Legal funding for medical facilities allows doctors, hospitals, and medical centers to get paid when a personal injury victim cannot afford treatment. It can cover the cost of surgery and long-term care, even when an insurance policy won’t cover everything. A medical lien on a personal injury settlement can be risky; not every doctor or facility will work on a medical lien basis. At Fund Capital America, we offer dependable legal funding for medical facilities at competitive rates; we’ll now explain how it works.
Types of Medical Legal Funding
When you apply for funding, either the plaintiff or the provider can receive a non-recourse cash advance. How this works depends on the model used:
- Medical Factoring Model: The borrowed cash goes directly to the patient and their lawyer refers them to a preferred physician. The physician bills at a specific rate, and the medical funding company purchases the account from the medical provider. The lender collects the amount when the plaintiff’s attorney receives the settlement check and deducts a portion to cover the client’s medical costs.
- Physician-Funded Treatment Model: The funding company finances the medical provider directly to cover the plaintiff’s treatment. Billing is usually handled via a letter of protection between the physician, patient, and lawyer. The attorney then negotiates the amount owed to the provider upon a settlement or jury award, and the physician uses their profits to pay the funding company.
How Medical Facility Legal Funding Is Arranged
A contract or financing agreement lays out the terms regardless of the funding model. With the physician-funded model, the agreement identifies the claims and/or cases it covers as part of a schedule of accounts, along with other terms. Numerous documents are typically required to set up legal funding for medical facilities. In addition to the contract/financing agreement, these also include:
- Letter of Protection: On behalf of the provider, the patient must usually complete a letter of protection that establishes a lien on their settlement proceeds. The letter often indicates the patient is foregoing the use of their health insurance. It may require the attorney to obtain approval before accepting a settlement amount below the cost of services rendered.
- Intake/Referral Form: Medical providers often require a potential patient’s attorney to complete a form that details the accident, the patient’s insurance company/insurance limits, and if there were witnesses at the scene. Copies of incident or police reports may also be required. The goal is to assess whether a case is likely to win.
- Other Documents: Standard form letters are often used to provide status reports on litigation, determine policy limits, and report on the accident or incident. Communications may take place in written form or by email or text to help the attorney and physician stay coordinated.
Types of Care that Can Be Funded
Medical lien funding can cover just about any type of care. It can provide payment to a general surgeon, plastic surgeon, neurosurgeon, orthopedic surgeon, or anesthesiologist. Physical therapists, podiatrists, and pain management specialists can also be funded. The funding can also go to the hospital or surgery center.
The Process of Obtaining Medical Funding
To set up an agreement for legal funding for medical facilities:
- The plaintiff (or their attorney) submits information on the type of care needed.
- The funding company confirms a lien-based doctor is available in the area.
- The lender requests the plaintiff’s medical case information.
- The case is reviewed and the applicant receives an approval or denial.
- An appointment is scheduled and the plaintiff and medical provider can communicate directly.
Lien-based doctors work with legal funding firms that accept high-strength cases. Providing care on a medical lien is risky as the physician is providing care with no upfront payment. With legal funding, they receive a discount rate upfront. The remaining costs, which are put on the lien, are covered when the case concludes and a settlement is received.
Obtain Medical Lien Funding from Fund Capital America
We can approve you for medical lien pre-settlement funding if you have a pending lawsuit. Post-settlement medical legal funding is also available to qualified applicants. At Fund Capital America, we offer a simple process to obtain facility lien funding. Once you submit your information, we’ll review the facts of your case and documentation and notify you whether funding has been approved, often in as little as 24 hours. We also quickly find a lien-based doctor near you and schedule an appointment.
Legal funding for medical facilities and high-quality treatment for injuries are just a few steps away. To get started, apply online or call 855-870-2274.