Settlement Funding for Medical Malpractice (Med Mal) Cases
Fair Rate Funding helps clients get medical malpractice lawsuit loans on their med mal cases.
The Doctor-Patient relationship is a personal one. As such, our legal system mandates that medical professionals uphold a certain standard of care for patient treatment. If damages are caused by breaching this standard of care, a medical malpractice lawsuit may ensue.
What are the Elements of a Med Mal Lawsuit?
Medical malpractice is defined “as any act or omission by a physician during treatment of a patient that deviates from accepted norms of practice in the medical community and causes an injury to the patient.”
To be successful in a medical malpractice lawsuit, a plaintiff must prove:
- The medical professional owed a duty to the plaintiff (patient)
- The professional breached that duty either through action or omission
- The breached duty resulted in injury
- The injury (damages)
The effects of medical malpractice can be severe. Many instances require surgery or additional surgeries. Other effects may be irreparable or deadly.
Who Can Be Held Liable for Med Mal Cases?
Several different parties can be held liable for your medical malpractice lawsuit. These might include:
- Medical practitioners (Nurses, techs, etc.)
- Hospitals and facilities
- Pharmaceutical companies (product liability lawsuits)
What Instances of Medical Malpractice are Common?
Most state laws provide for compensation for the following types of medical malpractice:
- Misdiagnosis and Failure to Diagnose a Treatable Medical Condition
- Delay in Diagnosis of a Treatable Medical Condition
- Misread or Improper Evaluation of Study
- Gastric Bypass Surgery Malpractice
- Pregnancy, Labor & Delivery Malpractice
- Emergency Room Malpractice
- Prescription Drug Malpractice
- Medication Errors
- Cosmetic Surgery Malpractice
- Other causes of action
According to a study at Johns Hopkins University suggests that 10% of all deaths in the United States are due to medical malpractice. That figure is astounding and is the 3rd highest cause of death in the country.
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What Type of Med Mal Damages are Recoverable?
Jurisdictions which recognize medical malpractice cases offer compensation for the following:
- Loss of Anticipated Earning Income
- Funeral and Burial Expenses
- Costs for the Payment of Additional Medical Expenses
- Pain and Suffering
- Loss of Physical Functionality
- Other Living Expenses such as auto payments, insurance, etc.
What is My Med Mal Lawsuit Worth?
That is the question so many medical malpractice lawyers hear on a daily basis. If you were to overhear a client consultation during which this question was asked, you would probably next hear the following canned response:
Although the client asks for a specific number, attorneys and other legal professionals are not able to give one. This is because there is no true way to give a real accurate answer. There is simply no way to decide how a bunch of strangers will value your case.
“Your case is worth what a bunch of strangers says it is, subject to adjustments from a judge, whom you also do not know.”
Later in the conversation, the client might hear:
“If we don’t go to trial, your case is worth an amount which an insurance adjuster is willing to offer and you are willing to accept.”
Of course, this is not very helpful. But it is something to consider. Med mal cases are tough to estimate settlement value because of their complexity. Med mal settlements range from tens of thousands to many millions of dollars. The largest med mal verdict as of this writing was in Maryland where a jury awarded a plaintiff $229 million. The case was later overturned on appeal.
What Challenges Do Medical Malpractice Plaintiffs Face?
Malpractice lawsuits often involve multiple parties such as – doctors, nurses, hospitals, in-patient and out-patient facilities, and other entities. The discovery phase is often a long drawn out process because of the complexity of these cases.
However, plaintiffs often face financial hardship as their bills continue to pile up. Plaintiffs are sometimes not compensated for years and they simply do not have the financial resources to wait out the process. One solution is a medical malpractice lawsuit loan.
What is a Med Mal Lawsuit Loan?
A lawsuit loan is a financial transaction in which a lawsuit funder advances a portion of the future settlement value to a plaintiff. The plaintiff agrees to pay a set dollar amount of the settlement in return.
How Does a Lawsuit Loan Help?
A medical malpractice lawsuit loan allows plaintiffs to pay expenses while they await settlement. Malpractice loans allow their med mal attorneys to pursue cases properly, without the financial pressures weighing on their clients. Medical malpractice litigation is hard and it takes time. Lawsuit loans allow plaintiffs to refuse lower settlement offers and wait out the legal process.
What Does a Medical Malpractice Loan Cost?
The cost for a legal malpractice loan varies from one lawsuit funding company to another. Many companies shy away from stating lawsuit loan rates on their websites. Generally, medical malpractice lawsuit loan rates average about 3% per month, non-compounding for each 6 month period that elapses between funding and settlement.
What is the Difference between a Lawsuit Loan and a Regular Loan?
Although med mal lawsuit funding are called lawsuit “loans”, lawsuit loans are different than traditional loans. A traditional loan implies that the amounts will be paid at some point in the future. A lawsuit loan for medical malpractice and other cases, is only repaid if the case is successful. Legal funding loans are therefore, “non-recourse” funding. This means the sole method of repayment is the lawsuit itself. The funding company has “no recourse” against the plaintiff personally if the case is unsuccessful.
Why Choose Fair Rate Funding for a Medical Malpractice Lawsuit Loan?
Fair Rate Funding provides the lowest rates for settlement funding for medical malpractice lawsuit loans and helps plaintiffs get some of the proceeds from your case immediately.
Understandably, compensation of any amount cannot make up for extensive damages or the loss of a loved one from medical malpractice. However, while the case is in progress, med mal lawsuit loans can lessen financial burdens. Without the pressure to settle, plaintiffs can refuse “low-ball” settlement offers and their attorneys have time to secure just compensation.
Give Us a Call – Risk Free!
If you are a plaintiff waiting to settle your case and are looking for immediate cash, Fair Rate Funding can provide a med mal lawsuit loan to cover expenses during litigation.
We know you have a choice of lawsuit settlement funding companies and are happy to assist you in your time of need. To obtain settlement funding in the quickest and easiest manner, please fill out the submission form. One of our agents will contact you immediately and start the process.
If you have any questions, give us a call TOLL FREE at 888-964-2224. We are here to help!
We provide settlement funding for medical malpractice lawsuits for the following states: Alabama, Alaska, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming and the District of Columbia.
Thank you for choosing Fair Rate Funding for medical malpractice lawsuit loans.