Medical accounts receivables financing specifics
Medical accounts receivables financing specifics
A large percentage of patients who suddenly require medical treatments, therapies and surgeries are uninsured, and in other cases the insurance company that is covering them might potentially delay or refuse payments for their treatments due to the fact that their injuries were caused by another party whom may be found legally responsible. These types of patients present a unique problem for medical providers, as they are associated with greater risks of non-payment due to the fact that the legal proceedings have not yet established who should pay for the treatments. If the patient loses the case and there is no insurance that will provide payment, the collection of the debt owed has only a slim chance of being successful. Medical providers must make a decision if the patient can be treated by their facility, and if the risks of potential default are worth taking. Unfortunately for both patients and providers, the answer to this question is too often no.
Medical accounts receivables financing is a legal arrangement where medical providers are paid immediately by a company who assumes control over the debt owed in connection to the patient. In this type of arrangement, qualified accounts are purchased by a third party like Med Care Solutions, and the medical provider is then able to provide treatments that are qualified by the terms of the arrangement without carrying the medical accounts receivable on their own books. Although the list of potentially qualified procedures and treatments is long, just a few examples of the types of things that are generally covered are surgical trauma procedures, physician consultations, MRIs, pain management therapies and spinal injections. These types of procedures are commonplace in both personal injury and automobile accident cases as well as worker’s comp cases, and even though they are generally not unique within a legal proceeding they must be handled appropriately by all involved parties if they are to not pose a potential issue ongoing when it comes to the case. There are many specific elements that are involved in this type of transaction, and only an experienced medical account receivable financing operation should be trusted to participate, due to the fact that they will generally be managing the process and verifying that everything involved in the process is being completed in a timely, ongoing manner. While many firms with less experience may be guilty of leaving the patients, doctors and legal teams in the dark as far as the status and standing of the account, Med Care Solutions has the experience level and dedication to sensitivity that will assure that all deadlines are covered, all information regarding the case is transparent to all parties, and that nobody has the ability to drop the ball and potentially compromise the process. The legal firm, the doctors and patient, and the medical funding team must all work together to assure that the process goes smoothly, and more than a decade of experience in this area assures that Med Care Solutions will be there every step of the way.
There are benefits to medical account receivable financing through Med Care Solutions that go far beyond the simple guarantee of payment for the services rendered. Fast approvals for requests is at the cornerstone of the process that makes the firm so much better than competing firms in the same space. By assuring that the decision to approve is handled in the fastest timeframe possible allows patients to not have procedures delayed, and gets them the help they need to get their lives back as quickly as possible. Additionally, easy access to the information involved in the account allows for clients to be continually aware of the status of their requests. Med Care Solutions utilizes both account managers and software systems so as to provide access to information at exactly the time when it is requested. Through this system, patients and the associated parties are able to shorten the process leading to treatment significantly. Lastly, the generous funding that is available through Med Care Solutions is provided for a wide range of potential procedures and treatments, which assures that a patient will receive the procedures that are necessary and the providers will be compensated. Through ongoing involvement with specific facilities, a network of involved parties has grown, assuring that references to specialized facilities who participate in the programs are available to the patient. What this means is that if a doctor begins to work with Med Care Solutions and desires to expand his or her practice, potential new patients who are involved with the programs through their legal representation can be acquired through references. Similarly, legal firms who are seeking new clients can be considered through references from medical providers who are treating patients under the Med Care Solutions programs. Med Care Solutions acts as a hub to bring together the necessary elements of a case and moves it towards a fast and equitable conclusion with each account, and it is this knowledgeable approach that makes them the choice of so many of the potential sources for new clients that all of the parties are continually seeking.
The most important element with regards to medical account receivable financing is the understanding of the process and the dedication to creating the smoothest process possible for all the involved parties. The process has the ability to be hindered and delayed by each party, so Med Care Solutions acts as a manager to assure that each party knows exactly what is expected and when it is necessary. Through years of experience with the process, the roadmap towards a successful outcome has been provided and there is never the concern of confusion as to the process or a lack of knowledge on anyone’s part which could compromise the effort. At the end of the day, everyone needs to do their individual part in order to speed up the process, and working with Med Care Solutions assures that you will be working with a team of professionals who know exactly what they need to do in order for everyone to benefit. The process could not be more simple for the parties involved, and as a result there is a significant reduction in the potential for dropping the ball. Med Care Solutions guides the process so that you do not have to.