Consensual Liens: Real World Example
Let’s say that Dr. Medic, an orthopedic surgeon at your hospital, is requesting OR time to conduct an elective lumbar spine surgery. The patient’s injury stems from a motor vehicle accident caused by a liable 3rd party. This particular patient is uninsured, unfunded, and the liable 3rd party will not advance monies for the cost of the required surgery. Dr. Medic has decided to provide his services on a consensual lien-basis, agreeing to wait for payment from the proceeds of his patient’s underlying legal case. You are being asked to do the same, but what do you do?
Traditionally, hospitals have not accepted patients on a consensual lien-basis due to the inability to assess the underlying situation, the inherent bad-debt risks and costs associated with collecting on these cases. Although tradition is trusted, MedFin is providing innovation that will shape the future.
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