Legally speaking, a medical malpractice case is one of the most complex types of personal injury cases. Many medical malpractice cases take years to resolve. If you file a medical malpractice claim, while your case is pending, you may need the services of a settlement funding company.
Even when you anticipate that you will receive a substantial compensation amount, you may be dealing with debts and overdue bills right now. A settlement funding company can help the injured victims of medical malpractice meet their obligations with a non-recourse cash advance.
What financial services does a settlement funding provider offer? Who qualifies to obtain those services? What are non-recourse cash advances, and how do they differ from conventional loans? How can you obtain a non-recourse cash advance? Should you apply for one?
If you will continue reading this brief discussion of settlement funding, settlement funding companies, and non-recourse cash advances for medical malpractice victims, these questions are about to be answered, and you will learn more about obtaining the non-recourse cash advance you may need.
What Does a Settlement Funding Provider Offer?
The funding offered by a settlement funding provider lets you access your compensation funds before your medical malpractice claim is resolved. By easing the financial burdens you may face, a non-recourse cash advance can give you the time to negotiate a more substantial settlement.
If an acceptable settlement offer isn’t forthcoming in the private negotiations between the lawyers for both sides, a non-recourse cash advance may give you the ability and the time to take your medical malpractice case to trial. A non-recourse cash advance is not a traditional loan.
If for any reason you are not compensated, you retain the cash advance – it’s yours – and you will owe nothing to the settlement funding provider. If you can’t afford to wait for your compensation – because you need cash now – a non-recourse cash advance is the quick and practical solution.
What Constitutes Medical Malpractice?
Everyone gets sick or injured – and everyone needs to be treated and/or examined by a health care provider – eventually. While mistakes during surgical procedures are genuinely rare, misdiagnosis is not. In fact, misdiagnosis is the leading cause of medical malpractice lawsuits.
Misdiagnosis includes failing to diagnose a patient’s medical problem or making an inaccurate diagnosis of that problem. Medical malpractice may take place if a health care professional:
- does not adhere to standard procedures
- writes a prescription for the wrong medication or the wrong dosage
- makes a mistake during a surgical procedure
- fails to diagnose or inaccurately diagnoses a patient’s condition
Medical Malpractice: Who’s at Risk?
In research that was published by the British Medical Journal in 2016, safety experts at the Johns Hopkins University School of Medicine found that approximately twelve million adults in the United States are misdiagnosed in health clinics and in doctors’ offices every year.
The same researchers determined that medical malpractice may be directly responsible for more than 250,000 deaths every year in the United States – about one in every ten deaths – which would make medical malpractice the nation’s third-leading cause of death. Everyone is at risk.
What Is Required to Obtain a Non-Recourse Cash Advance?
A settlement funding company will consider non-recourse cash advances for medical malpractice victims who can meet these basic eligibility requirements:
- Your medical malpractice claim is pending, or your case has been resolved but you have not yet received the full compensation amount.
- You are represented by a medical malpractice lawyer who will help the funding company review your claim to determine if you qualify to receive a non-recourse cash advance.
What Advantages Does a Non-Recourse Cash Advance Provide?
As a medical malpractice victim, whether you qualify to receive a non-recourse cash advance depends exclusively on the strength of your case. Your cash advance is automatically repaid when your claim is settled, so your own finances and financial history are not considerations.
That means your income and assets are not placed at risk as collateral. No credit check or proof of employment is required, and you will not be rejected for a poor credit score. If your case is strong and your claim is likely to prevail, you probably qualify for a non-recourse cash advance.
After you accept a non-recourse cash advance offer and sign for it, the funding company can probably transfer the advance to you in less than twenty-four hours.
What Can You Expect to Receive?
As mentioned previously, a medical malpractice claim is one of the most complicated of personal injury claims, so a number of different factors will be considered when a final compensation amount is determined in your case.
A settlement funding company will work together with you and your medical malpractice attorney to determine the value of your medical malpractice claim, and the funding company may offer you a non-recourse cash advance based on a percentage of that amount.
According to the U.S. Department of Health & Human Services, the average amount that was paid out on a medical malpractice claim between 2010 and 2019 was approximately $242,000, and settlement amounts in medical malpractice cases tend to range from $100,000 to $1 million.
If you believe that you are a victim of medical malpractice, or if you’re not actually sure, contact a medical malpractice lawyer near you to learn more about your rights or to begin the legal process. Most medical malpractice lawyers offer a first consultation with no cost or obligation.
How Do You Find Out More?
You may be having some genuine financial difficulties if your medical malpractice claim is pending, especially if you are unable to return to work, or if your medical malpractice claim has been settled but you have not yet received your compensation.
In either of these situations, you should learn more about non-recourse cash advances and about how much a funding company may be able to provide.
Thousands of medical malpractice victims have qualified for and received non-recourse cash advances from funding providers. If you are a medical malpractice victim, and if your claim is pending, or if you have not yet received your compensation, there is no reason to wait.
You can learn more about non-recourse cash advances by reaching out to a settlement funding company, speaking to one of the company’s settlement funding professionals, and asking for a free case evaluation.