Physician Lien Financing And Untapped Revenue Streams
Being a physician is a difficult job, and dealing with financial slowdowns that can potentially compromise your ability to continually provide the top quality treatments and services to your patients that you are known for is an added headache that you should not have to deal with. The access to the cash necessary to simply fund ongoing operations like payroll and supplies is one of the unfair aspects of the medical field that many in other businesses simply do not understand, brought about in many cases by the collections process being too slow and the default rates being too high. All patients demand treatment today, but many are not able to pay their bills for those treatments until a legal case is settled or an insurance payment is received. This leaves the medical professionals holding the bag until the process plays out, yet being called upon to treat more patients in the meantime. When the necessary costs to cover outweigh the collected payments in any month, a physician can find themselves needing financing in order to keep the lights on, even though they have treated more than enough patients.
Physician lien financing is a way for physicians to treat patients while having a third party pay for the bills that are accumulated, and therefore removing the risks associated with collections and defaults from the facility. Physician lien financing comes into play in several circumstances, ranging from partnerships with legal teams who are representing patients to providing treatments to patients involved in worker’s comp cases. In all the potential circumstances where physician lien financing is an option, a specialized company like Med-Care Solutions steps in to cover the payments that are necessary to the physician in a timely manner. The physician treats the patients as they normally would, but are paid for their services by the lien financing company directly. The debt for the treatments is then pursued by Med-Care Solutions, allowing the physician to be compensated for their work, and to use the money for any reason that is necessary. In this way, the financing is not a loan, it is not required to be repaid in the event of a default and there is not added interest that is due.
Physician lien financing is also an option for physicians who are exploring growing their practice through treating patients that they once might have considered too risky. These types of patients are generally those involved in legal battles or automobile accidents that are being litigated to establish fault. The unwillingness of insurance companies to pay for treatments previous to being forced to creates a patient that has risks attached, one who many physicians would avoid taking on due to the possibility of o lost case and therefore the inability to pay out of pocket. Because of these types of risks, physicians will generally avoid this patient pool, but with a physician lien financing agreement with Med-Care Solutions they can treat qualified patients without worry of default as the payments are made directly from us. The consideration of involvement in this type of program will allow your practice to be on a short list of physicians willing to provide treatments for patients involved in legal proceedings, and therefore open up a previously untapped revenue stream. Contact Med-Care Solutions today for details.