Improve Cash Flow and Reduce Risk with Medical Lien Funding
A common issue faced by hospitals is receiving payment for medical expenses related to personal injury cases.
Compensation in these cases is often slow to arrive and can take years because of lengthy court proceedings. In these circumstances, hospitals have the burden of waiting years for payment for their services and reimbursement of out of pocket costs.
Medical Funding Professionals provides hospitals with a solution to this common problem.
What is Medical Lien Funding?
When hospitals treat personal injury patients, they often place a medical lien to ensure they are paid from the patient’s settlement. Even with the medical lien, a hospital could wait years to be paid from the case or a settlement with the injured party. In some cases, the hospital may not be paid at all.
How the Program Works
Medical Funding Professionals assists hospitals with exchanging their medical lien for immediate cash regardless of whether the injured party’s case is resolved or settled.
This eliminates the risk for the hospital of not being paid and provides the hospital with immediate payment for its services.
Medical Lien Funding Benefits
- Accelerate your payment – Now you don’t have to wait for funds … now you can get paid immediately. Your cash flow will both increase and stabilize.
- Reduce risk of non-payment – With this program your hospital won’t have to worry about reductions or write-offs. You also won’t have to accept Letters of Protection or liens on legal settlements as payment for services – now you can receive payment promptly instead of at some undetermined future time.
- Free up staff – Staff will no longer have to stay up-to-date on court proceedings or track down patients who have switched attorneys. They also won’t have to devote so much time to managing the collections process of maturing accounts receivable. They will be free to focus on other important tasks – like scheduling more patients and processing more insurance claims.
- Decrease overhead – A great deal of the money you currently spend on dealing with medical liens will go away. You’ll eliminate processing and verification costs and invigorate your business with upfront payments and no added debt.
- Increase your business – We work with numerous attorneys who may need to steer patients to a provider where they can get the care they need. This could allow you to create a new profit stream and patient referral base.
The Bottom Line…
With Medical Lien Funding, hospitals can rest assured that a patient will receive the best and highest level of care before a financial settlement is reached.
You can focus on providing the highest level of care instead of getting bogged down in the finances of individual cases.
Working with Medical Funding Professionals is your chance to expand your revenue while at the same time dramatically reducing bad debt risks associated with accepting patients on a medical lien.