Practice Management

Maybe I am the last to know, but I want to bring you ideas of niche practices that you can develop, especially if it is the type of practice in which you can operate out of your home without the need to visit clients very often.

The one I learned about recently was representing physicians, clinics, hospitals and chiropractors in monitoring the ongoing litigation and settlement of personal injury cases in which they did, or should have with your help, filed a lien for payment out of the settlement proceeds of the personal injury case.

I am told that doctors, clinics and hospitals are not as efficient as they should be at placing personal injury attorneys on notice of the services they are performing, obtaining the proper commitments to get paid out of any settlement proceeds, and in keeping the personal injury attorney updated on the services provided and the amounts owed.

I am also told that personal injury attorneys and firms are notorious for neglecting cases, not moving them forward very quickly as possible, failing to properly document commitments to pay these medical providers out settlement proceeds, failing or refusing to pay the medical providers as required, or failing to be completely honest with the medical providers as to the amount actually recovered, the attorneys' fee being paid, and in trying to bluff the medical provider into cutting their bills substantially when it might not be really necessary.

In this niche practice your job is to agree to handle the proper notification to the personal injury attorney and in securing a proper lien on any settlement, to keep the personal injury lawyer updated, and to make regular inquires to make sure the personal injury lawyer is actually moving the case along as opposed to letting it sit on his or her floor, and in negotiating and collecting the money once settled.  The medical providers know you are going to do your best to increase the speed and amount they are to be paid in every case because you get a percentage of every dollar you can manage to wrangle on their behalf.

You develop a regular based of medical providers that must deal with injury patients, who often do not have any or sufficient insurance such as orthopedic surgeons, neurologists,  emergency room doctors, hospitals, chiropractors, and physical therapist, to name a few.  They agree that when a matter arises where they need to get paid from settlement proceeds in a personal injury case, they send it to you. Most of the information can be provided over the computer, and doctors are into tech that will allow this information to be transmitted to you via email.  Then you develop procedures to get the lien in place, the notifications made, and you monitor the case to the end and collect the money in escrow.

What you need is a home office, a computer, a phone, a calendar to remind you to review matters and follow up, and a little gumption.

What you agree to do is to handle all of these cases for a small percentage of the overall recovery, lets say 15%, and maybe more if you have to file suit or a grievance against a personal injury attorney who does not comply, which could happen on rare occasions.

The medical providers are too busy to do this work and do not know the inner workings of the legal system in this regard.  Their errors costs them many thousands of dollars each year.  You should be able to convince them that you have a system in place to handle these cases efficiently, you know how to secure these matters, and you can monitor them carefully to get the medical providers not only the biggest return possible, but as quickly as possible.

As stated, the money is paid into your office.  You place it into escrow.  You remove your percentage, you transfer the remaining to the medical provider with instructions as to the account and an explanation of the services provided.

Essentially, you get paid for cracking a whip.