Handling the complexities of medical funding, whether you’re a healthcare provider, attorney, or plaintiff, is challenging. While the process can look different for every party involved, it’s important to have a deep understanding of medical funding and how you’ll benefit from it.
There are many factors that can affect whether or not you receive medical funding, so that’s why you should employ yourself with knowledge and improve your chances of receiving funding for medical expenses.
8 Medical Funding FAQs
Have you been injured and need medical treatment while you wait for your personal injury lawsuit to go to trial but have no insurance or a high deductible? How do you get the money to get the treatment you need? Should you consider medical funding? How do you select the correct provider? What questions do you ask while looking for what you need?
Getting answers to these questions can help you narrow the field when researching a medical funding company to help you with your financial needs. Learning the specific details of the medical funding process and how these companies operate will help you get the medical funding you need.
1. What Is Medical Funding?
If you’ve been injured and need to pay for healthcare bills right away, medical funding could be a solution. While your attorney handles the complexities of your personal injury case, you can receive a pre-settlement cash advance, allowing you to pay for the treatments you need.
Once your case is settled, that amount will be deducted from your settlement. This is a great solution for those who are worried about paying bills because it allows you to receive those treatments without having to stress over any financial burdens.
2. How Much Funding Can I Receive?
The amount of medical funding you can receive is based on the treatment you need, and the money is paid directly to your medical provider, which is enough to cover the cost of your treatment. After your settlement has been reached, the amount will be deducted from your compensation.
3. Are There Limits to the Treatments I Can Receive?
Receiving this aid isn’t much help if it doesn’t cover the care you need. Before you apply for funding for medical treatment, ask the pre-settlement funding company if it restricts paying for treatments in any way.
From consultation to surgery and from therapy to medications, you want to be absolutely sure that the funding will cover what you need and that you won’t have to fight to get treatment or receive an inferior procedure or medication.
4. How Much Is It to Fund Medical Costs?
Ideally, when you apply for medical funding, you will not have to pay anything out-of-pocket. That is why these services are so beneficial. You receive the treatments you need while your attorney handles the burden of fighting for the financial compensation that you deserve.
You don’t want to work with a company that will expect you to pay any out-of-pocket expenses before receiving the payments.
5. Do I Need to Pay Fees or Interest?
You are already dealing with a lot as it is. Since you are not paying anything out of pocket, you will not be expected to deal with any interest rates or surprise fees. Make sure to clearly communicate your situation with your representative so you can get an accurate plan.
6. When Do I Pay Back the Medical Bills, and What Happens if I Don’t Win My Case?
Ideally, after you receive the payment and treatment, you won’t have to pay that money back. However, some companies, unfortunately, don’t operate like that.
Here at Gain, however, our medical funding services are non-recourse, which means that they are not loans. Rather, Gain pays the healthcare providers for your medical treatment and, if you win a settlement, gets paid back from that. If you lose your personal injury case, you will not be required to pay us back.
7. How Does Gain Make Money?
Medical funding companies like Gain do not invoice the patient who needs the treatment. We give the money directly to the medical provider so that you can receive the treatment in a timely manner. Once your case is settled, we will deduct the amount used for your treatment as repayment.
8. How Quick Is the Process?
When you’re injured or in pain, you need treatment right away. That means you want to get the funding you need as quickly as possible. At Gain, our experts understand the direness of your situation and will work quickly to provide financial support. Depending on your circumstances, you may be able to receive funding in as little as 24 hours.
How to Get Funding for Medical Treatment
When you need emergency medical funding, turn to our experts at Gain. We have earned a reputation for honesty and transparency and for offering the best service in the industry.
If you are considering medical funding to cover the costs of treatment after an accident, we’re happy to answer your questions and review your case with you and your attorney. Contact us today to find out more about how we can help you.
