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Medical Malpractice Settlements

It isn't easy to obtain complete compensation for medical negligence. Patients who suffer from malpractice are required to bargain with the doctor who is accused and their insurance company who are legally referred to as defendants.

How do juries and judges determine the worth of a case? This article will explore the major factors that go into a malpractice settlement.

Damages

In general a settlement involving medical malpractice is comprised of two kinds of damages both economic and non-economic. Economic damages are based on measurable losses, including medical bills as well as future costs. Non-economic damages include injuries and suffering, disfigurement and loss enjoyment of life.

In negotiating a medical malpractice settlement, you and your attorney will collaborate with economists and other financial experts to determine the value of your losses. If you are permanently disabled due to an error by a doctor, the value of future lost income is also calculated. This is referred to as present value, and is a complex calculation that your lawyer will hire an expert to assist with.

It is therefore important to work with a medical negligence attorney with expertise on your side. You could be entitled to thousands or even millions of dollars in damages based on the degree and severity of your injuries.

Many kinds of medical malpractice cases have an impressive settlement value which includes the omission of diagnoses, prenatal errors that result in maternal suffering and minor surgical mistakes. However, certain malpractice cases have lower settlement values. These include minor surgical errors or allergic reactions that can be treated with medications. These kinds of injuries aren't likely to cause the disability that lasts for the rest of your life and do not merit the same damages as serious injuries that require continuous treatment.

Litigation Costs

Like any malpractice case, there are many factors that impact the value of an settlement for medical negligence. Economic damages are the price of the past and future costs that result from the malpractice attorneys incident. Other damages are also included.

The first one is the amount of any medical bills you've paid, as well as the expected costs of future medical care, and any lost earnings resulting from the absence from work due to your injury. The latter is a form of compensation for the pain, suffering and reduced quality of life that you've experienced because of the negligence that led to your injury. Non-economic damages are usually determined by the severity of your injury and are determined using a seriousness factor (also called a multiplier) which varies between two and five.

While it might seem that malpractice lawsuits are dragging doctors into court to settle frivolous claims however, the reality is that malpractice suits account for only 0.3 percent of healthcare expenses 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 an acceptable amount of money.

Apart from the state laws that determine the minimum value of a case involving medical malpractice the location where your claim is filed will also affect the value of your claim. Jurors in Baltimore City, Prince George's County and Montgomery County, for example, are more favorable to victims of medical negligence.

Attorney's Fees

In the majority of medical malpractice lawsuits your lawyer will be paid on an hourly basis. This means that the attorney will not be paid until they obtain a settlement or a verdict for you, either through negotiations or trial. This is a great way for getting high-quality legal representation without the upfront costs associated with hiring an attorney.

If a malpractice lawsuit is successful, your attorney will be charged a specific percentage of the amount you receive in compensation. This is typically 33%, however it can differ based on the expertise and experience of your medical lawyer for malpractice. Since your lawyer is only paid if they recover money for you and their interests align with yours, and they will always strive to increase the amount you receive in your malpractice settlement.

This arrangement may be beneficial for certain victims, but it could also be harmful when dealing with medical malpractice cases. Having a fee arrangement that puts the financial interests of lawyers against the interests of their clients is inherently unbalanced for the relationship between a lawyer and a client. Additionally, this type of fee structure creates an incentive to advise clients to take a lesser amount than what their case is worth, which can cause harm in a variety of situations.

Settlements outside of the Courtroom

Contrary to what you might watch on TV, more than 90 percent of viable malpractice cases settle out-of-court with the assistance of lawyers computing a reasonable monetary settlement. This is because insurance companies are more likely to settle outside of court than to go through costly litigation.

In the course of medical malpractice settlement negotiations in which injured claimants seek reimbursement for both economic and non-economic damages. Economic damages are a result of the past and future medical expenses, which include medications or rehabilitation therapy. They also cover lost wages due to time off work due to the medical negligence.

Non-economic damages are aimed at addressing the mental stress and loss of quality. Mental anguish includes severe emotional distress that can result in post-traumatic disorder as well as anger, apathy and depression. Loss of enjoyment of life can be caused by the inability to exercise or sleep, as well as maintain healthy relationships.

Many doctors and insurance companies believe that malpractice lawsuits are creating an unjust trend of rising settlements. However, research and statistics suggest that medical negligence lawsuits only represent 0.3 percent of healthcare costs.

A settlement that is not in court permits the victim to retain their privacy, and prevents public disclosure of what happened. In contrast proceeding to trial requires the victim to remember what they suffered and potentially expose them to judgments that are hurtful from other people. This is why the decision to settle a case out-of-court an important one that each victim should take into consideration.