When an accident happens, a hospital can accept full liability, partial liability, or dispute the claim altogether. The hospital can find itself in a difficult position; having to be caregivers and decision makers, while simultaneously trying to bring closure to the claim.
Medivest offers a Hospital Custodial Account (HCA). The HCA reduces the hassle associated with administering the medical component of an unsettled claim. It takes over the burden of medical claims processing and coordination of benefits. Medivest works as an advocate on behalf of the hospital and as an intermediary between the hospital and injured party while the hospital works toward a resolution of the claim.
How the HCA Works
Medivest will create a two-party agreement between the hospital and Medivest. The agreement will specify which injuries, medical expenses, supplies, and prescription medication will be covered and paid by the HCA. In addition:
- For an additional cost, Medivest can prepare a Medical Cost Projection (MCP) to determine the injured party’s future medical costs. The MCP can be used to decide how much to fund the HCA and can help identify potential medical liability.
- The hospital can either purchase an annuity to structure the medical costs or set the account up with a lump sum amount.
- The hospital can determine a threshold dollar amount that will determine when our claims department will contact the hospital to request additional funding. This ensures that there is no interruption in the medical treatment for the injured party.
- Medivest provides a cost containment program that provides access to our preferred pharmacy and DME vendors, subscribes to all state fee schedules and PPO networks, and negotiates rates for services and expenses.
- Medivest’s customer service department can assist with any questions from the injured party and medical providers.