What is a Medical Cost Projection?
A medical cost projection is a condensed report that forecasts all future medical and pharmaceutical costs of a claimant’s injury or illness, including:
- Medical costs
- Durable medical equipment costs
- Prescription drug costs
This unbiased report is used during mediation to set accurate reserves and settlement costs for the claim, and it is put together by credentialed life care planners like those at CARDINAL LifeCare Consulting. Our team reviews medical records, billing records, and medical practices as it relates to the diagnosis, and produces a succinct report eligible for trial, testimony or deposition.
When Would I Need a Medical Cost Projection Instead of a Life Care Plan?
Compared to a life care plan, a medical cost projection is a shorter, abbreviated estimate of medical care costs. Oftentimes an in-person interview is not included in the estimation of a medical cost projection, the turnaround time is shorter and more cost effective than that of a life care plan.
While a life care plan may be used when a case is going to trial, a medical cost projection is ideal for:
- Preparing for mediation
- Negotiating during settlement
- Tight timelines
- Smaller case budgets
- Limited insurance policies