Medical Malpractice Settlements

It isn't always easy to obtain full compensation for medical malpractice. Malpractice victims have to negotiate with the doctor in question and their insurance company legally known as the defendants.

Victims deserve to be compensated for their losses however, how do judges and juries calculate the value of a case? This article will examine the main factors that go into the calculation of a settlement for malpractice.

Damages

Generally, a medical malpractice settlement is composed of two different kinds of damages which are economic and non-economic. Economic damages are determined by calculable losses, which include medical bills and future healthcare costs. Non-economic damages are based on a claimant's pain and suffering as well as disfigurement, loss enjoyment of life, and more.

When negotiating a medical negligence settlement the attorney and you will work with economists as well as other financial experts to determine the worth of your damages. For instance, if were permanently disabled due to negligence by a doctor, the value of your future income loss has to be calculated too. This is called the present value, and it's a complex calculation for which your lawyer will hire experts to help.

For this reason, it is essential to have an expert medical malpractice lawyer to represent you. Based on the severity of your injury, you could be entitled to millions or thousands of dollars in compensation.

Many types of medical malpractice are covered by an amount of money that is high in settlement, including missed diagnosis and prenatal mistakes which cause maternal pain, as well as minor surgical mistakes. However, some malpractice cases have lower settlement value. This includes minor surgical errors or allergic reactions that can be treated with medications. These types of injuries are less likely to cause an ongoing disability, so they do not warrant the same amount of compensation as a serious injury that will require continuous treatment.

Costs of litigation

As with any malpractice claim there are many variables which affect the value the settlement for medical malpractice. These include economic damages which are the cost of your future and past expenses associated with the medical malpractice case, as well other damages that are not economic.

The first is any medical bills that you have incurred and the costs of future medical treatment, as well any loss of earnings due to time away from work because of your injury. The second type of compensation is for pain, suffering and a decrease in the quality of your life as a result the negligence which caused 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 may seem like malpractice lawsuits are dragging doctors into the courtroom for frivolous accusations However, the reality is malpractice suits only account for 0.3 percent of healthcare expenses and are necessary to ensure patients get the medical care they deserve. The majority of medical malpractice cases settle out-of-court with attorneys computing a reasonable settlement in monetary terms.

The place of your claim will also impact the value of your claim. State laws determine the value minimum for an medical malpractice claim. Jurors in Baltimore City, Prince George's County and Montgomery County, for example, are more favorable to those who suffer from medical negligence.

Attorney's Fees

In the majority of medical malpractice cases the lawyer you choose to work with will be on a contingency-fee basis. This means that your lawyer won't be paid until they win a settlement or verdict for you, either through negotiation or trial. This is an excellent method to obtain high quality legal representation without having to pay the upfront expenses of hiring an attorney in a typical case.

If a lawsuit for malpractice succeeds, your lawyer will charge you a set percentage of the amount you receive in compensation. This is typically 33%, however it could vary based on the experience and expertise of the medical malpractice lawyer. Your lawyer's interests align because they only receive compensation if they are able to recover your money. They will always try to maximize the amount you receive from the settlement you receive for your malpractice.

This arrangement may be beneficial for some victims, but it can be detrimental when dealing with medical malpractice cases. The use of a fee structure that pits the financial interests of lawyers against those of their clients is inherently harmful to the relationship between lawyer and client. Furthermore, this kind of fee arrangement provides a powerful incentive for clients to pay less than the case is worth, which could cause harm in a variety of situations.

Settlements Outside the Courtroom

Contrary to what you see on television, almost 90% of malpractice cases are settled out of court with the assistance of attorneys computing a reasonable monetary settlement. This is because insurance companies are more likely to settle out of court than go through costly litigation.

During negotiations to settle a case, injured claimants will seek compensation both for economic and non-economic damages. Economic damages cover the cost of medical bills in the past and into the future, including any medications or rehabilitation therapy costs. They also include lost wages from time away from work due to the medical negligence.

Non-economic damages deal with mental distress, as well as loss of quality. Mental anguish can include severe emotional distress that results in post-traumatic stress disorder, apathy depression, and anger. Loss of quality of life involves the inability to exercise and sleep or maintain healthy relationships.

Many doctors and insurance companies believe that malpractice claims are contributing to an unfair trend of soaring settlement awards. However, research and statistics reveal that medical negligence claims are only 0.3 percent of healthcare expenses.

A settlement without a court hearing allows the victim to maintain their privacy and prevents unnecessary public disclosure of what occurred. Contrarily, a trial forces the victim relive their experiences and may expose the victim to harsh judgments from others. This is why the decision to settle a case outside of court an important one that each victim should take into consideration.