Controlling Medical Costs
If food prices rose as fast as healthcare over the past 70 years, you’d be paying $55 for a dozen eggs. Medical cost inflation has had a significant impact on the cost of settling personal injury claims. Understanding how to contain them is critical to managing your average cost of settlement. We recently recorded highlights from a webinar we delivered on medical cost containment. This webinar covers the dramatic impact of healthcare costs on bodily injury settlements and how to implement effective practices to contain them.
Medical inflation is expected to increase over the next 5 years
Containment is accomplished through 5 steps.
Know how much you spend on medical costs and what you are spending it on. This is not as hard as you think and will save you tons of wasted energy chasing the wrong problem.
Target your top medical expenditures. They are fewer than you think. Limiting the focus makes you more successful.
Implement a consistent process for review. You may think you have one, but these steps will get you thinking otherwise.
Use the growing body of research and guidelines. What you don’t know is hurting you.
Negotiate the bills separately from pain and suffering. It is the only way to effectively contain them.