Medical Accounts Receivable Financing, And The Relationships It Creates
There are multiple benefits to physicians and medical providers to utilizing medical accounts receivable financing programs, the most important of which being the access to fast payments for work performed and expansion of the patient base through exposure to patients who would not have been considered had a program not been put in place. Many medical professionals understand that an ongoing relationship between themselves and a company that provides financing options works as a revenue stream by the facility of doctor being put on a “short list” of choices for legal professionals to go from when they are working with a patient. For example, a law firm that is specialized in workers comp cases sees an ongoing stream of people who have been injured at work or auto accident, those patients having found them through advertising of their specialty. This law firm will be recommending these clients for treatment to specific clinics or specialists that they have utilized in the past and have a working relationship. The law firm needs to get their client the treatments that are necessary, previous to the settlement of the case, and therefore must have a procedure in place that will streamline this process, and the payments that are associated with the treatment. By utilizing an account receivable financing program, the medical professionals are considered by the law firm who is handling the cases as an ongoing “go-to” because they have seen past cases be resolved professionally and amicably, with all of the involved parties doing their part in a way that does not hinder the process or make it more difficult and complicated. Med-Care Solutions has a long history of providing the professionalism in case management that other firms who provide medical accounts receivable financing cannot match, and as a result our legal and medical partners have the confidence to keep the relationship ongoing for future business.
The relationship between the medical practice and the referring attorney can easily be perceived as negative if even the slightest delays, un-responsiveness or mistakes are made. Each party involved must perform their duties on-time and with professionalism in order for the next stage of the process to begin, so the process being slowed down or the mishandled by any party involved causes the other parties to not be able to perform their functions as well, their reputations being potentially compromised and their settlements being delayed. Through an actual “real-world” understanding of the process due to the fact that Medcare Solutions was founded by medical professionals who themselves dealt with these issues, our process keeps all the involved parties in mind, and strives to bring cases to closure as quickly as possible. Other firms may put too much priority on the settlement itself, and as a result not be willing to consider circumstances that would be mutually beneficial to everyone. An example of this could come in the form of a reduction, where MedCare Solutions has a history of approving reductions if they are warranted and equitable to all. A firm that would not be open to such circumstances literally gets in between the involved parties and could potentially harm the relationship by not being flexible. MedCare Solutions considers the ongoing relationship between the parties is more valuable if it is undamaged,. Where other firms are concerned only about their own bottom-line, we understand that if we can put the pieces in place that are necessary, and at the same time simplify and manage the process to make the process easy, then a revenue stream is available for providers receive timely funding an don’t shoulder the overhead and collections costs. MedCare Solutions understands that business relationships are affected by the performance of the lien funding entity , which is why we have worked so hard to become the most trusted name in the business. We put our own reputation on the line with each partner that we take, and we take your practice and its reputation as seriously as our own. Contact Med-Care Solutions today to inquire about our medical accounts receivable financing options, and how your practice can benefit from them.