Improve Cash Flow and Reduce Risk with Medical Lien Funding
A common issue faced by primary healthcare businesses, such as hospitals, diagnostic centers, physical therapists and others, is receiving funding for medical expenses related to personal injury cases.
Compensation in these cases can be slow to arrive due to the typically lengthy nature of the court proceedings. This leaves healthcare businesses and personal injury attorneys with an immediate concern of poor cash flow as well as a future risk of not receiving payment for services rendered.
Medical Lien Funding provides a solution to this common and complex problem.
What is Medical Lien Funding?
When healthcare practices treat patients involved in personal injury cases they may place a medical lien to ensure they are paid from the patient’s settlement.
Unfortunately, medical liens come with a number of negatives, including: not being paid promptly for services rendered and the risk of never being paid at all.
Medical Lien Funding resolves these issues by providing immediate cash for the lien.
How the Program Works
Funders purchase the outstanding lien balance so that healthcare businesses can receive payment at the time of service.
With most medical liens taking an average of 18 months to settle, holding liens can often put a serious hardship on an organization or firm’s cash flow.
But that goes away with this program as it provides an immediate cash infusion. Plus, our funders purchase at the highest prices to ensure health businesses and attorneys receive the most cash flow possible.
How is this possible? Our funders carefully leverage data points on win/loss rates and reduction requests from numerous personal injury cases to precisely underwrite and price the receivables.
The end result is a win-win for you and your patients.
Currently, we offer both pre-settlement and post-settlement medical lien funding.
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 organization or firm won’t have to worry about reductions or write-offs. Doctors also won’t have to accept Letters of Protection or liens on legal settlements as payment for services – now they 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, healthcare businesses 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.