In personal injury cases, it’s essential that there is a clear picture of the ongoing cost of medical care for the injury. Having a precise figure for the cost of an injury is an indispensable part of representing your client, be they a plaintiff or defendant. That’s where DM Medical Cost Consulting comes in.
Our Certified Life Care Planners are capable and ready to provide you with an accurate report of future care costs for your case. You can rely on our experienced medical cost consultants to create an airtight Life Care Plan or Medical Cost Projection report.
But what’s the difference between these two types of reports?
Keep reading to learn about the differences between a Life Care Plan and a Medical Cost Projection from the team of Certified Life Care Planners here at DM Medical Cost Consulting.
What Is a Life Care Plan?
A Life Care Plan is a comprehensive report of all future medical and non-medical expenses related to a specific injury. These reports rely on a thorough medical records review as well as consultations with healthcare providers to create a detailed plan for future medical care.
Life Care Plans can be used for cases involving catastrophic injuries, non-catastrophic injuries, and chronic illness. Your Certified Life Care Planner may also meet with your client as needed to create an accurate assessment.
What Is a Medical Cost Projection Report?
Like a Life Care Plan, a Medical Cost Projection report is meant to calculate all future medical care costs associated with an injury. These assessments also depend on medical records reviews and research to accurately calculate future care costs. MCP reports are generally recommended for most types of injury cases, but they may not be the best fit for catastrophic injuries or major commercial cases.
It’s important to remember that a MCP report can always be developed into a Life Care Plan if that’s needed to ensure the best results for your case.
What’s the Difference Between a Life Care Plan and Medical Cost Projection?
As you can see, there is a lot in common between Life Care Plans and Medical Cost Projections, but there are some key differences as well. First, a Life Care Plan is generally longer than a MCP report. Due to their larger size and scope, these types of reports can also be more costly for your clients. However, they also are often the best option in catastrophic injury cases and major commercial disputes. Most importantly, a MCP report can become a Life Care Plan as needed, making them the more versatile option.
When Do I Need a Life Care Plan?
Life Care Plans are meant to serve as exhaustive explorations of all future medical and non-medical expenses related to an injury, but they may not be right for every case. In particular, Life Care Plans are ideal for cases in which a victim has been catastrophically injured, or cases in which the defendant is a major commercial company. In general, Life Care Plans can be used to negotiate settlements, make demand packages, and set claim reserves.
When Do I Need a Medical Cost Projection Report?
Medical Cost Projection reports are less exhaustive than Life Care Plans, but they also attempt to cover all future care costs associated with an injury. Because MCP reports can always be upgraded at a later date, they are generally the type of report that we recommend for non-catastrophic cases. Like Life Care Plans, MCP reports can be used in settlement negotiations, the creation of demand packages, and the calculation of claim reserves.
How Do I Determine Which Types of Medical Cost Assessment Is Right for My Case?
One of the questions that we get asked the most here at DM Medical Cost Consulting is, “Which type of report do I need for my case?” The best way to determine which report will best support your case is by consulting with a Certified Life Care Planner.
However, there are some basic guidelines you can follow: unless your case deals with catastrophic injury or a major commercial concern, it’s usually a good idea to start with an MCP report. However, if the injury in question is severe, or you expect the injury to become a major commercial case, you may wish to start with a Life Care Plan.
How Can a Life Care Plan or Medical Cost Projection Support My Case?
Now that you know the differences between Life Care Plans and Medical Cost Projection reports, you might still be wondering why you should get one of these reports in the first place. The truth is that there are some big benefits that you can see from a MCP report or Life Care Plan:
- Strengthen your case
- Avoid leaving money on the table
- Ensure your client only pays what they owe
- Provide strong support for settlement requests
- Enable quick action and speedy settlements
- Optimize your legal strategies
- Inform your client on the potential cost of legal action
Getting a Life Care Plan or Medical Cost Projection for your case can have a huge impact on the outcome. Don’t settle for less when it comes to your representation. Turn to the experts at DM Medical for an accurate report of future care costs.
Get Reliable Medical Cost Assessments From DM Medical Cost Consulting
There may be lots of hurdles standing between your client and a satisfactory resolution to their personal injury case, but one of the biggest is calculating the precise cost of their injury. Having an accurate report of future medical care costs can make all the difference in your case.
If you have a plaintiff or defendant personal injury case with medical damages, get in touch with our Certified Life Care Planners today to start progress on a MCP report or Life Care Plan. We can help you make a strong case on behalf of your client.