Key Factors Impacting Your Personal Injury Settlement Amount
Personal injury cases involve medical peer
review.
There
are
certain
important factors that could impact your settlement amount.
Medical Record Review 8596 E. 101st Street, Suite H Tulsa, OK 74133
If you are injured in an accident that was not your fault, you may be entitled to compensation. Insurers may utilize medical peer review to determine the genuineness of your claim, the extent of injury and its impact on your life. All personal injury cases may not go through the full trial process because many are resolved through settlement agreements aimed at compensating the injured party for his/her losses. Typically, the injured party’s attorney will discuss the settlement with the defendant’s (responsible party’s) insurance company. When you are injured, the top priority is to get a fair assessment of the value of your claim. You have to know the type of settlement you can get for your claim. Each case is unique, and there are certain factors that are used to estimate the value of your claim. Among these factors are the seriousness of the injury, the cause of the injury, and its impact on your daily life. Let us examine these factors one by one. Whether the injuries are permanent or temporary: The main factor that has a bearing on the compensation amount in a settlement is how long you will suffer with your injuries. Your injuries could result in a permanent condition from which you will never fully recover – such as spinal injuries, brain trauma, limb amputations and other harms. Or it could result in temporary concerns – such as broken bones, cuts and contusions, whiplash, or bruises. Permanent injuries receive a higher compensation than temporary conditions because of the increased pain and suffering. Nature of injury: The nature of the injury also affects your compensation amount. When negotiating settlement, the insurer will look at the type of injury and its location on your body and how it affects function. For instance, insurance adjusters will consider ankle and foot injuries differently from wrist, finger, and hand injuries.
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Medical evidence: Both parties in the case will analyze the evidence that supports their side of the case. The medical records documenting the injuries and treatments undertaken are very significant in this regard. If the medical evidence is not convincing enough, your settlement amount may be lower. Typically, the stronger the evidence, the higher the settlement amount. Liability: This is an important factor that can affect personal injury settlement amounts. Sometimes there may not be sufficient evidence to prove that the defendant was at fault. On the other hand, there may be other cases where it is very clear that the defendant is liable. Unless it is very clear who is at fault, neither party will be completely confident that they would win the case and would choose to settle instead. Damages: This covers a wide spectrum of various things such as the following. Financial losses Loss of wages Medical bills and expenses Emotional and physical distress, suffering and pain Punitive damages, if the defendant acted negligently or intentionally Punitive damages are meant to punish defendants who are clearly at fault. The amount received in punitive damages will depend on how wealthy the defendant is. Punitive damage payouts could be high for defendants who are wealthy. Assets of the defendant: A defendant, who doesn’t have the funds or the necessary insurance coverage, will not be able to pay the settlement amount. In such a case, if the case reaches trial and the defendant was found to be guilty, a judge could garnish their wages or sell off the www.mosmedicalrecordreview.com
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defendant’s assets to cover the payment. In some other cases, the defendant just may not have anything of value and no means of paying the settlement. ďƒ˜ Multiplier: A common multiplier will be applied in order to calculate pain, suffering, and loss of earnings based on your injuries. The higher the multiplier, the larger the settlement would be. Factors indicating high multipliers include: medical expenses, lengthy recovery periods, changes to your quality of life, emotional and physical distress, hard injury such as head injury, broken bones, nerve damage, and soft tissue damage. If you have a good attorney to represent you, you will be more successful in getting a higher settlement amount. The lawyer can help you create realistic expectations regarding your case. From gathering evidence of your injuries to carefully drafting a demand letter, the attorney and the medical review service provider that assists the attorney can help you maximize your claim. The attorney will help you understand the legal process and use it to your full advantage.
www.mosmedicalrecordreview.com
918-221-7791