What are Medical Liens?
Before we get into the definition of Medical Lien Financing, it is important to understand first what a Medical Lien is and the rights of medical providers in personal injury cases. Medical providers that treat personal injury cases can take a lien against the future settlements of a pending lawsuit when for instance, the patient doesn’t have adequate medical insurance to cover their medical costs.
What is Medical Lien Financing?
In an uncertain world, medical lien financing or sometimes referred to as medical lien funding, provides financial security for medical providers. Accidents happen and therefore, people get hurt. Medical lien financing makes it possible for patients to get the care they need now by getting providers cash through viable financing solutions. Without medical lien financing, most providers would not be able to continue treating personal injury victims. Personal injury cases can take years before they settle meaning providers are often times operating at a loss until anyone sees a payout.
Why is it necessary?
Fortunately, medical lien funding companies like PROVE exist to make sure medical providers can keep operating and treating patients without putting their practice at risk. While patients wait for compensation or settlement pending the close of their lawsuit, you as a provider will still be paid. In other words, medical lien financing provides short term liquidity in the form of a loan or cash that allows providers to pay current bills while they wait to collect the longer term receivables from P.I. cases.
Why PROVE for Medical Lien Financing?
While the typical timeframe for medical lien receivables is 540-1080 days, PROVE continues to dominate the industry, paying providers in as little as 30-60 days. We pay providers only 5-10 days after rendered procedures and final bills, records, and operative notes are received. With our Competitive Reduction Assurance, we guarantee that we give the best rates and reductions with complete price transparency. PROVE’s flexible fee structures are set with providers to not only increase the speed of settlement, but also remove friction during the settlement process. Case management has never been easier with our highly trained and certified experts. Case Advisors are assigned to every case, making sure you get paid. PROVE’s strong financial backing keeps funding reliable, allowing us to take on the risk of loss if the case outcome is unfavorable. With over 60 years of case vetting experience, we leverage data from tens of thousands of underwritten procedures to help determine the merits of a patient’s liability claim so you can get back to doing what you do best: treating patients.
If your firm hasn’t tried working with a medical lien partner yet, doing so will drive positive business outcomes for your practice and firm.
PROVE, a trusted partner, with more than 20 years in the medical lien industry, provides financing and servicing solutions that streamlines the arduous personal injury claims process. . With a focus on transparency, collaboration and technology, PROVE sets the standard for customer service, resulting in tens of thousands of successful settlements for attorneys and providers. PROVE’s clients experience better patient outcomes, more business referrals, and greater settlements. www.provepartners.com | 877-909-3111 |