Let’s talk about something that keeps personal injury attorneys up at night: cash flow. Personal injury firms work hard to win recoveries for clients, but then it’s like a slow drip waiting for those funds to be ready to be disbursed. One of the biggest culprits? Healthcare lien resolution.
These things are a handful. Medicare, Medicare advantage, Medicaid, ERISA plans, hospitals, and private insurance plans – they all want a piece of the pie. And while resolving these liens is crucial to maximize your client’s recovery, it’s also a massive drain of time for your team. Time that could be spent on, you know, actually practicing law. And most importantly, using your team’s time to resolve more cases for greater value – delivering great client results along with improved efficiency as well as profitability.
Think about it:
- Hours wasted: Your paralegals and lawyers are drowning in to-dos, paperwork, chasing down medical records, and haggling with lienholders.
- Delayed disbursements: While you’re wrestling with liens, your clients are waiting (impatiently) for their money, and your firm’s recognition of revenue is delayed.
- Missed opportunities: That time spent on lien resolution? It’s time you could be spending on increasing the value of existing cases, bringing in new clients and building your business.
The solution? Outsource it.
Look, I get it. We attorneys like to control every aspect of a case. But outsourcing healthcare lien resolution is a game-changer for personal injury law firms. Here’s why:
- Expertise: Specialized lien resolution firms like Synergy have dedicated teams with deep knowledge of subrogation laws and negotiation tactics. It is all about knowing the inside baseball. They’ll usually get you better results than you could on your own.
- Efficiency: Companies, like Synergy, have streamlined systems to handle the entire process painlessly and efficiently, freeing up your staff.
- Faster resolution: This means quicker disbursements to your clients, which keeps them happy and boosts your firm’s cash flow velocity.
Bottom line: Outsourcing healthcare liens is a win-win. You get faster resolution, improved efficiency, and happier clients. And let’s face it, wouldn’t you rather be focusing on winning cases than battling with healthcare insurance companies and their subrogation recovery agents over liens?
Written by:Â Jason D. Lazarus, J.D., LL.M., MSCCÂ | CEO