Medical Funding Explained
Health insurance doesn’t always cover the full cost of your medical bills. If you’ve been injured, you might find yourself paying a considerable amount out of pocket either in the form a high deductible or to cover procedures and medicines not taken care of by your insurance company.
With a strong case and a great lawyer, you might be awarded a high enough settlement to cover the costs of your medical treatments in a personal injury or medical malpractice lawsuit. But, it often can take months or even years for that money to actually arrive in your bank account. That’s where medical funding comes in. It covers the cost of the medical treatment you need while you wait for your settlement.
The Purpose of Medical Funding
Medical funding lets plaintiffs get the treatment they need, when they need it. It covers an array of medical treatments, such as initial consultation, MRIs and other imaging, lab tests, physical therapy and surgery. Medical funding pays the medical provider directly so that you don’t wind up deep in debt as you wait for a settlement.
Who Medical Funding Helps
Medical funding does two things:
1. Helps you if you’ve been injured and need medical treatment .
2. Helps the doctors and medical providers an injured person sees for treatment.
Since the money goes directly to the hospital or doctor’s office, the facility doesn’t have to bill a patient or wait to receive payment. The direct funding helps medical providers improve their cash flow. This also reduces the burden on the office staff, as they won’t have to chase after patients about bills or constantly follow up regarding the status of a patient’s legal case.
An attorney can also benefit from medical funding. When a patient’s medical bills are covered, the pressure to settle quickly is alleviated. That means a lawyer can focus on getting a client the award he or she deserves, instead of the award that will pay out the quickest.
How to Apply for Medical Funding
As a plaintiff, you apply for medical funding yourself, even though the money goes to the doctor or medical practice. During the application process, someone from Cherokee Funding reviews your case to see if you are eligible for the funding. The process is fast and simple and most folks are approved the same day they apply.
What Happens After you Receive Funding
Cherokee Funding pays for the plaintiff’s bills directly to the hospital or doctor’s office so the plaintiff doesn’t ever have to handle the funds. And, medical funding from Cherokee Funding is non-recourse and is not a loan. That means that if you don’t win your case or a settlement, you don’t have to pay the money back. If you do win, Cherokee Funding is paid back from the settlement amount. You don’t have to worry about paying any fees or interest out of pocket, ever.
If you’ve been injured, have a case pending, and need medical treatment, contact us today to see if medical funding is the right choice for you. We’ll go over the details of your case and will approve your case quickly. Don’t let an inability to pay keep you from getting the medical care you need. We’re here to help.