PERSONAL INJURY VALUATION SYSTEM & METHOD

• US 20110161115A1
• Filed: 12/31/2009
• Published: 06/30/2011
• Est. Priority Date: 12/31/2009
• Status: Active Grant

• Current Assignee: Dispersive Holdings Incorporated (Dispersive Networks, Inc.)
• Original Assignee: Thurman B. Hampton
• Inventors: Hampton, Thurman B.
• Granted Patent: US 8,352,292 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present invention is a method for calculating a current monetary value of a personal injury claim wherein computers are utilized to store, process, manipulate and analyze information collected from finalized personal injury claims including data representative of the cause of the personal injury, the type of injury sustained, the location where the injury occurred, the amounts paid for medical services and the amounts claimed for medical services to calculate an average settlement multiple which, when multiplied by the current amount claimed as medical damages, yields a current average settlement value.

Claims

1. A system for determining value of a personal injury claim comprising:

data storage,

wherein said data storage includes data representative of a pool of existing personal injury claims, and

wherein the information collected from said existing personal injury claims includes data representative of;

a cause of injury,

a type of injury sustained,

a location of where the personal injury occurred, and

at least one amount paid a personal injury claimant for the personal injury sustained;

an analysis module configured to;

receive and process data representative of a new personal injury claim;

identify a first subset of personal injury claims within said pool of existing personal injury claims, wherein said first subset of personal injury claims identified each include at least data representative of a cause of injury that is substantially similar to the cause of injury of the new personal injury claim received;

process the subset of personal injury claims identified; and

generate a case settlement value for the new personal injury claim.

2. The system of claim 1, wherein the value of the personal injury claim determined is measured in at least one of a monetary currency and a non-monetary currency, and wherein said pool of existing personal injury claims comprises information collected from finalized personal injury claims, wherein said information collected is stored in defined data fields within the data storage.

3. The system of claim 2 wherein the information collected from finalized personal injury claims includes:

data representative of an amount paid a personal injury claimant for at least one personal injury sustained; and

data representative of an amount paid the claimant for medical damages associated with the personal injury sustained; and

data representative of amounts demanded by the claimant as damages.

4. The system of claim 1, including a data entry device configured to facilitate entry of data representative of a new personal injury claim.

5. The system of claim 1, wherein the analysis module is further configured to identify a second subset of personal injury claims within the first subset of personal injury claims, wherein each claim within the second subset of personal injury claims each includes data representative of a place of occurrence proximate a place of occurrence of the new personal injury claim received.

6. The system of claim 1, wherein the analysis module is further configured to identify a third subset of personal injury claims within the first subset of personal injury claims, wherein each claim within the third subset of personal injury claims is comprised of claims wherein the injuries sustained are substantially similar to the injuries sustained in the new personal injury claim received.

7. The system of claim 1, wherein the analysis module is further configured to process said first subset of personal injury claims to:

determine an average amount paid as medical damages for said first subset of personal injury claims;

determine an average amount claimed as medical damages for said first subset of personal injury claims;

determine an average settlement multiple for said first subset of personal injury claims;

determine an average monetary settlement value by multiplying the average settlement multiple by an amount determined to be the claimant'"'"'s medical damages; and

determine the case settlement value by adding an amount determined to be a claimant'"'"'s lost wages to the average settlement value.

8. A method of determining a current average monetary settlement value of a new personal injury case comprising:

accessing a database through an access module of a system, wherein the database contains information about finalized personal injury cases;

identifying a subset of personal injury cases within the database through a query performed on said access module wherein said subset of personal injury cases include data representative of personal injury case characteristics similar to personal injury case characteristic data entered into the access module by a subscriber; and

the access module processing the subset of personal injury cases and generating a case settlement value for the new personal injury case.

9. The method of claim 8 wherein the step of identifying a subset of personal injury cases within the database that include data representative of personal injury case characteristics similar to case characteristic data entered into the access module of the system by a subscriber includes at least:

identifying a first subset of cases in the database that have the same causation as that described by a subscriber for the new personal injury case,

identifying a second subset of cases within the first subset of cases that occurred in the same geographic area as that described by the subscriber for the new personal injury case,

identifying a third subset of cases within the second subset of cases that occurred within a time window relevant to a time of occurrence of the new personal injury case; and

identifying a fourth subset of cases within third subset of cases that resulted generally in the same types of injuries as the injuries described by the subscriber for the new personal injury case.

