Medical Malpractice Settlements
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Research has revealed that there are more than 80,000 people who become victims of medical malpractice every single year, but only one in eight of these individuals will file a lawsuit for medical malpractice in order to seek compensation for their suffering.
What is Medical Malpractice?
Medical malpractice is defined as the conduct of a medical professional that is directly responsible for the injury of a victim as a result of negligence or wrongful doing. Many medical professionals and physicians have special insurance coverage that protects them in the event that a liability claim is made against them. Approximately 96% of the time, the attorney representing the victim and the insurance company representing the physician can negotiate a medical malpractice settlement completely out of court.
Awards for Medical Malpractice Settlements
There are two main types of awards that a victim can receive following a medical malpractice settlement.
- Actual damage awards are referring to the compensation that is awarded for out of pocket expenses, lost profits or incomes and medical bills related to impairments and injury causes.
- You may also receive compensation for suffering and pain, which is known as a non economic reward.
- Punitive actions, on the other hand, are awarded much less frequently. These are considered when the medical malpractice involves either willful negligence or extreme negligence on the behalf of the medical practitioner in question.
Settling Medical Malpractice Cases
Because the costs associated with going to court can be expensive, many large companies prefer to settle directly out of court. Medical malpractice settlements tend to award lower amounts of compensation than if the case were to be settled through a jury verdict. The median range is approximately $125,000 dollars for an out-of-court medical malpractice settlement, while the median is approximately $235,000 dollars for jury verdicts. Medical malpractice lawsuits are usually complicated, meaning that it is vital that you have as many resources available to you as you possibly can if you want to develop a strong case against the physician that committed the malpractice.
The best way to make sure that your best interest is being upheld is to have an advocate and an expert for successfully pursuing a strong case, yielding a positive and just outcome for your medical malpractice verdict or settlement. The best way to achieve this is to hire a medical malpractice attorney. Some states have put into effect limits or caps on the amount of money that you can win in a medical malpractice suit, but many of these laws are currently being negotiated or challenged.
A large number of medical malpractice settlements occur outside of the courtroom because there is a relatively high rate of awards that are being granted to the party injured in the malpractice. States that offer arbitration panels for settling medical malpractice suits are able to resolve these disputes between patients and medical professionals with a decreased amount of litigation time as well as a much greater chance of compensatory awards for the plaintiff.