How Do I Know If A Medical Malpractice Settlement Offer Is Fair?
The majority of Florida personal injury cases are resolved via out-of-court settlement, and this phenomenon is certainly true in the subcategory of medical malpractice claims. The benefits of settling are certainly convincing, as you can receive payment faster, will not have to testify in court, and will not face the risk of losing at a trial. However, the top concern with settling a med mal case is knowing whether the amount is fair and reasonable. One source is the National Practitioner Data Bank, which gathers information about payouts on an annual basis. On average, Floridians receive almost $268,500 as payment in medical negligence claims.
Still, reviewing the “average” payout does not constitute an accurate calculation of what you might qualify to recover as compensation. Med mal claims are very detailed and the implications for patients vary widely. You should rely on a Miami medical malpractice lawyer to advise you throughout settlement negotiations, which will focus on the following points.
Damages Included in Settlement Offers
Initially, conversations about settlement will focus on the different types of compensation that are intended to cover the losses you suffer. They include:
- Economic damages for medical costs to correct the negligent health care provider’s mistake, as well as lost wages and out-of-pocket expenses for treatment
- Noneconomic damages, which are the ways that your med mal injuries affect your quality of life
You can probably guess that economic damages are easier to assess in terms of value because they have a dollar value attached. Noneconomic damages are a more fluid concept.
Resolutions in Similar Medical Malpractice Cases
Another helpful resource for assessing whether a settlement offer is fair is the claims of other patients who suffered harm under similar circumstances. It is possible to access the findings of juries in recent cases, as these details are public record and/or published for official purposes.
Most settlements in med mal claims are private matters. Still, a medical malpractice attorney who frequently handles these cases will have a trove of clients who sustained injuries like yours. The values in these settlements and court cases offer helpful guidance.
Multiplier Method
There is a technique used by insurers when evaluating damages, which in turn drives the settlement offer a company will communicate. The multiplier method takes your economic damages and applies a number to come up with a value for your noneconomic damages. Usually, this figure is between 1.5 and 5 depending on the severity of the harm you suffered. This tactic may not be the most effective way to determine damages, but some insurers apply it to frame settlement discussions.
Our Florida Med Mal Attorneys Will Advise You on Settlement
It is essential to review these factors and many others to determine whether a settlement offer is fair in a medical malpractice claim. For skilled legal help in assessing the value of your case, please contact Freidin Brown, P.A. We can schedule a no-cost case evaluation at our offices in Miami or Fort Myers, FL to discuss the details.
Source:
leveragerx.com/malpractice-insurance/2019-medical-malpractice-report/
