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When You Need a Medical Cost Projection

WATCH VIDEO
Author: Gerard Dondero
Date: 21.05.2020 Time to read: 2 min

"Brevity is the soul of wit." - Hamlet

We already know the Expertpays rule on when you need an expert report: if the average person doesn’t know, you need an expert to show. The average person doesn’t know anything about future medical treatment or how much future medical treatment costs. So, some type of expert report is necessary (under the Expertpays rule at least). And in this context, because we are already familiar with life care plans, it is time to discuss medical cost projections.

Medical Cost Projections are the practical way to win and the practical way to build a case. These facts may seem counter-intuitive, because medical cost projections are essentially gutted life care plans.

At minimum, the cost projection involves

  • Review of current medical records
  • Consulting at least one provider or database to project future care needs from that review.

In contrast, the life care plan involves

  • Medical record review
  • Interviews with treating physicians, the client, and when applicable, the client’s family
  •  Consulting several providers for a vendor survey
  •  Often consulting a database to project future medical costs from the medical recommendations.

Ostensibly, the medical cost projection is unfit for trial testimony. But, greater than 80% of tort cases settle out of court and never proceed to trial. Medical cost projections are powerful in pre-litigation, combining the looming specter of future expert testimony with evidence supporting damages.

 However, like non-catastrophic life care plans, medical cost projections are underutilized because of the up front cost relative to the amount of recoverable funds (most often in the form of policy limits).

Medical cost projections without an up front cost would be useful in several situations:

  • Speeding up settlement
  • Obtaining higher settlements
  • When litigation is too costly
  • When policy limits are low
  • To produce a powerful demand package
  • To obtain an expert cheaply at an early stage

Expertpays lets you obtain medical cost projections in several cases where an up front cost would have made them impractical. Grounding a damages case with evidence is always beneficial, and now it is zero risk --- because we only win when you do. Get a medical cost projection today and start making dimes from the penny cases!

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