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Medical Malpractice Settlements

It isn't always easy to obtain the full amount of compensation for medical malpractice. Patients who suffer from malpractice are required to negotiate with the physician accused and their insurance company who are legally recognized as defendants.

Victims should be compensated for their damages but how do judges and juries calculate a case's value? This article will examine the most important elements that determine the settlement of a malpractice case.

Damages

In general, a medical malpractice settlement consists of two distinct types of damages that are non-economic and economic. Economic damages are based upon tangible losses, like medical bills and future expenses. Non-economic damages are based on a plaintiff's pain and suffering, disfigurement, loss of enjoyment of life, and more.

You and your attorney will consult with financial experts and economists to determine the value for your losses. For instance, if were permanently disabled due to a doctor's negligence and your future income loss has to be calculated as well. This is known as the present value, and it's a complex calculation for which your lawyer will assign a specialist to assist.

This is why 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 depending on the severity and extent of your injury.

Many kinds of medical malpractice have a high settlement amount that includes missed diagnoses and prenatal errors that cause maternal suffering, as well as minor surgical errors. Certain malpractice law firms cases however, have lower settlement amounts. It could be because of reactions to allergies that were cured with medication or a minor error in surgery where the injury was not significant. These injuries are less likely to lead to a long-term disability and therefore do not warrant the same amount of compensation as a severe injury that will require regular treatment.

Litigation Costs

Like any malpractice case there are many variables that impact the value of a settlement for medical malpractice. Economic damages refer to the cost of future and past costs that result from the malpractice incident. Other damages are also included.

The former includes the cost of any medical bills you've been able to pay, the anticipated costs of any future medical expenses, and any loss of wages from time missed from work due to your injury. The latter refers to compensation for the suffering, pain, and diminished quality of life you have endured as a result of negligence that caused your injury. Non-economic damages typically are based on the severity of your injury and is determined the use of a seriousness factor (also called a multiplier) that varies between two and five.

Although it might appear that malpractice lawsuits are dragging doctors to court to settle frivolous claims however, the reality is that malpractice suits only account for 0.3 percent of healthcare costs and are necessary to ensure that patients receive the medical care they need. The vast majority of medical malpractice cases settle outside of court by negotiating a fair monetary settlement.

Aside from state laws establishing the minimum value of a medical negligence case the location where your claim is filed will also impact the value of your case. 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 lawyers are paid on the basis of contingency. The attorney won't be paid unless you get a settlement, verdict or award through negotiations or trial. This is a great solution for getting high-quality legal representation without the upfront costs associated with hiring an attorney.

If a malpractice suit is successful, your lawyer will charge you a fixed percentage of the amount that you receive in compensation. It is usually 33%, however it can differ based on the expertise and experience of your medical malpractice lawyer. Your lawyer's interests are aligned since they only receive compensation if they are able to recover your money. They will always fight to maximize the amount you get from the settlement you receive for your malpractice.

While this arrangement is great for many victims, it is detrimental in the context of medical malpractice cases. A fee structure that pits lawyers financially against their clients' interests is fundamentally detrimental to the relationship between client and lawyer. This kind of fee structure creates an incentive for lawyers to convince clients to settle their cases for less than they are worth. This can be detrimental to a large number of clients.

Settlements outside the Courtroom

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

During negotiations for medical malpractice settlements the injured claimants seek compensation for both economic and non-economic damages. Economic damages can include past and future medical expenses, which include medications or rehabilitation therapy. They also include the loss of wages resulting from time off work as a result of the medical negligence.

Non-economic damages, on the contrary, focus on mental anguish and loss of quality of life. Mental anguish can be characterized as extreme emotional distress, which may cause post-traumatic disorder or apathy, as well as anger. Loss of enjoyment of life can be caused by the inability to exercise, sleep, or maintain healthy relationships.

Many doctors and insurers believe that malpractice law firms lawsuits are creating an unfair trend of skyrocketing settlement awards. But, research and data show that medical negligence claims are only 0.3 percent of the healthcare costs.

Additionally, settling a case out-of-court allows the victim to keep their privacy and avoid unnecessary public disclosure of what happened to them. A trial makes the victim reflect on their experience and may expose the victim to harsh judgments from other people. This is why the decision to settle the case out of court an important one that every victim should take into consideration.