Case ‘Funding’ Studies: How LOP Financing Quadrupled a TBI Settlement

It was a morning like any other for the Plaintiff; he woke early and set about his day, arriving at red light in a busy intersection during rush hour. As his light flashed green, suddenly (and irrevocably) he became part of the harrowing statistics any Traumatic Brain Injury attorney can recount for you as a motorist at the adjacent yellow light attempted to book it through the intersection – and failed. From the latest CDC data, nearly 500,000 TBI victims yearly sustain serious injuries like what resulted in this incident, requiring a lifetime of care – all due to traffic-related accidents. For our Plaintiff, one moment he was a healthy, independent adult in control of the future, and someone else’s bad decision later, Doctors were questioning whether he’d ever be able to regain even a sliver of his former life. Fortunately, the combination of an experienced attorney team, a dedicated TBI rehabilitation program, and a legal finance lender were able to give him a second shot.

He endured a grueling hospitalization and a trying run of inpatient rehabilitation. The Plaintiff’s incremental FIMS assessments showed improvement, and more importantly, promise. However without insurance, a continued program of care that could give the plaintiff a shot at earning back at least a semi-independent lifestyle was out of reach.  After several years of slowly picking up the pieces, the Plaintiff filed suit with a Law Firm and attorney who happened to have a stellar track record of earning multi-million dollar settlements for TBI victims. This would grant him a shot getting the funds required to continue necessary rehabilitative care. Though there was a deep-pocketed defense, with clear liability and settlement talks hovering around $2 million, the Plaintiff’s attorneys felt confident that they would be able to find a solution that would cover the care he needed – immediately.

Case Funding was brought in as the answer to the no-insurance problem, and rather than a traditional pre-settlement advance, was able to use a Medical Lien/LOP to secure an entire 5-months of specialized care through a partnership with Canyon Medical. The Medical Lien, also known as a Letter of Protection (LOP) is not a new financing option.  However, as recently offered through Legal Finance Lenders versus specialty lenders from the medical sector, the tool is presenting promising solutions for all four involved parties of PI lawsuit: the Law Firms, the Medical Provider, the Lender and especially – the Plaintiff.  Through the purchase of the plaintiff’s medical liens, both the plaintiff and his Attorneys were guaranteed that the entire 5 month program of care was secured – without fear of interruption from financial hurdles. Plus, through the daily observation of a medical provider well versed in the requirements of a personal injury lawsuit, not only did the full breadth of the plaintiff’s injuries came to light, but more substantiated life-long treatment requirements as well. Attorneys were able to leverage these comprehensive expert statements to quadruple the plaintiff’s settlement from $2 million to nearly $8 million. Case Funding’s purchase of the medical lien was able to maximize the case’s value for attorneys, and ultimately maximize the plaintiff’s potential quality of life.

Based on the success of this case, Case Funding and Canyon Medical have sought to strengthen the Med Lien/LOP solution to increase its convenience and benefit to Attorneys and their plaintiffs. A third partner, MoveDocs, was brought in to facilitate the exchange of medical records between attorneys and medical providers digitally without having to call & fax requests. Networks of vetted providers who accept Medical Lien financing are also in the works. . Interested attorneys will be able to speak with Legal Finance Specialists at this year’s conference at either the TBI section meeting on Monday 2/11 or Case Funding’s sponsor event at Glow bar in the Fontainebleau Hotel at 2PM the same day. Contact Leon Branam directly at (800) 543-4043 or for a private appointment.

Case Funding Inc. is a New York based specialty finance company and industry leader in providing litigation funding solutions to attorneys, law firms and personal injury and product liability victims. Case Funding factors and purchases medical liens from doctors, surgery centers and radiology centers. Selling or factoring medical liens allows medical providers to immediately improve their cash flow, reduce overhead and eliminate bad debt risk. Plaintiffs can receive funding for personal and other living expenses while they wait for their case to settle so they aren’t pressured into settling their case for less than its full value.