Sept. 17, 2012
-- Using medical cost projections to valuate insurance cases can save many thousands of dollars in litigation and medical-legal expenses by providing an accurate launching point for settlement negotiations. “After more than 15 years as an insurance examiner, I know from experience, that I could have settled many more cases, in a very cost effective manner, had I invested a little in a medical cost projection”, says Gus Ortiz, President of BMA West Medical Financial Consultants.
Risk and claims programs depend on accurate reserve practices in order to properly administer claims, especially in the public entity arena and medical cost projections allow a claims pro to accurately reserve a case for the life of the case. Attorneys need to accurately valuate a case before beginning settlement negotiations. “Our clients sink thousands of dollars into their legal practices and claims programs every year. It is very important for us to help them ensure that they utilize that money wisely. Whether you’re reserving a case; settling a case or simply valuating a case in order to project its value, medical cost projections will save thousands in expense and should help maximize returns,” he says.
BMA West Medical Financial Consultants is comprised of claims professionals, life care planners and legal experts. The company provides timely, accurate and affordable Medicare Set Aside Arrangement services, life care plans and medical cost projections to third party administrators and self-insured employers.