There are many different types of legal funding available for you to take advantage of. It can be difficult to understand which type of funding you or your client are eligible for. This type of funding can help you get medical care before the settlement is reached. What is pre settlement funding?
Pre Settlement Funding: A Definition
Pre settlement funding is access to a certain amount of money before a settlement is reached. Those who are eligible are plaintiffs going through an active personal lawsuit. This money is meant to pay for medical care while the settlement is being processed in court. Your client may be eligible if they have been injured at no fault of their own. Personal injury lawsuits or being denied workers’ compensation are a couple of reasons you or your client would be eligible.
With the funding, your medical provider gets paid before your lawsuit is settled. It is common that plaintiffs in medical lawsuits are not able to pay for these expenses right away. This funding bridges the gap by getting you medical care and your medical provider paid. The funding can be repaid directly from the money awarded to you after the suit is settled.
Benefits for Clients
If you are a plaintiff looking for a way to pay your medical bills you may want to look at pre settlement funding. When you apply for this funding, there are a few things to know.
You will not need to pay out of pocket. This includes fees or co-pays. Most funding companies give you access to their comprehensive network of providers. Depending on your provider, this may include chiropractic care, physical therapy, imaging, and even surgery procedures. You may get assigned a dedicated case manager to assist you through each step of this process. A case manager may be very helpful as this process can be stressful and confusing. If you are in need of transportation, translation, or prescription funding, it may be covered by this funding.
Benefits for Attorneys
As an attorney, you can be frequently busy. If your client does not have the resources to afford their medical care, it can put a hold on everything. The funding team can relieve some of the burdens of the case. A management team is usually present to provide guidance on the process. A case manager may be given to your client to make sure that everything runs smoothly. The case manager will follow up with the client to see how their needs are being addressed and update you in the process.
There is often more work involved in personal injury cases. Such as transportation, medical record collection, translation, and more. When a pre settlement funding case manager gets involved, they take over this responsibility so you can focus on the case. With this funding, there may be no upfront fees for you or your client. The repayment can be automatically withdrawn when the settlement is awarded.
Provider’s View
This type of funding should not change anything for the medical care provider. The financing company will pay for the patient’s current and/or future services based on your recommendation of treatment. This allows the provider to focus on the treatment without worrying about the funding. Providers get paid in a timely manner. You are able to treat those who are underinsured and not insured at all. The funding providers take the financial burden off your back and on to their own.
Positives of Funding Before Settlement
This funding is able to cover almost anyone who needs it. The client needs to be in an active case to receive pre settlement funding. If you are in the process of a settlement, you may benefit from this type of funding. Look for a reputable funding company for your financing needs. Don’t wait until the court settlement has been finalized to receive medical care. You can get started on your treatment right away with pre settlement funds.
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