Physician Lien Financing
Physicians and medical providers, like all businesses, need to continually find new sources of revenue in the form of patients in order to maintain their current level of practice, and in addition need to find new patients in order to grow. The amount of patients that are treated within a medical clinic or facility on a monthly basis directly represent the amount of income that will be available to cover costs and expenses, so it is in the best interest of the medical facility to continually be exploring new options, and finding new patient pools. One option that may have been considered in the past by many physicians is the “personal injury” types of patients or the worker’s comp patients, many times these types being decided against due to the inherent risks associated with non-payment. These types of patients are generally involved in some type of legal proceeding that will push payment for the services rendered back until the case is decided, and these payments will generally only be received if that outcome is favorable. Because of the high probability that the case will not be decided in the patient’s favor, or that the legal proceeding will drag on for an unacceptable period of time before any payment is made, many medical providers will simply choose not to take on these types of patients, and therefore close off this revenue stream.
Physician lien financing options available through third party firms like Med-Care Solutions allows these revenue streams to be re-opened by completely removing the risks to the physician. All qualified cases are covered for payment not by the legal firm representing the patient, not by the insurance company involved in the matter, or even by the patient themselves. Instead, a legal arrangement is made whereby the treatments and services provided to the patient are paid for by Med-Care Solutions and are paid directly to the physician. This arrangement completely eliminates the need for ongoing collections activities, and as a result also eliminates the potential pitfalls involved with not being familiar with the legal specifics that are required during the process. Med-Care Solutions handles all of the aspects of the case and takes the entirety of the risk onto themselves in exchange for a modest discount on the payments, thereby providing the physician with immediate and direct payment exactly as if the patient had paid out of pocket. The creation of a revenue stream to the clinic or hospital that has the same risk factors as traditional patients opens the facility up to a large pool of revenue that was untapped previously.
In addition to the obvious benefits of physician lien financing programs to the patient base that can be served, even greater benefits can be found in ongoing participation in arrangements as a “go to” facility that accepts physician liens. What this means is that your clinic or facility can and will be considered as a reference for legal firms in your area who are representing clients right now who are in need of treatment. The added revenue of simply being the “medical provider of choice” to a large pool of potential patients is available to you, and is a phone call away.