Life Care Plan Valuation
Individuals suffering from catastrophic injuries, illnesses, chronic health conditions, or developmental disabilities often undergo Life Care Evaluations to establish the Present Value of future healthcare costs. Present Value is the financial resources required using today’s dollars to cover long-term medical expenses.
Life Care Plans are designed to ensure the availability of future medical services and resources for the patient whilst identifying potential barriers to independent living. The goal of the Life Care Plan is to provide a patient the best opportunity to live their most meaningful and fulfilling life. Lawyers and insurers often need to know the Present Value of future medical costs outlined in a Life Care Plan.
The development of the plan includes a comprehensive assessment of an individual’s medical, psychological, and functional deficits. The goal of an effective Life Care Plan is to accurately identify, predict, and coordinate the services and support needed to fully meet future healthcare costs.
A Life Care evaluation is typically conducted following a disabling injury or illness due to the negligence of others. This includes traumatic brain injury, spinal cord trauma, or an injury due to medical malpractice. The care plan is beneficial for patients living with chronic diseases, such as Cystic Fibrosis, Parkinson’s disease, or cancer. Individuals with developmental disabilities, such as autism or Cerebral Palsy, can also be assessed using this tool.
Adding Value to the Healthcare Equation (AddVHE)
Adding value to healthcare equations requires a collaborative and balanced team that incorporates human factors and research while outlining goals in an executable plan.
The most accurate care plans are devised following a full assessment of an individual’s current and future healthcare needs. This includes a review of the patient’s medical history, current medications, and therapies. Physical, cognitive, and psychological exams are included in the assessments. Results are incorporated into the development of a personalized plan of care.
Life Care Evaluations assess the individual’s financial and collateral resources and ability to manage their own care. As a result, family, friends, and caregivers may also be included in the evaluation. The plan describes and details the patient’s needs and includes a timeline for implementing the plan and a budget for services and support.
Throughout the evaluation process, the involved planners examine the patient’s medical, psychological, functional, and financial needs as well as the availability of a social network.
The AddVHE solution
Following a decade of intensive research and development, TD&P Consulting recently launched AddVHE (Adding Value to the Healthcare Equation). Our proprietary and unique automated platform uses A.I. to accurately determine the Present Value of future medical costs based on age, mortality risks, patient preference, intensive research, and expertise.
AddVHE is based on TD&P Consulting’s unique, effective approach to healthcare valuation that offers a straightforward interface for Life Care Planners, lawyers, individuals, and insurers to enter healthcare costing data and make changes based on needs and preferences.
In the past, Present Value has been established by a forensic economist that examines the Life Care Plan. Our AddVHE format implements user-friendly automated costing models that save time, are highly accurate, and are quickly modified to reduce duplications and under-utilized services and address patient requests within the Life Care Plan.
To be effective, costing models require a standard and consistent data entry format that both computers and humans can understand. That’s where TD&P excels. The patient or caregiver can access our exclusive AddVHE model to enter the costs, timeframes, and replacement intervals that have been previously entered by the Life Care Planner or lawyer to suit the needs of the injured.
Prior to verifying data, the TD&P tool quickly calculates the accurate present value of future healthcare costs, reduces redundances, and accounts for patient preferences. TD&P Consulting’s solutions can be easily configured to work in any court jurisdiction. Applicable taxes and discount rates can be adjusted as needed. HIPAA-compliant data is stored securely on the user’s local server and cannot be accessed by members of the TD&P Consulting team or by any other party.
For more information about how TD&P Consulting’s AddHVE solutions can benefit your organization, contact us today. Visit https://tdpartnersconsulting.com