Personal injury, wrongful death, and medical malpractice cases often require economic loss calculations measuring the present discounted value of lost earnings, future health care costs, and lost household services. QSS has significant experience providing economic loss determinations for these cases in both state and federal court.
Our lost earnings analyses are based on the consideration of an individual’s earnings capacity in conjunction with statistics from the United States Department of Labor. With over fifteen years of experience performing high-level research in labor and health economics, we have mastered the published economics research and statistical resources and know how this information is relevant to litigation in your region.
Estimating the present discounted value of health care costs usually involves a Life Care Plan which gives a course of care including expected costs. We convert this stream of costs into present discounted value based on historical Consumer Price Index data from the Bureau of Labor Statistics, assuming a reasonable rate of cost inflation for each type of medical expenditure as well as a reasonable rate of return on the present day award.
In injury and wrongful death cases, a significant portion of economic loss may stem from lost household services. To estimate the replacement cost of these services, we utilize The Dollar Value of the Day, the most comprehensive resource available on the number of hours a typical American spends each day performing household services. Authored by two senior National Association of Forensic Economics members, this publication is based on American Time Use Survey data collected by the Bureau of Labor Statistics.