Frequently Asked Questions
What is MedFinManager?
MedFinManager™ is a financial service company providing a range of services that provide guaranteed financing for qualified patients, that results in increased cash flow and reduced risk of bad debt for healthcare providers. MedFin’s mission is “facilitating medical care on a lien”.
What is a lien?
A lien is a legal instrument that places a financial liability upon property or funds for the satisfaction of some debt or duty, ordinarily arising by operation of law.
What is a consensual lien?
This is a legal instrument that provides a contractual relationship, made by mutual consent of the parties (patient, patient’s legal representative) involved, which permits a charge to be placed against funds, for the satisfaction of a debt, e.g. the providing of healthcare services. The unique feature of this type of lien is that all parties agree to the action before services are provided. Services that can be covered by a Consensual lien agreement include diagnostic work-up; treatment, to include surgical procedures, and follow-up care.
Why are liens important to healthcare providers?
Lien-based medical care can be an important new source of revenue and reimbursement for many healthcare providers –physicians, clinics and surgery centers. It is the one area most often overlooked when providers are exploring revenue enhancement ideas.
Why go to the bother and risk of accepting Consensual liens?
Unquestionably, providing any lien-based care does carry a degree of risk, and certainly increases expenses and work for the office staff. However by not accepting Consensual lien cases, a significant bottom-line opportunity may be lost. Additionally it provides a way to strengthen relationships with other supporting providers.
How do I seize the potential business opportunity of Consensual liens without the risk and added expense?
You do this by making MedFinManager™ your financial partner, for the purpose of assessing and financing your lien-based patients.
Why use MedFinManager?
There would be much greater risk and difficulty by establishing such a program on a do-it-yourself basis. MedFin’s support and expertise allows for minimal impact on your business office staff and the risk is almost completely eliminated, by MedFin’s underwriting assessment and guaranteed financing.
Where are you currently operating?
MedFin™ is broadly based and has markets in 18 states currently, and has a specific focus towards expansion nation-wide. MedFin’s clients include leading specialty physicians, clinics, ASC’s and large healthcare systems.
How does your process work?
The MedFin Consensual Lien Facilitation & Purchase Program is generally initiated by the referral of a case by a physician or attorney, seeking approval for financing. MedFinManager makes this possible by quickly providing underwriting and risk assessments. In many instances, the turn-around time is just a few days. This information is transmitted to you prior to scheduling treatment; thus protecting you from accepting high-risk liens. Following the patient’s course of care, your business services office will send the patient’s bills to MedFin. You will receive a guaranteed payment within 30 days following completion of the necessary account documents.
What is the impact on my billing and collecting?
Our Program is effective in eliminating the negative long-term aging impact that has been associated with accepting consensual liens. This is because the aging of the account is controlled by your billing process. MedFin™ will accept your billing and guarantee payment of the contracted amount in 30 days after the necessary account documents are completed. We further protect your bottom-line by making a Without Recourse account purchase. No matter what happens to the lien, MedFinManager™ will never ask you to buy it back. It is a guaranteed purchase.
Are there any up-front fees that have to be paid to MedFinManager?
There are no fees charged for our services. MedFin™ assumes all the up-front costs associated with the underwriting and risk assessment, and the purchase of the liens. The contracted percentage paid to you for the purchase of a lien is a simple, straightforward amount and is inclusive of all costs. Remember, MedFin™ pays you – not the other way around.
Will you help develop my market for increased lien-based business?
Absolutely. MedFin™ will work with providers to reach out to the other important links in this process. We understand that physicians want to refer patients to specific facilities, that these facilities want to retain their credentialed physicians, and that attorneys need to know which providers utilize MedFin™ financial services.
Do we need to deal with attorneys and a bunch of paperwork?
No – MedFin™ can handle much of that for you. Depending on how you wish to set up the program – it can be customized to allow you as much or as little contact with attorneys as you wish. Once your account has been purchased – MedFinManager™ will handle everything from that point.
What if we get a call from an attorney after we sell the lien?
Just call MedFin™ and tell us about the contact – and we’ll take it from there.
Is there a minimum usage?
There is no minimum. Since MedFinManager’s programs are customized to meet your requirements, you stay in the driver’s seat and decide on how frequently to use our services. However, low frequency may be an indication that your staff is not trained to maximize this opportunity for additional revenue. MedFin can assist by providing training.
Is there a maximum dollar amount for the purchase of lien accounts?
No. MedFinManager™ is fully prepared to evaluate, and buy any and all of the qualified liens you have to offer, no matter how large the account balance.
Where can I go for more information?
You can certainly speak with your MedFinManager™ contact, by calling (480) 763-1245 or request a list of references, which we would be more than happy to provide to you.