Accidents have a negative impact not only to the victim but his family. When the injuries are serious enough to necessitate hospitalization or surgery, it becomes an overwhelming source of distress and anxiety. Bills will pile up without any assurance when the claims from insurance will finally be settled. Not only are the hospital expenses the most immediate concern since there is that mortgage that has to be paid, the auto loan, tuition fee and utility bills.
However, the injury cannot wait until there is a financial source since it might result into a complications that will require more expensive surgical fees. Medical Lien Funding will advance the necessary medical fees upon confirmation from the surgeon or attending physician on the expected medical expenses
How does the process work?
If you have hired a lawyer for legal representation on your claim for compensation, a lien agreement will be worked out between the attorney and the accident victim where payment to the surgeon and other medical costs will be advanced. The merits of the case will be reviewed and evaluated hence the need for the legal representation who is party to the agreement. Medical Lien Funding companies will be entitled to a percentage of the final settlement and if the plaintiff loses on the case, the money invested is lost. This is why the merits of the case are carefully evaluated whether it is worth the investment.
The credit score of the accident victim is not involved in the process of evaluation and this is beneficial for those who have a very low credit rating which prevents them from seeking financial assistance from banks and other financing institutions. It is common for accident victims to endure financial difficulties even after the recovery from the injury but with funding the financial worries are reduced and the plaintiff can lead a normal life.
Medical providers also benefit through the funding since they are paid upfront whether the case is successful or not. The medical provider is paid without resorting to the billing and collection process. The plaintiff gets the necessary surgery and medical attention to help him in speedy recovery and ease the anxiety of financial constraints.
Aside from the medical funding, pursuing the lawsuit can be quite expensive. Even if the legal representation is on a contingency basis, there are filing fees, depositions and court appearances that have to be funded. Proper funding allows the lawyers to pursue the case more effectively for an early settlement. The lawsuit can drag for years and if the plaintiff has lost employment due to the accident or if he is too physically impaired to return to the job, the legal funding will help prevent a financial crisis.
Medical Lien Funding is commonly used in personal injury cases whether it is a result of an auto accident, workplace injury or medical malpractice. The amount varies according to the expected value of the settlement which may take years.
The process of the medical lien funding is similar to legal funding but with the cooperation of the medical provider, you can visit Amerimed Funding group. They averts a financial disaster for the accident victim.
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