Lawsuit Funding for Medical Expenses – A Quick Example
Lawsuit loans are often used to pay for medical expenses such as surgical procedures and/or imaging studies. This makes sense since lawsuit funding for medical expenses is a primary use for settlement advance proceeds. The mission of lawsuit settlement funding is to assist personal injury and other plaintiffs who require immediate liquidity solutions PRIOR to settlement. That is, lawsuit funding provides immediate cash to pay for medical expenses, rent, utilities, food, car payments, and any other expenditure an injured person might need. In fact, there are absolutely no restrictions on the use of the funds.
Settlement Values Increase with Lawsuit Funding
Personal injury attorneys know medical procedures can increase the settlement value of a personal injury case. This comes as no surprise since plaintiffs are compensated for the extent of their injuries. More treatment in the form of physical or other therapies, surgical procedures, ambulance rides, hospital visits, diagnostic imaging studies and others, enhances and attorney’s ability to successfully argue that injuries are both severe and permanent.
What is even more remarkable, small expenditures can go a long, long way in increasing the settlement value of a lawsuit.
Demonstrative Evidence a Valuable Settlement Tool
Consider the following scenario: A young personal injury plaintiff, who requires extensive treatment is referred to an MRI center for an imaging study. The MRI reveals a torn rotator cuff injury which will likely require surgery in the future. Because of plaintiff’s age, a surgeon recommends surgery be postponed as long as possible.
Plaintiff’s attorney understands that non-surgical rotator cuff tears are unlikely to strike fear into an adjuster’s psyche. Certainly, non surgical conditions mean plaintiff’s counsel will be demanding less than if the plaintiff gets a surgery. However, plaintiff’s injury is no less severe as far as the plaintiff is concerned. And the prospect of a future surgery is not at all appealing. Yet the attorney still knows a “low ball” settlement offer is forthcoming.
In response, counsel works up his demand letter to the best of his ability and attaches a 3 dimensional (3D) rendering of the shoulder MRI study. This rendering is a 3D video showing plaintiff’s condition in graphic detail. The process involves uploading an existing MRI scan to proprietary software. The software then renders the 2 dimensional image into a 3D video.
Counsel knows many people grasp concepts visually and if jurors could watch the video, they will surely be able to grasp the seriousness of plaintiff’s injury. Better still, insurance adjusters and defense counsel recognize the usefulness of such a tool and are likely to increase their settlement offers accordingly.
Perhaps more to the point, these 3D rendering can be obtained on a lien basis or pre-settlement funding can be used to purchase them. This is just one example of how a small expenditure ($900-$2,500) can result in a significant increase in the settlement value of a case. Depending on the facts of the case, these images can yield a return ranging from 300%-700% of the expenditure.
Fair Rate Funding is Not Just a Lawsuit Funding Company
Fair Rate Funding began in 2007 to meet the growing need of accident victims for immediate liquidity to help pay any type of expense. Although we deal with finance within the legal services industry, we do not consider ourselves financiers. Instead, we consider ourselves plaintiff advocates as we try to level the financial playing field between deep pocketed insurers and accident victims who are unable to keep financially afloat throughout the litigation process.
Accordingly, we are excited to represent Multus Medical in an effort to help plaintiffs receive fair compensation for their injuries. Multus Medical is a proprietary software platform which takes an existing MRI study and renders it into a 3D animation. More importantly, the rendering is specific to that particular study. In other words, the videos are not just some generic movie showing what a herniated disc looks like in 3D. Multus renderings are animations showing the exact condition of that particular plaintiff. This is their unique selling proposition. It is also revolutionary in the personal injury litigation space. Multus Medical is the gold standard in 3D rendering of diagnostic medical studies involving MRI’s.
If you are a litigation attorney preparing for trial and your client has positive findings from a MRI study, you owe it to yourself and your client to explore the use of Multus Medical’s 3D rendering. Make 3D rendering part of your practice – the results quite possibly could astound you.
If you have any questions about 3D rendering or lawsuit funding in general, please do not hesitate to contact us at once.
Thank you for your interest in the lawsuit cash advance industry.