Settlement Solution Escrow Account
At a Stalemate?
Settlements sometimes stall because the injured person is concerned that a future surgery will be required, even though the payor believes that it will not be necessary. This impasse can cause claims that would otherwise settle to remain open indefinitely, creating a headache for the adjuster managing the claim.
Medivest has introduced a solution to break these types of stalemates. The Settlement Solution Escrow Account provides a means for both parties to escrow funds for a possible future surgery with Medivest for a pre-determined period, thus alleviating concerns and facilitating a settlement.
Medivest is recognized as a trusted provider of settlement tools, and has been for over 15 years. We’re a frequent intermediary, facilitating successful claim reconciliation, even in difficult situations.
The injured person doesn’t want to settle. They’re suspect they may need an costly surgery sometime in the future. It seems highly unlikely to the payer that the surgery will be necessary, and the cost associated with it would drastically increase the settlement. Both parties are at a stalemate.
To resolve this stalemate, the payer contacts Medivest about establishing a Settlement Solution Escrow Account. Medivest produces a medical cost projection to determine the potential cost of the surgery. The payer funds the Settlement Solution Escrow Account with an amount that’s reasonable and agreeable to the settling parties.
The account can be maintained until the injured person’s death, or for a prescribed period of time. If within the time the account is open, the funds are required for the surgery, they will be disbursed upon receipt of the medical claims associated with the surgery and treatment of the injury. If the funds remain unused at the time the account is closed, the funds are returned to the payer.
The advantage is that settlement is allowed to continue. The injured person receives their disbursement and the payer closes their file.
One-time flat fee, regardless of the amount funded.