Medical Cost Projections
What Is a Medical Cost Projection?
Cost projections are an abbreviated version of a Life Care Plan that can be used for most injury cases. Medical Cost Projections are shorter and focused on projected future medical care costs. Thanks to its shorter length, this type of report also comes in at a lower price point. Crucially, medical cost projection reports can be expanded into full Life Plans at a later date if needed.
A Medical Cost Projection assessment can be completed at any point during the litigation process, but attorneys generally use them to prepare a demand package, negotiate with attorneys and insurance companies, and justify settlement requests. Medical cost projections can significantly increase settlements.
Our Certified Life Care Planners will carefully evaluate the individual medical needs of your client and project them out to provide you with a valuable tool to use for reserve, demand, or negotiation purposes. If your case involves non-catastrophic injuries, our medical cost projections can be an essential part of getting your case settled quickly.
When Is a Medical Cost Projection Necessary?
Demand Packages
In order to prepare an airtight demand package, you need to have a thorough projection of the future medical needs expected in relation to the injury in your case. We can craft a comprehensive Medical Cost Projection for your needs.
Negotiations
You will need to have a solid medical projection report to successfully negotiate with other attorneys and insurance companies on your client’s behalf. Having reliable proof and expertise on your side is essential.
Claim Reserves
Setting appropriate claim reserves means knowing what future medical expenses would be reasonably expected due to the injury related to your case. We can give you the information that you need to set the right rate.
Settlement Requests
Before you can make a fair and complete settlement request, you will need to know what future costs are projected for the injured party. Having a Medical Cost Projection on your side can help make your case.
What Types of Injuries and Illness May Require a Medical Cost Projection?
Dog or Animal Bites
Motorcycle Accidents
Premise Liability
Do You Need a Life Care Plan or a Medical Cost Projection Report?
A Life Care Plan is different from a Medical Cost Projection report, but they are used in similar cases. We’re often asked by personal injury lawyers which type of report each case needs. The type of report needed will vary depending on many different variables, including the severity of the injuries, timeframes, litigation phases, budget limits, and policy limitations. You can talk to our medical care cost consultants to learn which type of report is right for your case.
What’s Included in the Medical Cost Projection Assessment Process?
Medical Records Review
Medical Cost Projections are meant to assess all future expenses related to an injury, and the backbone of an accurate report is a thorough understanding of the injury and the injured party’s medical history established through a medical records review.
Medical Research
In order to calculate future medical expenses, we need to have a clear picture of how the injury will progress or recover over time, and that means meticulously researching the type of injury in question. Again, medical records are essential.
Thorough Documentation
A Medical Cost Projection report is no good to you if it’s illegible or unsubstantiated. Our reports are carefully drafted to ensure the best results for you and your client. Medical costs are carefully calculated, recorded, and assessed.
Here at DM Medical Cost Consulting, we work with defense and plaintiff attorneys and insurance companies throughout Texas. If you’re an attorney or insurance company in need of precision Medical Cost Projection reports in Texas, we would be happy to help. Medical Cost Projection reports can be a key part of your arsenal as you fight on behalf of your client or employer.