In our rather fast paced world it is unfortunate that some of us will either have an accident which will cause us some damage, or we fall foul of some illness which stops us completely in our tracks. When this happens, we sometimes find that we do not have the correct insurance, or not enough, to cover all the expenses which may come up from the accident. Where accidents occur we may have to sue the other party for compensation to cover all the costs but this will not be an easy task. In the meantime there are solutions in the form of healthcare accounts receivable and medical receivable factoring which takes away the worry and the stress of looking for the money.
What this means is that a third party company will buy up these kinds of debts from hospitals and clinics and pay everything in a set amount of time. Because the clinic can be guaranteed that they will receive their payment, they can take on patients who may otherwise have not got any treatment. This is particularly true in accident cases where going to court to settle the claim can take several years to complete. The third party company will naturally take a part of the payment for itself, but for this it is willing to wait for several years to claim what is rightfully theirs.
This then means that doctors and surgeons are far more likely to work with a hospital or clinic because they know that they will receive what they are owed after just thirty days so they also will not be left waiting for too long to get paid for their very necessary services.
Because of this, the hospital will be able to widen its client base to take in those people who may have been missed otherwise. Indeed, many people have had their injuries worsen because either they could not get someone to guarantee payment of their bills, or they just do not have this kind of money to pay themselves and then claim it back from the insurance company or person that they have to sue. This just makes problems worse for them of course, and some people have had to resort to selling their homes when the injury is so bad. Since the third party company can make a decision on whether to take up the case within the first twenty four hours of the accident happening, the patient will know immediately if they can relax and have to pay for the damage themselves. Once the company approves the claim, they guarantee to pay for the medical expenses right there and then leaving the hospital to get on with what it does best without having to think about debts or turning people away. The patient often heals faster without all the stress too so both sides can relax at the same time.
The patient himself does not see or hear from this third party company since it is the medical facility which will communicate with them on a one to one basis. The patient is then offered all the normal facilities that one would expect from a hospital when they have been damaged.
Tags: Health and Fitness