California Workers Comp Financing
California Workers Comp Financing
“Workers Compensation” is a mandatory insurance policy that is held by employers in the United States that will provide wage replacement and potential medical benefits to employees in the case of injury where the employee is not able to fulfill his or her work requirements any longer. The tradeoff to the injured employee is that they will no longer be able to sue their employer for negligence if workers comp is accepted. The inability to seek recourse outside of the worker compensation system itself is exchanged for assured, limited coverage by the employee in an agreement known as “the compassionate bargain.”
California has the largest pool of employees in the United States, and therefore also has the largest amounts of workers comp insurance being held by employers as a provision. Although most workers comp cases will proceed in a satisfactory manner and without incident, the main source of additional stress to injured workers is the time frames in which the cases are settled. Because there is such a wide variety of workplace injuries that will result in workers comp cases, combined with such a large amount of factors that need to be considered in each individual case, it is not uncommon for medical providers to struggle financially during the timeframe from injury to funding. These workers can usually benefit from Med-Care Solutions in providing much needed financial assistance necessary to bridge the gap that exists until the case is funded. In California, the sheer volume of workers that are injured every day and who will need help in this form is daunting to consider.
For California employers, worker’s compensation claims are quite expensive hue to high insurance premiums and legal expenses associated with defending the claim. These large expenses will usually result in a hesitation on employer’s parts to pay claims as being legitimate, and most employers will delay the process of paying as long as possible. Since most worker’s comp cases involve an injury that will leave the medical provider to collect on its claims and has to shoulder the overhead and every day payroll cost. . The solution to this common problem is account receivable funding” which provides immediate cash to medical providers while the case is decided.
Another aspect of California worker’s comp financing cases is the complete lack of even a low offer from the opposing side to pay the claims due different interpretations of the California Workers Compensation Fee Schedule. In most worker’s comp cases the employer or the insurance company representing the employer is reluctant to pay anything at all, they have full time representatives at the Appeals Boards that interpreted Fee Schedule which leaves the medical provider without even the option of accepting a low reimbursement rate or shoulder the cost of hiring experts to testify on their behalf.. Workers comp funding through Med-Care Solutions gives the medical provider funding needed to fund their operation. and the advantage of not having to make decisions regarding their case due to a lack of available money, and can alleviate the stress involved in waiting for the case to be decided.
California has the largest population of workers, and also the largest population of injured workers involved in worker’s comp cases at any time. The sheer numbers of medical providers in needed to assist these patients and the significant challenges in collections during this time of need makes the funding options at their disposal limited, and as a result many Providers find themselves desperately seeking options while they are providing care. Med-Care Solutions is the solution.
Dr. Kamran Abdo