While meeting financial demands may be nothing new for healthcare facilities, for today’s medical providers a legal climate exists that has been described as an ‘economic gauntlet. 미프진 Just keeping the lights on for some healthcare facilities is an issue facing quite a few healthcare providers. How does this challenge affect you? Let us explore this question.
Nationwide medical treatment providers deal with tough issues daily, in part such issues range from; rising in business costs, State and Federal funding cut backs, reduced corporate donations created by a tough economy, and Federal legislation ensuring emergency medical treatment for all patients. Granted while such challenges are just a sample of the issues facing America’s medical providers, make no mistake, these issues alone are reason enough for a “fiscal juggling act” providers face as demands increase while capital is decreasing.
For the federally subsidized medical institution, each provider is motivated by Federal statute to provide emergency medical treatment to all or any patients, irregardless of the patient’s power to pay. To date; the financial impact such regulation has on medical providers has been defined by recent statistics that show over 50% of all emergency patients admitted annually have no proof of insurance at the time of admission. So what’s the correlation? Patients who receive emergency medical treatment benefit from the current legislation, as each receives medical treatment without a guarantee of financial responsible for such treatment. For medical providers the losses associated with patient care is absorbed as taxable write offs as well as handed down as increased healthcare costs to insured patients. Thus insured or not this situation affects people.
For the healthcare providers who are profitable, a “taxable write ” for uncollected patient accounts provides an advantage, but for medical provider whoever write offs exceed revenue, there’s a real paradox. For providers to meet budgetary demands while not generating sufficient capital to meet over head, and yet expected to provide quality care, well is too much being asked? Not if you’re an individual who’s standard of care falls below that guaranteed by national standards.
For the profitable medical facility write offs provide a slight advantage, but the reality is a “business as usual” approach to healthcare can not continue as at current because the facts are; a day of reckoning in on the horizon for us all. For medical facility business owners to keep the books balanced money must be available to meet financial demands and researching losses doesn’t fulfill the demands borne by wages, salaries, supplies, utilities, equipment, bank notes and the like. And while you’re assessing the billions in expenses just for these categories, add to the picture the legal costs of collections for not paid uninsured accounts. Now as you exhaust your finance calculator, are you beginning to understand the economic meltdown medical facilities face when treating the uninsured and finding yourself on the short end of the “financial stick”?
Granted while most You. S. consumers find themselves shedding no tears for multi-billion dollar healthcare facilities, you may find yourself feeling differently when you’re in need of emergency medical treatment and none is available because, the once prosperous medical facility is closed due to the economic reasons. Something to think about wouldn’t you agree? Are there other options vs . the standard way of doing business? Absolutely. Now let’s explore uninsured patients and the financial solution medical providers have available.
The “Solution”… the ” Medical Lien “
The Medical Lien is a legal security provided to a medical provider when a patient later becomes a plaintiff in a legal case. In that situation if settlement occurs, medical providers are compensated as the attorney of record compensates the provider out of the insurance collection proceeds. However, as financially sound as a Medical Lien appears to be, in a real world application, untold losses occur each year from the use of the Medical Lien.
While Medical Lien s are a nationally used legal tool, for the millions of patients treated annually under this devise the important points are, all too often a Medical Lien leaves the providers who rely on them with the “short end of the financial stick”. Revenues the Medical Lien are designed to generate instead create liability for the medical facility, and thus the results are, beyond emergency care, some medical providers decline patients or at best limit the amount of patients they accept whoever care is secured by the Medical Lien.
For the patient who becomes a plaintiff, the injured more often than not need ongoing medical treatment to experience maximum medical recovery. “MMR” is the sought after goal for the attorney to experience settlement, satisfy the Medical Lien providers, be compensated themselves and the patient-plaintiff.
As an illustrative example when a motorized vehicle accident occurs and the uninsured injured receive emergency medical treatment. In such instances the patient-plaintiff needs ongoing medical treatment in order to ultimately achieve mmr which ultimately correlates to an insurance settlement. This is where for the medical provider, the patient-plaintiff, and their attorney the proverbial “catch 22” begins.
