Life Care Plans are expertly formulated medical valuations that objectively identify a subject’s medical conditions and future care requirements, and they quantify the costs of those requirements in monetary terms.
A properly formulated life care plan effectively addresses The Basic Questions of Life Care Planning, and accomplishes the Clinical Objectives of Life Care Planning.
What is a subject’s condition?
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What medically related goods and services does a subject’s condition require?
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How much will those requirements cost over time?
Diminish or eliminate physical and psychological pain and suffering.
Reach and maintain the highest level of function given an individual’s unique circumstance.
Prevent complications to which an individual’s unique physical and mental conditions predispose them.
Afford the individual the best possible quality of life in light of their condition.
All life care plans at Physician Life Care Planning are authored by practicing physicians who are Board Certified in Physical Medicine & Rehabilitation, and all life care plans are formulated in adherence to the tenets, methods, and best practices of the American Academy of Physician Life Care Planners.
Frequently Asked Questions about Life Care Planning and Life Care Plans
Present Value Assessments convert the nominal value of life care plans to present value. In short, they quantify the time value of money.
Time value of money calculations seek to equate the present value of money (what it’s worth today) to the future value of money (what it’s worth in the future), and vice versa. To accurately calculate the amount of money an individual would require today to afford medical costs which will occur in the future, two important considerations must be accounted for:
The impact of inflation on the prices of medically-related goods and services.
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The amount of interest an individual will be able to earn between now, and the times at which their future medically-related expenditures are forecast to occur.
All Present Value Assessments of Life Care Plans are formulated by qualified financial analysts and forensic economists employing fundamental, highly transparent, proforma discounted cash flow analysis.
What is present value, and why should life care plans be quantified in present value?
States in Which Damages are Required to be Formulated in Present Value
Physicians specializing in physical medicine and rehabilitation (physiatrists) are uniquely qualified to provide a strong medical foundation for life care planning based on their training and experience in providing medical and rehabilitative services to individuals with disabilities.”
– Life Care Planning & Case Management Handbook
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