Cost Projections are an abbreviated version of a Life Care Plan. They are less costly and can be expanded into a full Life Care Plan at a later date if testimony is needed. In the meantime, they provide vital information for the litigation process. The report is much shorter and is focused on projected future costs. Attorneys use them to prepare a demand package, negotiate with carriers/attorneys, and justify the rationale for settlement requests.
Life care planners and case managers with expertise in developing these plans develop a comprehensive medical action plan to assist attorneys or carriers in evaluating potential medical problems and provide recommendations for best practices in treatment. Our credentialed life care planners and case managers use their expert knowledge and experience to understand the complexities of each case. Their findings are independently researched with the aid of defensible sources of medical and cost data.
What is included in a Medical Cost Projection?
Future medical care, equipment, personal care, rehabilitation, and potential complications are all considered when looking at anticipated costs. The cost projection examines all of the individual’s needs throughout their lifetime. The life care planner or case manager then develops a report which outlines all of the associated costs.
How does a Cost Projection optimize the final settlement?
These customized analyses take into account the client’s injuries, prior medical history, treatment, comorbidities, age, health status, life expectancy, and other pertinent factors. One of our credentialed Life Care Planners or case managers then provides an unbiased independent medical record review, which identifies all future medical treatment. They also identify costs for expected medical treatment and provide supporting medical documentation. Finally, they identify other intervening injuries and conditions and incorporate this information when determining appropriate future medical care.
What are the benefits of Cost Projection?
This service provides a detailed projection of lifetime medical costs for settlement or reserving purposes. It provides an analysis of future costs.
Attorneys are able to justify their case settlement demands more effectively with the data included in the cost projection. Our reports outline future medical care and costs in a clear, easy-to-understand format.
The AdvancedRM Advantage
When a detailed Life Care plan is not required, we can prepare a Cost Projection.
Cost Projection
A Cost Projection is also a report of future care and treatment costs in a condensed format. This is a cost-effective solution when a case is in the early stage of development, policy limits are low, or there are budget considerations. It can be used to create settlement demands or during the negotiation process.
It's good to know that a life care planner will make a report for all the associated costs. A bunch of people might assume that these planners are against them. But having them meet with multiple medical evaluators could help you get a fair price.
Knowledge of the client’s functional status and medical history is critical to identifying future costs. If the cost projection is to be credible, this must all be kept in mind. Getting as much information from a variety of sources is important as well. You are correct. Thanks for your comments and feedback.