What is Medical Funding?
Have you been injured in a car accident, slip and fall, or any other type of incident? Are you now facing medical bills and concerned about how to handle payment while your attorney works toward a settlement?
Don’t let worries about covering your treatment expenses overwhelm you. Explore the advantages of securing medical funding. With funding for medical expenses that are designed to provide you with peace of mind during this challenging time, you can have quick access to funds, allowing you to focus on your recovery without the added stress of financial concerns.
Medical Funding Explained
Health insurance doesn’t always cover the full cost of your healthcare bills. If you’ve been injured, you might find yourself paying a considerable amount out of pocket, either in the form of a high deductible or to cover procedures and medicines not taken care of by your insurance company. That’s where medical funding comes in.
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. Funding for medical procedures covers the cost of the 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. This funding pays the medical provider directly so that you don’t accumulate a large amount of debt while you wait for the settlement.
Who Medical Funding Helps
Receiving funding for your medical bills does two things:
- It aids individuals who have been injured and require medical treatment.
- It supports the doctors and medical providers who administer treatment to the injured person.
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. Direct funding helps healthcare 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.
Your personal injury attorney can also benefit from this 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 compensation he or she deserves instead of a deal that will pay out the quickest.
How to Get Funding for Medical Treatment
As a plaintiff, you apply for such funding yourself, even though the money goes to the doctor or healthcare practice. If you’re looking into medical funding companies like Gain, during the application process, someone from Gain reviews your case to see if you are eligible for the funding. The process is fast and simple, and most patients are approved the same day they apply.
What Happens After You Receive Funding?
Gain 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. Medical funding from Gain 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, Gain 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 approve it quickly. Don’t let an inability to pay keep you from getting the medical care you need. We’re here to help.