When a patient receives a medical service or a client files a personal injury claim, lawyers and healthcare providers alike need to know the total insurance coverage available. Insurance discovery helps to reveal the hidden coverage and hard-to-uncover policy information that isn’t readily available to those searching for it. With advanced technology, we can search thousands of databases to discover complete policy information for the client. Read on to discover the effective insurance discovery process and how it can benefit your Los Angeles business.
Start with the Basics
Insurance discovery is a process that reveals someone’s insurance coverage. Healthcare facilities or law firms often use it to uncover a patient’s insurance or the coverage involved in a personal injury claim. The process involves using advanced technology to analyze the person’s existing policy and expose hidden coverage or reimbursement availability.
Insurance discovery is highly beneficial for healthcare facilities as it unveils additional compensation for covered services that patients may not initially disclose. This can increase revenue and reduce the burden of medical bills for patients.
Digging Deeper for Hidden Coverage
Advanced search methods used in insurance discovery can unveil hidden or hard-to-find coverage. Various databases reveal primary, secondary, and tertiary coverage from public and private payers. It exposes hidden coverage from parent companies, subsidiaries, and additional policies.
Past California lawsuits can also disclose hidden insurance coverage. Insurance discovery divulges the defendant’s coverage, so their insurance history could be available as a public record if they were involved in a previous lawsuit.
Overcoming Common Challenges
Insurance discovery helps healthcare facilities overcome common challenges, including financial stress, poor patient experience, and work burdens.
Discovery can lift financial stress by exposing hidden coverage that is otherwise self-paid. Many patients need help to cover their medical bills, which can result in a lengthy battle to receive funding for the services provided. By discovering hidden coverage, medical facilities can increase revenue and receive reimbursements faster.
Facilities can also improve the patient experience by decreasing the amount paid out-of-pocket. Many patients face challenges due to the costs of medical services, so unveiling hidden coverage will offer financial relief from their medical bills. With less financial stress, they’ll have an improved experience, and companies will see happier patients.
Insurance discovery can also take the burden of extra work off of healthcare workers. It requires minimal effort from the provider, reducing the workload and taking stress off already busy staff.
Insurance Discovery for Legal Funding
During a personal injury case, lawyers engage in a discovery period during which they share information and engage in insurance research for the lawsuit. While some cases can take years to settle, with the discovery period dragging on for months, a professional insurance discovery provider can assist in the process by unveiling the total insurance coverage in a matter of hours or days. Revealing the full coverage as soon as possible will help plaintiffs receive pre-settlement and litigation funding and pay healthcare providers who treat patients with looming settlements.
The defendant’s insurance company often pays the settlement in personal injury claims. However, the insurance company is only liable for the amount of coverage in the policy, and anything above this is the defendant’s responsibility. With the various policy limits, insurance types, and benefits provided, hidden coverage may assist in legal funding.
Settlements are often reached during the discovery phase, with insurance companies offering the party’s total policy limit as a settlement. However, low policy limits, unidentified defendants, and underinsured losses can cause you to accept a settlement below your potential. With insurance discovery, your attorney can determine if there is room for further legal action and get you a higher settlement.
Contact Fund Capital America for Insurance Discovery Services
Fund Capital America is the trusted choice for insurance discovery services in Los Angeles. We help law firms and healthcare facilities discover hidden coverage by using specialized liability limit tracing technology to reveal hidden coverage. The result is happier patients, smaller workloads, increased revenue, and improved productivity.
Call us today to find the proper insurance discovery solution for you. We offer unlimited discovery processing, quick installation, and flexible payment plans. Our knowledgeable staff will answer any questions you have and create a plan of action that suits your business needs.
Frequently Asked Questions
What types of insurance policies might cover the other party’s liability?
Third-party liability insurance can protect the other party in a personal injury claim. This type of insurance protects people when they cause damage or injury to a person or their property. Third-party liability insurance often covers a specific limit for repairs, legal fees, settlement costs, and medical bills.
What are effective policy-limit search strategies?
If you’re involved in a personal injury case and are searching for the other party’s policy limit, you can write to their insurance company. However, this can be lengthy, and insurance companies often take months to respond. Professional insurance discovery services are the most effective policy limit search strategy and can help you uncover their policy limit within hours.
Can insurance discovery help assess a case’s value for funding purposes?
Insurance discovery can help assess a case’s value for funding by revealing the coverage available for the settlement. Most personal injury cases are settled for the total insurance policy limit. Uncovering this number can help you receive funding because lenders know the amount of coverage available from the insurance company.