10. The method of claim 8 wherein the step of generating a case settlement value for the new personal injury case includes the steps of:

determining an average amount paid as medical damages for all cases in the subset of personal injury cases identified;

determining an average amount claimed as medical damages for all cases in the subset of personal injury cases identified;

determining an average settlement multiple for the subset of personal injury cases identified;

determining an amount for medical damages for the new personal injury claim based on the personal injury case characteristic data entered by the subscriber;

determining an average settlement value by multiplying the average settlement multiple by the amount determined to be the medical damages for the new personal injury claim; and

determining a case settlement value for the new personal injury claim by adding an amount determined to be lost wages of at least one person injured in the new personal injury case.

11. The method of claim 9 further including a method for determining a settlement range for the new personal injury claim, the method comprising:

determining an average amount paid as medical damages for all cases in the fourth subset of cases,

increasing the average amount paid as medical damages by a predetermined percentage variable that is greater than 100% of the average amount paid as medical damages

identifying cases in the fourth subset of cases in which the amount paid as medical damages exceed the value of the average amount paid as medical damages when increased by the predetermined percentage variable in the fourth subset of cases;

determining an average amount paid as medical damages in the set of cases in which the amount paid as medical damages exceed the value of the average amount paid as medical damages when increased by the predetermined percentage variable for all cases in the fourth subset of cases;

determining an average amount claimed as medical damages in the set of cases in which the amount paid as medical damages exceed the value of the average amount paid as medical damages when increased by the predetermined percentage variable for all cases in the fourth subset of cases;

determining an average high settlement multiple for the set of cases in which the amount paid as medical damages exceed the value of the average amount paid as medical damages when increased by the predetermined percentage variable for all cases in the fourth subset of cases;

determining an average high settlement value for the set of cases in which the amount paid as medical damages exceed the value of the average amount paid as medical damages when increased by the predetermined percentage variable for all cases in the fourth subset of cases by multiplying the average high settlement multiple by an amount provided by the subscriber as medical damages for the new personal injury claim;

determining an average low settlement value by performing the following steps;

decreasing the average amount paid as medical damages by a predetermined percentage variable that is less than 100% of the average amount paid as medical damages identifying cases in the fourth subset of cases in which the amount paid as medical damages is less than the average paid as medical damages when decreased by the predetermined percentage variable all cases in the fourth subset of cases

determining an average amount paid as medical damages in the set of cases in which the amount paid as medical damages is less than the average paid as medical damages when decreased by the predetermined percentage variable for all cases in the fourth subset of cases;

determining an average amount claimed as medical damages in the set of cases in which the amount paid as medical damages is less than the average paid as medical damages when decreased by the predetermined percentage variable for all cases in the fourth subset of cases;

determining an average low settlement multiple for the set of cases in which the amount paid as medical damages is less than the average paid as medical damages when decreased by the predetermined percentage variable for all cases in the fourth subset of cases; and

determining an average low settlement value for the set of cases in which the amount paid as medical damages is less than the average paid as medical damages when decreased by the predetermined percentage variable for all cases in the fourth subset of cases by multiplying the average low settlement multiple by an amount provided by the subscriber as medical damages for the new personal injury claim.

12. The method of claim 8 wherein the access module further determines the effect of punitive damages on a potential average settlement value of a personal injury claim comprising:

the access module accessing a database including data representative of finalized personal injury cases;

the access module identifying a first subset of personal injury cases in the database having claims having similar personal injury causation as that described by a subscriber entering a new personal injury case into the settlement value system;

the access module identifying a second subset of cases within the first subset of personal injury cases wherein the injury occurring in each case occurred in the same geographic area as the new personal injury case entered into the settlement value system by the subscriber;

the access module identifying a punitive damages subset of cases within the second subset of cases in which punitive damages were awarded;

the access module determining an average amount awarded as punitive damages in the punitive damages subset of cases;

the access module determining an average amount paid as medical damages for all cases in the punitive damages subset of cases;

the access module determining an average amount claimed as medical damages for all cases in the punitive damages subset of cases;

the settlement value system determining an average settlement multiple for the punitive damages subset of cases;

the access module determining a medical damages amount for the new claim based on information input by the subscriber;

the access module determining an average settlement value by multiplying the average settlement multiple by the amount determined to be the medical damages amount for the new claim;

the access module determining an average amount paid as medical damages for all cases in the second subset of cases;

the access module determining an average amount claimed as medical damages for all cases in the second subset of cases;

the access module determining an average settlement multiple for the second subset of cases;

the access module determining the medical damages associated with the new claim based on information provided by the subscriber; and

the access module determining an average settlement value by multiplying the average settlement multiple by the amount determined to be the medical damages associated with the new claim.

