Medical Cost Projection as Lower Cost Option
Medical Cost Projections vs. Life Care Plans
As the courts open back up and cases are moving forward, effective strategies for settlement are even more important to consider. Life Care Plans (LCP) and Medical Cost Projections (MCP) are often used to ensure that all potential monetary recovery for future care is investigated and protected.
Life Care Plans are essential in cases that involve catastrophic injuries; traumatic brain injury (TBI), limb amputation, or spinal cord damage. But what if your client has a non-catastrophic injury? You still need to evaluate future medical care costs!
A medical cost projection (MCP) is an invaluable tool used to forecast future medical and/or surgical costs and establish a medically accurate basis on which to settle claims. The MCP is used for smaller uncomplicated cases during settlement discussions, mediation, arbitration, and sometimes at trial. The fact that the MCP is authored rather than a LCP should not be interpreted to mean the injuries are less catastrophic or life-changing to the injured individual. An MCP does not minimize the injuries but can minimize the cost to the attorney. Occasionally, an MCP can be prepared for mediation or early settlement negotiations and then converted to a full life care plan if one is indicated.
A Medical Cost Projection (MCP) can help you make an informed decision on the value of your case; it includes costs associated with doctor visits, radiology studies, medications, pain management interventions, surgical procedures, psychological care, physical/occupational/speech therapy, etc.
Each category of costs is documented in detail and concludes with a summary table of final costs, as shown in the sample below.
Medical Cost Projection Sample:
Each report will include the following:
- Brief medical summary
- Spreadsheet containing itemized procedure/treatment/provider with current medical cost for each item. Current medical costs are based on vendor pricing and established medical fee databases.
- Brief report summary
Our team of certified coders, life care planners and nurse auditors help you gain control of the medical numbers with an economic damages’ analysis.
Contact us today for additional information:
Dawn Montagno, MJ, BSN, RN
Expert Witness Program Coordinator
Kimm Ebersole, MHA, BSN, RN
A L W A Y S O N P O I N T !