If you’re involved in a medical malpractice lawsuit you already know how long these cases take.
Waiting for something to happen with your case can be agonizing while bills and medical expenses start to mount.
If you find yourself in this situation you may consider a medical malpractice lawsuit loan.
On this page you will find everything you need to know so you don’t get ripped off in the process.
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What is a medical malpractice loan?
Medical malpractice loans are cash advances on lawsuits for injuries caused by the negligence of a healthcare provider.
These cases can take years to resolve due to complex fact patterns, significant injuries and the numerous parties involved.
Pre-settlement funding can hold plaintiffs over while they wait for a resolution.
Medical malpractice lawsuit basics
The ABPLA states that “[m]edical malpractice occurs when a hospital, doctor or other health care professional, through a negligent act or omission, causes an injury to a patient.”
To bring a medical malpractice claim, these elements must be present:
Negligence – the healthcare provider must have violated the acceptable standards for a medical professional in similar position to the provider.
Causation – if negligence did occur, that negligence must have caused the damages being claimed in the lawsuit.
Damages – the patient must have suffered specific harm, such as pain and suffering, medical bills and lost wages.
Medical malpractice loan examples
Some examples of medical malpractice lawsuits that have received funding:
- Misdiagnosis or delayed diagnosis
- Childbirth injuries
- Bed sores / pressure sores
- Improper medication
- Nursing malpractice
- Dental malpractice
- Nursing home neglect
- Surgical errors
- Aftercare injuries
While these types of cases have qualified for funding before, funders consider every application on a case by case basis.
How long do medical malpractice cases take?
The length of a medical malpractice case depends on a number of factors, such as the type of medical error, the state the case is filed in and the attorneys involved.
Therefore, it is very difficult to precisely answer how long any given med mal case will take. Most cases do take several years.
In fact, a 2006 New England Journal of Medicine study found that the average amount of time from when the medical malpractice occurred and the resolution of the lawsuit was five years.
That is a long time to wait to get funds for an insurance claim, and the reason so many plaintiff’s turn to medical malpractice loans.
How do I qualify for funding?
To apply for a medical malpractice loan you must have retained a lawyer and filed a lawsuit.
If you do not yet have an attorney please fill out our attorney request form to have a medical malpractice lawyer contact you right away.
The qualifying process goes like this:
- Apply – provide some basic information about your case, like the type of malpractice, injuries, and your attorney’s contact information.
- Underwriting – funders look at the types of injuries you have, medical records, documents showing the medical professionals’ negligence, and more. Funders will also speak with your attorney about the case.
- Qualify – most applicants find out within a few days whether they’ve been approved for an advance. If approved, funds can usually be delivered within 24 hours.
Keep in mind that funders can be picky with med mal cases.
As such, you should apply to numerous funding companies to field as many offers as you can. If you get more than one, can pick the best deal.
How much is my case worth?
Case values can vary significantly depending on the facts and circumstances of the lawsuit. Every case needs to be evaluated on its own merits.
Some states have caps on the amount of damages that can be claimed against certain medical providers.
Medical malpractice loan costs
Medical malpractice loans are very expensive. You should exhaust all other financing options before turning to a lawsuit loan.
What happens if I lose my case?
The best thing about medical malpractice loans? They are risk free.
That means if you lose your case, you get to keep the funds advanced to you for free.
However, as mentioned above in the costs section, funders charge high interest rates to make up for the risk.