13. The method of claim 12, wherein the the access module generates a report comparing the average amount awarded as punitive damages and the average settlement value.

14. The method of claim 12, wherein the punitive damages subset of cases further includes:

identifying a further subset of cases within the second subset of cases that occurred within a relevant time of occurrence of the injury that occurred in the new personal injury case; and

identifying cases in the further subset of cases that resulted in the same types of injuries as the injuries described by the subscriber for the new personal injury case,

15. A method by a settlement value system of objectively determining influence of jury verdicts on an average settlement value of a personal injury claim comprising:

accessing a database by a personal injury valuation module, wherein the database contains information about finalized personal injury cases;

identifying a subset of personal injury cases in the database that includes data representative of personal injury case characteristics similar to personal injury case characteristic data entered into the personal injury valuation module by a subscribe, wherein the personal injury cases identified were resolved by jury verdict; and

the personal injury module processing the subset of personal injury cases and generating a case settlement value for the new personal injury case.

16. The method of claim 15 wherein the step of generating a case settlement value for the new personal injury case includes the steps of:

determining an average amount awarded for all cases in the subset of personal injury cases identified;

determining an average amount paid as medical damages for all cases in the subset of personal injury cases identified;

determining an average amount claimed as medical damages for all cases in the subset of personal injury cases identified;

determining an average settlement multiple for the subset of personal injury cases identified;

determining an amount for medical damages for the new personal injury claim based on the personal injury case characteristic data entered by the subscriber;

identifying a subset of cases for the subset of cases identified that were not tried by a jury;

determining an average amount awarded for all cases in the subset of personal injury cases identified that were not tried by a jury;

determining an average amount paid as medical damages for all cases in the subset of personal injury cases identified that were not tried by a jury;

determining an average amount claimed as medical damages for all cases in the subset of personal injury cases identified;

determining an average settlement multiple for the subset of personal injury cases identified that were not tried by a jury;

determining an amount for medical damages for the new personal injury claim based on the personal injury case characteristic data entered by the subscriber;

determining an average settlement value by multiplying the average settlement multiple by the amount determined to be the medical damages for the new personal injury claim; and

determining a case settlement value for the new personal injury claim by adding an amount determined to be lost wages of at least one person injured in the new personal injury case.

17. The method of claim 15 wherein the wherein the settlement value system generates a report which demonstrates the difference between the potential value of a claim if tried by jury and the potential value of the claim if settled without a jury trial.

18. A method implemented by an access module of a system to determine whether a new personal injury claim is potentially fraudulent, the method comprising

the access module facilitating accessing a database containing information about finalized personal injury cases;

the access module identifying a subset of personal injury cases in the database that includes data representative of personal injury case characteristics similar to personal injury case characteristic data entered into the personal injury valuation module by a subscriber; and

the access module comparing data representative of at least one of treatment protocols, medical procedures, services and supplies reported for the subset of personal injury cases identified with data input into the settlement value system by the subscriber;

comparing costs for the medical procedures reported for the identified subset of personal injury cases with medical cost for procedures input into the settlement value system by the subscriber;

generating a report of analysis illustrating the subscriber'"'"'s claimed medical procedures that deviate from the medical procedures in the database, wherein the report of analysis further illustrates where the subscriber'"'"'s claimed costs for medical procedures deviate from medical procedures in the database cases by a fixed percentage.

19. The method of claim 18, wherein standardized medical billing codes are used to compare costs for the medical procedures reported for the identified subset of personal injury cases with medical cost for procedures input into the settlement value system by the subscriber.

20. The method of claim 18, wherein the step of identifying a subset of personal injury cases comprises the steps of:

identifying personal injury cases within the database that have an injury causation similar to an injury causation described by a user entering data regarding a new personal injury case into the access module;

identifying cases in a causation subset of cases that occurred in the same geographic area as a geographic area described by the subscriber for the new personal injury claim;

identifying cases in the geographic area subset that occurred within a relevant time of occurrence of the new claim

identifying cases in the relevant time subset of cases that resulted in the same types of injuries as described by the subscriber for the new personal injury case.