Physician Financing Options For Practice Expansion
Growing a medical practice is a difficult task, and relies on finding new patients. A large portion of the pool of potential patients at any point involve personal injury cases, and are seeking treatment with an LOP, or “Letter Of Protection” from a third party. These types of patients are especially problematic due to the fact that their cases may drag on for months or even years, only then being able to be collected upon. While the ongoing battles of collections proceed, the daily expenses still need to be covered by the practice itself. This situation makes day to day operations of any physician practice difficult, let alone the consideration of expansion.
Through the physician financing options that can be set up with Med-Care Solutions, medical providers can not only solve the day to day cash shortage issues, but consider taking on more of the personal injury type of cases so as to increase revenues. Med-Care Solutions specializes in the purchase of accounts receivable and medical liens, which provide payments on accounts within days of the transaction. Collections no longer being an issue, the medical provider can concentrate on providing services to more patients through the knowledge that the account has no risk of default, and there are no penalties associated if the account is not collected.
How does this physician financing program work so as to provide expansion potential to medical providers? The clinic or practice enters into an agreement with Med-Care Solutions to purchase their medical lien accounts ongoing, essentially opening up a new consideration for patients that were once deemed too risky to accept because of the case associated with treatment. Since they have been injured as a result of the actions of another party, the case must proceed through the court system in order to come to a settlement that will be paid by the guilty party. Many times, this settlement is based upon a combination of aspects including the medical bills, so for the case to come to conclusion the bills associated with the treatment must have already been generated. Only cash-rich practices can generally accept these types of patients as they are understood to not be able to pay upon treatment like other patients can. Although there is still an expectation of payment, many aspects of the legal proceedings can undermine the collections, and many times default on payment can seriously jeopardize the future of the practice. With Med-Care Solutions as a partner, the facility can accept more of these patients without the associated collections risks, and therefore generate far more revenue.
Med-Care Solutions is very experienced and knowledgeable in the LOP and medical lien field, and has the ability to guide the process so as to free up your valuable staff as well. The pressures of deadlines and the delicate process of working in conjunction with legal entities is also a specialty of our trained staff. Through years of successful transactions we have developed an extensive network of partners, and maintain these relationships knowing that each party involved in each transaction is a potential resource for future business, and the growth of all of our partners is our priority. Through Med-Care Solutions, physicians have the options at their disposal to generate the new business that is necessary in order to grow, and the process can begin with an easy phone call or email to our representatives.