Medical Funding Q&A With The Experts
You’ve 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 a few questions can help you narrow the field when researching a medical funding company. Ask prospective medical funding companies the same questions to get a sense of the quality of a company and what you can expect when working with it.
How Much Funding Can I Receive?
Medical funding is based on the treatment you need and the money is paid directly to your medical provider and is enough to cover the cost of your treatment.
Are There Limits to the Treatments I Can Receive?
Medical funding isn’t much help if it doesn’t cover the care you need. Before you apply for funding, ask the pre-settlement funding company if it restricts paying for treatments in any way. From a 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 the treatment or receive an inferior procedure or medication.
Do I Need to Pay Fees or Interest?
Ask the funding company if you are expected to pay anything out-of-pocket. You’re dealing with enough financial difficulty as it is. You don’t want to work with a company that expects you to pay money before you receive money or one that charges a hefty interest rate on its funding.
When Do I Pay it Back and What Happens if I Don’t Win my Case?
Cherokee’s medical funding services are non-recourse which means that they are not loans. Rather, Cherokee pays healthcare providers for your medical treatment and gets paid back from your settlement only if you win a settlement. If your case is lost, no repayment is required
What are Your Interest Rates for Medical Funding?
There are none we provide either you or your attorney the invoice from the provider. Cherokee gets paid the exact medical bill with no additional charges or interest. If a medical funding company does have an interest rate, keep looking.
How Much Does it Cost?
When seeking medical funding it’s important to know there is no out of pocket expenses to the patient. You will not be charged upfront fees or interest for the service provided by Cherokee Funding.
How Does Cherokee Make Money?
Cherokee pays the healthcare provider an amount less than the invoice. Cherokee collects the invoice amount from the client’s settlement. Healthcare providers like it because they are paid quickly.
How Quick is Your Process?
When you’re injured or in pain, you need treatment right away. That means you want to get the funding you need right away. Find out how quickly the company reviews and approves applications, and how long it takes to get the money after you’re approved.
Cherokee Funding has earned a reputation for 100 percent 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.