Discover how our treatment financing services can help.
February 23, 2022
Every year in Canada, there are more than 160,000 motor vehicle accidents. What’s more, the economic losses caused by traffic accident-related health care expenses and lost productivity are at least $10 billion annually.
Statistics aside, being a victim of a motor vehicle accident can be a harrowing, life-changing experience. This is then made worse by worries about how to pay for treatment necessary for recovery.
Between insurance companies denying claims, ‘no fault’ insurance policies and limited financing options, those who find themselves in need of treatment for accident-related injuries are often left without much support. This includes exhausting first party benefits in instances of significant treatment needs or where provinces have low AB coverage or time limits – two years in some provinces.
Treatment financing may be the solution for this scenario. These advances are specifically designed to help those involved in motor vehicle accidents cover their ongoing treatment expenses while they work toward making a full recovery.
What’s the benefit of treatment financing?
Many of the treatments required for accident-related injuries are not covered by public healthcare. This creates the need for another source of funding including accident insurance or private work coverage. Unfortunately, the amounts available are not sufficient for many victims.
In Ontario, for example, statutory accident benefits provide motor vehicle accident victims up to $65,000 in total coverage for medical, rehabilitation and attendant care benefits for non-catastrophic injuries.
While these accident benefits are certainly helpful, there are many situations when this coverage cannot adequately cover the losses sustained due to someone else’s negligence.
When this is the case, a personal injury lawsuit against an at fault driver may be an available option and damages in such a claim can include many different facets of an injury, including physical, emotional, and psychological trauma.
A treatment financing advance is specifically designed to help cover costs associated with treatment-related expenses after a motor vehicle collision where no other funding options exists. It allows lawyers to support clients who are awaiting funds that can be used for treatment from their personal injury settlement. It is important to note that treatment financing is also designed for personal injury claims where there is no first party insurer to cover any treatment costs, including slip and fall accidents and historical abuse.
How does treatment financing work?
At BridgePoint Financial, our treatment financing services are specifically designed to help injured individuals continue with their necessary treatment while they wait for resolution of their personal injury claim.
Our treatment-only financing model can be used for various treatment-related services, medical devices, dental treatment and private surgeries or procedures.
Treatment financing is designed to maximize the prospect of recovering financing costs based on precedent decisions and helps establish that the accident victim did everything they could to recover.
A key feature of our program is our term sheet that is attached to the notice to the defendant. This is a tool made available to assist with a claim for recovery of expenses, sets out the terms of the treatment loan, and helps put the at-fault driver’s insurer on notice that they will be seeking repayment for the cost of treatment as well as the interest associated with the loan.
What is the process for treatment financing?
Treatment loans are typically administered by a lawyer. They are made available as a lump sum, and funds are advanced to a law firm’s trust account to cover ongoing treatment expenses for the victim as they’re incurred.
Another option is to structure the loan as a line of credit, where the financing provider pays the treatment providers directly, as instructed by the lawyer.
In either scenario, our treatment financing options help cover costs now, and repayment isn’t required until settlement of the case.
To learn more about how our treatment financing program works and how it can assist your clients, please contact us today to book your personalized information session.
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