Patients injured in accidents often require substantial medical care—everything from surgeries to emergency room care to physical therapy. Many patients come in underinsured or without insurance, making them unable to pay for the services they need.
Instead of denying these patients care, hospitals and medical professionals can turn to medical liens. Read on to discover how medical lien servicing can increase returns.
What Is a Medical Lien?
At its simplest, a lien is an “I owe you” to a lien holder. In the case of a medical lien, a patient injured in an automobile accident may leave the hospital or emergency room with a medical lien that entitles the healthcare professionals to a portion of their settlement money after a lawsuit. The doctors responsible for treatment will not be paid until the patient has won their settlement.
While waiting for a lawsuit to end may sound like a problem, medical liens come with a whopping benefit: you can bill the patient at a usual and customary rate, as opposed to the negotiated costs you’ll receive from insurance companies. Although you’ll need to wait to receive payment, you’ll typically get paid more money.
How Does Lien Servicing Work?
Most healthcare providers know that there are inherent financial challenges that come with treating underinsured or uninsured patients in an ongoing personal injury case. Medical liens can take over a year and a half to resolve, but firms with medical lien servicing options, like Apogee Capital Partners, make everything easier.
We guarantee reimbursement of treatment when working with underinsured and uninsured personal injury patients, and we can service your existing medical liens. Gone are the days of worrying about treating personal injury patients—instead, enjoy a world where you can bill a funder the same day you provide the care and expect reimbursement within three business days.
Now that you know how medical lien servicing can increase returns, work with a reputable firm to ensure you’re paid fairly for the work you do.