Medical lien finance and your practice
A special report submitted by MedChex
According the Census Bureau, more than 46 million people in the United States are without health insurance. Although bleak, this statistic offers a hidden opportunity that many doctors overlook. All of these citizens require health care and many of them are involved in personal injury or worker compensation cases. Doctors who are willing to provide services in exchange for a lien on the legal claim proceeds can substantially increase the number of patients they see each year.
Many chiropractors treat personal injury and denied worker compensation patients who don’t have health insurance as a way of increasing their revenue. In the past, many doctors regarded personal injury patients as a last resort way of growing their business. Today, however, these patients are often regarded as a good way to increase a chiropractor’s practice and in many communities there seems to be a limitless supply of patients.
Chiropractors can quickly grow their practice and their medical lien receivables by marketing their services to lawyers and doctors in their community. They can provide a valuable service to injury victims and their lawyers by providing timely medical care to patients who lack health insurance. By providing quality treatment to these patients, their legal claims increase in value, and the repayment of medical bills from the legal claim proceeds also improves.
There’s one major downside to accepting these patients because on average the bills aren’t paid for about a year from the date of service. In addition, a portion of the medical lien bills are never paid because the legal claim is lost or the client changes lawyers and the bills don’t get paid. Fortunately for doctors who are expanding their practices with these patients, there are now medical lien finance companies that will factor personal injury and denied worker compensation lien receivables.
Medical lien finance companies like MedChex evaluate your medical lien receivables and offer to purchase the receivables at a discount to their full value. These companies don’t charge any fees to the patients or lawyers, and they work with attorneys to reduce bills and help settle legal claims. Medical lien finance companies can also help you market your practice to the legal community to increase patient referrals. Once you’re part of a medical lien finance company’s network, attorneys will be aware that you treat personal injury patients and your referrals are sure to increase.
The purchase price of the receivables varies quite a bit because many factors and statistics are used to properly estimate what the actual payback and the overall loss rate will be with the lien receivables. Finance companies need to make a return on their money so in addition to the loss rate and reduction rate of medical lien receivables, they must estimate how long the receivables will take to pay off. State, county, size of bills (those above $5,000 are discounted), lawyer, type of case, timeliness of treatment, and insurance laws are some of the factors used to estimate the actual value of the medical liens.
Once chiropractors know they can sell their medical lien receivables rather than wait a year or more for payment, they can market their practice to the legal community to increase their patient flow. They know their cash flow will be steady as they build their practice. Additionally, one major benefit of personal injury patients is that they increase during poor economic times! This fact can help a chiropractic practice survive and prosper in poor economic times. MedChex has financed more than 65,000 cases in the last 10 years and uses past statistics to offer top dollar for medical lien receivables.
MedChex is one of the largest medical lien receivables with offices in White Plains, NY & Charlotte, NC. More information may be obtained regarding MedChex financial programs at www.medchex.org or by contacting Wensley McKenney at firstname.lastname@example.org or 866-709-1100, ext. 101.
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