For medical providers the paradox is such must maintain positive cash flow in order to provide services. Because Medical Lien s do not provide guaranteed compensation progressively more medical providers refuse to provide ongoing medical treatment under the auspices of the Medical Lien. For other medical providers who limit the services provided or the amount of patients accepted whoever file is secured by a Medical Lien, are forced to do so because of the lack of guaranteed compensation with the shear period involved in achieving compensation.
For the patient-plaintiff this paradox is important as financial difficulties and “pennies on the dollar” insurance settlement offers leave the injured with no-win choices; accepting an offer for settlement before achieving mmr, or searching for medical providers who accept Medical Lien patients, which in many cases takes months to receive treatment and delays a possible settlement even even farther.
For the contingent law firms in these instances the paradox occurs as their compensation is adversely affected by the amount of settlement achieved when the patient-plaintiff accepts an insurance offer without achieving mmr. Ultimately the values of the injuries sustained are not compensated for and the value of the case is not achieved.
Why then do medical providers decline or limit their care of Medical Lien patients? Let’s look lightly at what occurs for the medical provider:
Fact 1 Medical Lien s Provide No Guarantee of Payment: For medical providers Medical Lien s provide no guarantee of financial security if the pending litigation case is lost, period.
Fact 2 Medical Lien s Take Years to provide Compensation: Medical providers wait years for resolution as each has no leverage to take an “at fault” insurance carrier provide prompt payment for cases they must assume liability for.
Fact 3 Medical Lien s Result in Reduced Payments: Medical providers under a Medical Lien are negotiated with to reduce the accounts payable after researching the costs of care while waiting years for settlement.
Fact 4 Vexatious Delays: Vexatious insurance companies control settlement revenue allowing the insurance company time to continue to earn interest on settlement monies in their property while the medical provider looses revenue to interest.
Fact 5 Medical Facilities Face Loose-Loose Business Decisions: Medical facilities are forced to make “business decisions” everyday regarding researching losses for unsuccessfully litigated cases or spending more resources pursuing patient assets with still no guarantee of recovery.
Thus from both a financial and administrative perspective the Medical Lien Letter of Protection makes “keeping the lights on quite challenging as this legal instrument has proven after decades people to not be the most effective solution for budgetary medical management.
Is there a more Effective Solution?
The answer is yes. A long past due financial solution has been developed as an innovative approach to budgetary medical management and has been recently launched by a professional financial consulting firm, 1st Choice Funding. As financial guru’s, 1st Choice Funding offers an amazing budgetary solution for medical providers, patients-plaintiff’s and their law firms. This innovative financial solution has been appropriately called “No Risk… No Delay… Payment Today” Medical Lien Past record Funding.
As financial experts with a cutting edge solution oriented philosophy, 1st Choice Funding offers a fresh approach, an “outside the box” perspective to the medical-legal patient-plaintiff dilemma. By taking a target approach to Medical Lien s and the inherent issues they create, 1st Choice Funding offers a “No Risk” financial system that removes 100% of the risk for medical providers which will change the way medicine views the use of Medical Lien s. How is such possible? Simply put: because 1st Choice Funding has unlimited investor resources which when utilized provide a guaranteed cash infusion to the medical provider who sells the Medical Lien past record which turns uncollected patient accounts into a guaranteed cash avalanche.
With “No Risk” Medical Lien Funding Medical Lien patient files are then modified from “potential risk-to-capital” in days. And with this programs rendering, healthcare facilities are taken out of the business of law and kept in the business of healthcare. A sound financial option indeed. With “No Risk” Medical Lien Past record funding, medical facilities who utilize this program comply with Federal guidelines for uninsured patient services while not being left with financial consequences for doing such. The important points are for not paid Medical Lien accounts, medical providers who utilize “No Risk” capital receive:
Capital Today Instead of Capital Delay
Capital Today Instead of Capital Outlay
Capital Today Instead of More Capital Pay “No Risk” Medical Lien Past record Funding is just that simple. With this unique financial tool medical providers receive an unheard of power to increase patient volume and revenue without consequence. For the first time in history, healthcare is being offered the most effective “financial bridge” designed to bring Government, Finance, Law, Medicine and Patient Care together effectively and simultaneously. “No Risk” Medical Lien Past record Funding is good for medical providers, for patient-plaintiffs, and for their law firms. “No Risk” Medical Lien Past record Funding is a savvy financial solution and is a 100% winner for everyone involved.