According to the published, peer-reviewed tenets, methods and best practices of the American Academy of Physician Life Care Planners, a properly formulated life care plan answers three basic questions: What are a subject’s diagnostic conditions? What medically related goods and services do a subject’s diagnostic conditions require? What will the medically-related goods and services cost …
What is Present Value and Why Should Life Care Plans be Quantified in Present Value?
Most life care plans are formulated in nominal value, i.e. value which accounts for market prices that prevail at the time a life care plan is produced. Nominal value is a valid form of economic valuation; but it does not account for two real-life phenomenon which affect a person’s ability to afford future care: 1) …
Quantifying the Value of Life Care Plans: “Submitted Charges”, or “Reimbursed Rates”
According to Lawrence Lievense, FHFMA, FACMPE, FHIAS, a foremost expert in the field of health care finance in the United States: “The financial value of medical services is equal to the amounts charged by medical providers, and is not determined by the amount paid in cash by third party payors. When a patient seeks treatment …
Published, Peer-Reviewed Methods and Practices for Life Care Planning
There are several published, and peer-reviewed standards of practice and principals within the discipline of life care planning. These include the International Commission on Health Care Certification’s (ICHCC’s) Standards of Practice, the American Academy of Nurse Life Care Planners’ Nurse Life Care Planning Standards of Practice, and the Tenets, Methods and Best Practices of the …
STATES IN WHICH DAMAGES ARE REQUIRED TO BE FORMULATED IN PRESENT VALUE
What is Present Value, and Why are Damages Required to be formulated in Present Value in Most States? The present value of damages is the amount of money a person would need to receive and invest today, to be able to afford specified future expenditures (e.g. future medical expenditures, household services, etc.), at their inflationary …
Life Care Plans & Collateral Sources
Life Care Planners are often asked why they do not consider collateral source rules when addressing the Third Basic Question of Life Care Planning: How much will the medically related goods and services cost over time? There are several answers to this recurring question; but many life care planners—even highly experienced ones— fail to address …
Life Care Planning Accounting Methods
As trivial as the selection of an accounting method may sound, it is not inconsequential. Rather, it can significantly affect the value of a life care plan, which means it can have significant, real world implications on an injured individual’s ability to afford future medical care. Accounting Methods in Life Care Planning According to the …
Frequently Asked Questions About Life Care Plans And Life Care Planning
Life Care Planning FAQ What is life care planning? According to the American Academy of Physician Life Care Planners, Life care planning is a process of applying methodological analysis to formulate diagnostic conclusions, and opinions regarding physical and/or mental impairment and disability for the purpose of determining care requirements for individuals with permanent or chronic …