The world of workers’ compensation claims can be uncertain when it comes to future medical expenses, making it difficult to manage claims efficiently. Without a clear forecast of medical costs, claims adjusters and payers are often left reacting instead of proactively guiding the claim and managing the costs. That is where BICMD (Best in Class MD) becomes an indispensable partner when it comes to medical cost projections.
When done correctly and in a timely manner, cost projections become strategic tools that give case managers a clear indication of what future costs will be. The medical cost projections from BICMD play a vital role in mitigating medical costs and aligning care with evidence-based treatment pathways.
What are Medical Cost Projections?
Medical cost projections estimate the future medical expenses associated with a work-place injury. The cost projections provided by BICMD include diagnostics, surgeries, rehabilitation, prescriptions and long-term care. These projections are vital for claims management to be able to set cost projections, claims reserve, settlement valuation and claims strategy going forward.
BICMD’s Advantage in Cost Projection:
Not all workers’ compensation medical projections are created equal. Traditional approaches relied heavily on historical data and generalized assumptions, which may fail to capture the full complexity of a severe injury. This is where BICMD offers a significant advantage with our medically guided approach to cost projection. Provided by the country’s top 1% of board-certified specialists, we deliver medical cost projections that go beyond formulas and reflect real, data-backed medical expectations for recovery, treatment duration, and possible complications.
What makes BICMD better for cost projection in workers’ compensation claims?
Unlike generic algorithms or historical averages for workers’ compensation injuries, BICMD integrates top-tier clinical expertise with precise cost modeling. Our network of board-certified specialists deliver projections rooted in real-world medical expectations. Each injury is evaluated by a physician who understands the complexity of injury recovery time-lines, evidence-based treatment plans, and potential complications. BICMD’s specialization results in a highly accurate medical claims cost forecast. Each BICMD cost projection includes the following:
- Detailed treatment timelines based on an accurate diagnosis and industry clinical standards
- Identification of possible unnecessary treatments
- Realistic projections for all medical costs: treatment, pharmaceutical, rehabilitation, disability
- Case-specific insights, designed with an “open door” approach to offer engagement with our best-in-class providers
How to turn medical cost projection uncertainty into actionable strategy:
Uncertainty is one of the greatest threats to effective claims management. If a medical cost projection is inaccurate or delayed, it can disrupt the entire claims process. Poor cost forecasting can lead to over, or under reserving funds, making it difficult for payers to manage financial planning with confidence. These deficiencies result in poor settlement outcomes that are often driven by unrealistic expectations. In contrast, claims managers can leverage BICMD’s expertise and receive accurate, expert-guided cost projections, eliminating the uncertainty. With BICMD, we remove the guesswork by providing a strategic roadmap pinpointing when to intervene, how to anticipate care transitions, and where cost savings can be found while maintaining high-quality care.
What is the real-world value of medical cost projection?
Medical cost projections aren’t just for highly complex or catastrophic cases in workers’ compensation. Cost projections are being implemented across all types of claims to support better decision making at every stage of the claims cycle. BICMD’s expert projections help insurance carriers and TPAs align their strategy with real clinical insight creating a bridge between medical reality and financial forecasting. The result is more predicable outcomes, fewer disputes and greater confidence in case direction.
Smarter Claims Management with BICMD:
In today’s changing medical landscape and claims complexity, it is becoming essential to use medical cost projections. BICMD’s medical cost projections are accurate, defensible and clinically grounded. By integrating our medical cost projections into your company’s claims strategy, you gain:
- Access to top-tier specialists
- Case-specific guidance
- Proactive control over future medical and pharmacy spending
- Stronger negotiating position for settlements
- Enhanced clarity for all stakeholders including adjusters, employers, and injured workers
Are you ready to take control of your workers’ compensation claims costs? Partner with BICMD (Best In Class MD) to access expert-driven, medically sound cost projections that reduce uncertainty and improve claims expense accuracy.
