Healthcare Facilities in today’s legal climate, but not limited to the following:
Rising operational costs
State and Federal cut backs
Federal laws, emergency medical care for all patients
American people who have all too many obstacles to negotiate. It’s no wonder then hospital administrators describe the fiscal juggling, they must do to survive this gauntlet, “extremely difficult at best” financial challenges.
The facts are clear, Federally shown that more than 50% of the patients admitted annually have no proof of insurance at the time of admission. While medical care is provided by the patient, medical providers are doing such a guarantee of compensation. The same medical provider later must then exhaust even more resources in the collections of patients hope to achieve some type of collection success Medical Condition.
For patients who have a litigation claim, i.e. an auto accident, which is the provider of records and acts as security for the time of settlement for unpaid medical services.
Despite what appears to be a financial solution for the medical care provider, the LLOP leaves medical facilities “with the short end of the financial stick” as they are only an unreliable instrument and not a solution. Let’s briefly examine the inherent problems with LLOP and the medical facilities challenges face when utilizing this legal instrument:
Fact 1: The first issue medical facilities face when using the “LLOP” is the LLOP provides absolutely no guarantee of financial resolution when the pending litigation case is lost.
Fact 2: A second problem when medical providers have no way of predicting when insurance will be taken years to resolve accounts.
Fact 3: Yet another issue when medical providers are forced to protect negative public relations collections when pursuing patient assets. A negative image is not what the provider wants to have as a reputation in the communities they serve.
Fact 4: Then there’s the issue that medical facilities who have significant overhead themselves have absolutely no leverage at the “fault insurance carrier” prompt payment for services rendered.
A medical provider must face tough business decisions: either absorb the losses for treatment or not. recovery. The now while both options provide limited benefits, the neither option actually provides a real solution. Thus, from both the financial and administrative perspective the Letter of Protection makes keeping a light on a challenge. The LLOP’s inherent weaknesses have proven over and over this instrument is not the most effective solution to fiscal medical management.
But Is There A More Effective Solution?
It appears to be a financial consulting firm called 1st Choice Funding whose online presence at [http://1stchoicefunding.com/medical.html] provides details regarding an LLOP solution that makes sense. The program is called “No Risk … No Wait … Payment Today” Medical Lien Buyout and it is through this approach that 1st Choice Funding takes the risk out of the LLOP for the medical provider. How so? Because through this innovative program, the company utilizes investors to sell the entire portfolio or to sell all the futures. LLOP files as well. Implementing this opportunity means that the medical facility has become a cash facility for the cash cow.