Medical Malpractice Settlements

Receiving full compensation following medical malpractice isn't easy. Patients who suffer from malpractice must bargain with the doctor accused of the malpractice and Malpractice Lawsuit their insurance company legally referred to as defendants.

Victims should be compensated for their losses however, how do judges and juries calculate a case's value? This article will explore the key aspects that make up the settlement of a malpractice case.

Damages

In general a settlement involving medical malpractice is comprised of two kinds of damages which are non-economic and economic. Economic damages are based upon calculable losses, which include medical bills as well as future costs. Non-economic damages include pain and suffering, disfigurement and loss enjoyment of living.

You and your attorney will consult with financial experts and economists to determine the value of your losses. If you are permanently disabled due to negligence of a physician, then the value of future lost income is also calculated. This is known as present value, and is a complex calculation that your lawyer will employ an expert to assist.

It is important to have an expert medical malpractice lawyer to represent you. You could be entitled to thousands or millions of dollars in compensation based on the severity and the extent of your injury.

Many kinds of medical malpractice carry a high settlement amount, including missed diagnosis or prenatal errors that result in maternal suffering and minor surgical mistakes. However, certain malpractice cases have lower settlements. These could include allergic reactions that were resolved with medication, or a minor error in surgery where the injury was not significant. These injuries are not as likely to result in the disability that lasts for an entire lifetime and don't need the same compensation as severe injuries that require continuous treatment.

Costs of litigation

Like any malpractice case there are many factors that influence the worth of a medical malpractice settlement. These include economic damages, which are the costs of your future and past expenses associated with the medical malpractice case, as well other damages that are not economic.

The first includes any medical bills you've suffered and the costs of future medical treatment, in addition to any lost wages resulting from absence from work as a result of 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. Non-economic damages typically are dependent on the severity of your injury which is determined the use of a seriousness factor (also known as a multiplier) which can range between two and five.

While it may seem like malpractice lawsuits are dragging doctors to court for frivolous claims but the reality is that malpractice law firms suits represent only about 0.3 percent of healthcare expenses and are essential to ensure patients get the medical care they deserve. The majority of medical malpractice cases are settled outside of court, with lawyers calculating an acceptable amount of money.

In addition to the state laws that define the minimum value of a medical malpractice claim the location where your claim is filed can affect the value of your 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 lawsuits lawyers are paid on the basis of contingency. The attorney won't be paid until you have a settlement, verdict or award through negotiation or trial. This can be a great way to get top-quality legal representation without having to think about the upfront costs of hiring an attorney in the typical case.

If a malpractice lawsuit succeeds, your lawyer will charge you a fixed percentage of the amount that you receive in compensation. It's typically 33%, but it can differ depending on the experience of your lawyer and expertise. Your lawyer's interest is aligned with yours because they only receive compensation if they are able to recover you money. They will always fight to maximize the amount you will receive from your malpractice settlement.

While this arrangement is beneficial for many victims, it could be detrimental in the context of medical malpractice cases. A fee structure that pits lawyers with financial interests against their clients' interests is inherently harmful to the relationship between lawyer-client. This kind of fee structure creates an incentive for lawyers to inform clients to settle their cases for less than they are worth. This can be harmful for many clients.

Settlements outside the Courtroom

Contrary to what you'll see on TV, nearly 90% of malpractice cases settle out of court with the help of attorneys who calculate a fair settlement. This is because insurance companies want to avoid costly litigation.

When negotiating a settlement those who have suffered injuries will seek compensation both for malpractice lawsuit economic and non-economic damage. Economic damages are a way to cover the cost of medical bills in the past and into the future which include any medications or rehabilitation therapy costs. They also cover the loss of wages resulting from time away from work as a result of the medical negligence.

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

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

Additionally settlement of a case out of court allows the victim to maintain their privacy and avoid public disclosure of what happened to them. In contrast proceeding to trial requires the victim to relive what they suffered and potentially be subject to a harsh judgement from other people. It is vital that victims take their time when making the decision to settle their case outside of court.