Litigation Funding for Medical Malpractice Lawsuits
Iatrophobia is a fear of doctors or going to the doctor. Millions of people go to doctor every year with anxiety and worry. Some worry about receiving a bad diagnosis. Others are afraid that the doctor will make a mistake while performing a medical treatment or surgery on them. Unfortunately, circumstances do occur in which the medical professional negligently harms a patient. Such negligence is called medical malpractice.
You may have injuries as a result of a medical worker’s negligence to you. To get compensation for your financial and non-financial losses, you may decide to file a medical malpractice lawsuit. However, lawsuits can be expensive because of court costs and litigation fees. Litigation funding can help cover your legal costs throughout the case. If you need legal financing for your medical malpractice lawsuit, contact Litigation Funding Corporation today at (248) 702-6022 to find out how they can help you.
What is Medical Malpractice?
Medical malpractice is negligence by a medical professional who fails to perform his duties at or above the standard of care required for his occupation, training, and experience. Under Michigan law, the injured party of a medical malpractice claim must state and prove the following:
- The facts of the claim;
- The stated of practice or care the medical professional must have;
- How the medical professional his duty and standard of care;
- What the medical professional should have done to comply with his professional standard of practice or care; and
- The medical professional’s breach of duty was the legal cause of injury
What is Litigation Funding?
Litigation funding, also called legal funding, occurs when a third party financing or funding company pay for the cost of your litigation and other legal cost associated with your lawsuit. The third-party financing essentially assumes all the financial risk of a legal case.
The benefit of legal funding is that party in the lawsuit that receives financing, usually the plaintiff, does not have to pay back the financing company out if his own pockets. The funding is like having a lawsuit loan; however, the funding business only get their money back if the plaintiff settles the case or wins at trial. If you hire an attorney, funding goes to her to represent your lawsuit. Although the third-party financing pays for the attorney’s representation, you still control your case. The attorney must work your best interest and communicate your decision to other parties and the court throughout the litigation.
Paying Back Litigation Funding after a Medical Malpractice Settlement or Trial Win
In a medical action, the plaintiff may have damages that the seek compensation recovery. The damages may include:
- Medical bills
- Future medical treatment
- Reconstructive surgery
- Loss of financial support
- Loss of consortium
A person that files a medical malpractice lawsuit in Michigan law, may recover two types of damages – economic loss and noneconomic losses. Economic losses are the financial losses the injury party incurs because of the negligent act. They include , medical bills, lost wages, and lost of employment. State law defines noneconomic losses as loss due to pain, suffering, loss of enjoyment or companionship. Such losses at a limitation on how much the injury party can receive. Under state law, the amount for noneconomic losses cannot be more the $280,000 no matter now people are suing the medical professional or facility
Hiring a Litigation Funding Company
If you were the victim medical malpractice and want to file a lawsuit, contact Litigation Funding Corporation today at (248) 702-6022 to find out about your legal funding options and how they can help you cover the cost of your case.
Tags: legal funding, litigation funding, Medical Malpractice
