The industry of attorneys and plaintiffs has been in operation for a decade, but the emphasis has to be laid down on the industry, mainly because a change is essential to serve the modern needs of diverse people. The need for a change is beyond necessary, given, the development taking place at a faster pace.
Every new emergence in the industry and new legal frameworks need better and strong assistance. There are these aspects that need to be in focus – exceptional service, transparency, and integrity. Legal aspects have increased a lot more than the previous decade and so have the needs. Such needs include pre-settlement funding which is requested by a lot more people.
Plaintiffs Legal Funding
The main focus here is on all the plaintiffs who are in need of pre-settlement funding. Only a funding company can understand the cases and situations in a better way, which makes it well versed with the implication, cases and law firms have over the plaintiffs. It happens many times that plaintiffs are deemed to get settlement but it would generally take quite a time for the legal proceeding. This acts as a barrier as this doesn’t provide a medium for the plaintiffs to meet their expenses requirements. The plaintiff generally goes through a number of diverse natured expenses and is required to pay them out of the pocket, which is a difficult case.
This is when the option of pre-funding comes handy, and is the prime subject of a funding company. The plaintiff’s case must be carefully evaluated and studied thoroughly in order to ascertain the amount of money they must be entitled to on a regular basis. Could a plaintiff ask for anything more than this?
Of course not, because this pre-settlement will buy the plaintiffs the proportionate amount of time to go through the case bidding for a higher claim, successfully. Other benefits the plaintiffs are to experience are, they will not be incurring any kind of day in and day out expenses which would anyway be associated with the claim.
The solution here or the offer made must not be regarding the plaintiffs individually. Law and legal firms are also to be provided with the assistance and ample solutions must be drawn. They are as well in need of ties and connections for them to make amendments to the activities they do and the way they work, such as sharing the burden of evaluation. This entire concept comprises increasing the case value of the legal firms and the firms need not spend an additional amount of time on the management of the funds.
Another major benefit derived from such an offer can be Non-Recourse. In case the plaintiffs don’t manage to secure the settlement or the claim doesn’t go in favor of the plaintiff, most of the funding companies claim no payment and you are not required to pay back. It is a win-win for the plaintiff in either of the cases.
Benefits of Pre-Settlement Funding
Medical expenses that comprise of:
- personal injury
- premises liability
- product liability
- medical malpractice
- Many other types of third-party liability cases
- Pre-settlement funding to help plaintiffs manage their living expenses as they are on their road to recovery
The cases qualify for funding are:
- Diagnostics – Imaging
- Pain Management
- Physical Therapy
- Spine Surgery
- Traumatic Brain Injury Treatment
- Inpatient and Outpatient Surgical Procedures
The case commonly comprises of three of the parties who happen to be the potential clients and they are: –
- Medical providers
The funding companies are the investment companies that work toward legal claims and liens. They purchase a portion of legal claims or whole of medical liens and offer it to their clients who are in need. All the parties mentioned above involved in whatsoever kind of case leverage the investment company’s product and services in a way that increases their case value.
Solutions Provided by the Funding Companies
Generally, the best pre settlement funding company provides up to the mark solutions for various parties and are best at what they do. Here is a better explanation of the 3 solutions it offers.
1. Funding platform
The platform provided is usually assisted and is fully technology integrated. Also, companies have managed to come up with the contrary proprietary platform, which processes the requests at a great speed in the industry. Platforms facilitate application to funding workflow which paves the way to the services we provide. The money or the cash flow is just a few clicks away.
2. Plaintiff funding workflow
The platforms are a major source of funding for the injured people and their families, whose attorneys have been fighting on their behalf for a higher and better settlement, or eventually a fair one.
3. Liquidity for healthcare providers
Such platforms provide account receivable liquidity solutions for the health care providers who accept insurance or medical lien against any kind of personal injury.
Such funding firms work on removing the financial complexities you are bound to face, by handling the back office of financing, making you burden free.