A great answer below:
- What is a Medical Cost Projection?
- Medical Cost Projection vs Life Care Plan
- Top 5 Reasons to use a Medical Care Projection Plan
What is a Medical Cost Projection:
A medical cost projection creates a short term, synopsis of the funds that are needed for future medical expenses. It is a great way to quickly quantify future medical expenses for the purpose of settlement negotiations or setting aside funds.
It’s a proactive method based on a review of the last two years’ worth of medical services. However, it’s not easy to predict the future. You don’t know what medical condition your client is going to be in 3 years from now, so while a medical projection can cover a ‘ballpark’ version of your future medical bills, it is not exhaustive.
Medical Cost Projection vs. Life Care Plan
Life Care Planners:
Life care plans are commonly used for chronic conditions such as brain, spinal cord, and catastrophic injuries. These individuals are usually certified life care planners (CLCP) who have completed 120 hour certification programs, completed life care samples that have undergone peer reviews and taken a pre-approved program exam.
This analysis is all encompassing. It is the kind of needs-based approach that you want when it comes to determining vocational rehabilitation if a condition requires a caregiver or additional help around the home to mow the lawn or prepare meals. In other cases, you might have an individual who can not take care of themselves and need the full-time care of an institution.
These individuals are highly specialized and know how to best help when it comes to outlining a patient’s future. They are also knowledgeable about unforeseen medical expenses that are necessary to cope with the preexisting disability like psychiatric therapy, the need for a nutritionist or even home modifications down the line.
Medical Cost Projectors:
Medical Cost Projectors go through a shorter, similar training. MCP’s do not require an in-person interview and handle abbreviated reviews, therefore providing a quicker estimate of medical care costs.
They are usually nurses or experienced public health professionals and are customarily certified by a 45 hour program, followed by a recognized, nationwide exam. Both professionals engage in constant learning through CEU courses to make sure they are caught up in the ever changing medical landscape.
Top 5 Reasons to Use a Medical Cost Projection Plan
Results that you can measure are indispensable. Here are the top reasons to use a Medical Cost Projection:
Saves you time: If you are on a time crunch during a legal case, a medical cost projection will save you precious time. The CMCP (Certified medical cost projector) simply needs the medical records from the past year to make an approximate assessment of what you can expect to incur.
Peace of mind: With a projected plan of costs in hand, you will feel confident and reassured when presenting your settlement offer. If the prosecution tries to over exemplify the incident you have proof of treatment costs up your sleeve.
Evidence: During litigation you will want to use every tool in your arsenal. Make sure that you have a certified medical cost projector on your team to provide their analysis and medical expertise.
Unmatched communication: Lawyers and doctors have their own jargon – which rarely crosses paths. Having a highly specialized medical professional on your team that understand the lingo and industry will ensure that no stone is left unturned.
Affordability: Compared to life care plans these projections are less expensive. If the insurance coverage is limited or this is a civil case with multiple workers, then a MCP would be a better option.
We’ve talked about the main reasons to utilize a MCP, and the differences between life care plans and medical cost projections which will provide you a better understanding of which service to choose. When it’s decided you will need an expert opinion for your clients’ case, you have two options. If you are looking for something quick (or as quick as it gets during litigation), affordable, and that will provide you with field knowledge and evidence, a medical cost projection will be your best option. If you have the time and the budget for a lengthier, more comprehensive assessment opt for a life care plan that will dive deep into the long term needs of your client.