are based upon calculable losses, which include medical bills and future healthcare costs. Non-economic damages include pain and suffering, disfigurement and loss enjoyment of life.

When negotiating a medical negligence settlement both you and your attorney will work with economists as well as other financial experts to determine the worth of your damages. For instance, if have been permanently disabled because of an error of a physician and you are unable to work, the value of your future income loss must be calculated, too. This is referred to as present value and is a complex calculation that your lawyer will engage an expert to assist with.

It is therefore crucial to work with a medical negligence attorney with experience 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 injury.

Many types of medical malpractice are covered by an amount of money that is high in settlement that includes missed diagnoses, prenatal mistakes which cause maternal pain, as well as minor surgical errors. However, some malpractice cases have lower settlement value. These include minor surgical errors or allergic reactions that can be treated with medication. These types of injuries are less likely to result in an ongoing disability, so they don't warrant the same level of compensation as an extreme injury that requires ongoing treatment.

Costs of litigation

Like all malpractice cases there are many factors that determine the value of a settlement for medical malpractice. These include economic damages that are the price of your future and past expenses associated with the malpractice, as well other damages that are not economic.

The first one includes any medical bills that you have incurred and the costs of future medical treatment, in addition to any loss of earnings due to time away from work because of your injury. The second kind of compensation is for suffering, pain and a diminished quality of your life as a result the negligence that caused your injury. Non-economic damages are based on the severity of an injury. This is determined with a seriousness multiplier (also called a multiplier) which can be a range between two and five.

While it may seem like malpractice lawsuits are dragging doctors into court for frivolous claims but the reality is that malpractice suits represent only about 0.3 percent of healthcare expenses and are necessary to ensure patients get the medical treatment they need. The majority of medical malpractice cases are settled out of court by negotiating a fair amount of money to settle.

The place of your claim can also impact its value. State laws determine the minimum amount for a medical malpractice claim. For example, jurors in Baltimore City and Prince George's County are generally favorable 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 lawsuits lawyers are paid on a contingency basis. This means that your lawyer won't be paid until they get an agreement or verdict for you, whether through negotiations or trial. This is a great way to get high quality legal representation without having to pay the initial costs of hiring an attorney in the typical scenario.

If a lawsuit for malpractice succeeds, your lawyer will be charged a specific percentage of the amount you receive in compensation. This is typically 33%, but it may differ depending on the expertise and experience of your medical attorney for malpractice. Because your lawyer only gets paid if they recover money for you and their interests align with yours. They will always fight hard to increase the amount you receive in your malpractice attorneys settlement.

This arrangement can be beneficial for certain victims, but it could also be detrimental when dealing with medical malpractice cases. A fee structure that places the financial interests of lawyers against the interests of their clients is unbalanced for the relationship between a lawyer and a client. Furthermore, this type fee arrangement creates a strong incentive to counsel clients to accept a lower amount than the case is worth, which can cause harm in a variety of situations.

Settlements outside the Courtroom

Contrary to what you might watch on TV, more than 90 percent of viable malpractice cases are settled out of court with the help of attorneys making a reasonable settlement. This is because insurance companies are more likely to settle outside of court than to go through expensive litigation.

In the course of medical malpractice settlement negotiations the injured claimants seek compensation for both economic and non-economic damages. Economic damages are for the past and future medical expenses including any medications and rehabilitation therapy costs. The damages also compensate for lost wages due to working hours away as a result.

Non-economic damage, on the other hand, can cause mental stress and loss of quality of life. Mental anguish includes severe emotional distress, malpractice lawsuits which may lead to post-traumatic disorder or apathy, as well as anger. Loss of quality of life is the inability to exercise and sleep or maintain healthy relationships.

Many insurance companies and doctors believe that malpractice claims have created an unjust trend in settlements. However, studies and data reveal that medical negligence claims are just 0.3 percent of healthcare costs.

A settlement outside of court allows the victim to maintain their privacy and prevents unnecessary public disclosure of what occurred. Contrarily going to trial could force the victim to relive what they suffered and potentially expose them to harsh judgments from others. This makes the decision to settle a case outside of court an important one that each victim should carefully consider.