Using Structures to Bridge the Settlement Gap

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Early collaboration is critical to successful settlements. Chronovo’s Complex Claims Group brings invaluable perspective as an essential ally in the settlement process. Our experienced team can provide a robust, independent analysis of future damages and their costs. We welcome the opportunity to review the entire file independently as early as possible so we can craft a strategic first offer or first response to a demand. Insight into the claimant’s background and individual needs enables us to tailor more compelling proposals. [...]

ChronovoCare & Combatting Medical Bankruptcy

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Problem: The confounding burdens of medical debt Advocacy surrounding bankruptcy caused by medical expenses in the passage of the Affordable Care Act in 2010 and the Medical Bankruptcy Fairness Act of 2014 has made it difficult to establish exact correlation. Some economists have pegged the bankruptcy rate as low as 4%.1 Others have estimated that the number is as high as 62%,2 with the share of bankruptcies caused by medical expenses on the rise by 50%. [...]

Trial Starts Tuesday. Can I Get Some Structure Quotes?

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The answer to this question is always, “Of course, what do you need?”. However, it does beg the question of why the defense team waited so long to avail themselves of significant claim settlement products and services that add zero cost to the claim file. Chronovo provides a wide array of advantages to the defense team. We help assess and define future costs and needs and provide clarity and transparency in the settlement process. [...]

Six Golden Opportunities To Advance Settlements with ChronovoCare

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Like all negotiations, settlements rely on parties exchanging value with each other. The ultimate bargaining position? Offer significant value to the other party at a small—or even non-existent—cost to yourself. Now take the calculation into the realm of medical care and negotiations on behalf of injured individuals. You might be balancing the loss of coverage but gaining freedom in resolving a workers’ compensation claim—or considering current costs against future impacts in a pending liability claim. [...]

ChronovoCare & Mitigating the Impact of Litigation Loans

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Third-Party Litigation Funding (TPLF), or litigation loans, has become an increasing challenge to liability claim resolution. TPLF can provide financing for the injured individual who is unable to work and/or pay medical bills during the years-long course of litigation. If that individual lacks savings or collateral, there are few, if any, options to fund the gap. First appearing in the 1990s, TPLF has become a $5b industry. Its largest player recently reporting an 83% increase in loans and a 75% increase in profitability. [...]

Using Structured Settlements in Virtual Mediations

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As we continue to experience the impact of COVID-19, it is hard to ignore how it has affected almost every aspect of our daily lives and our society as a whole. We have all been forced to find creative ways to conduct business as usual. In our space, that means finding new ways to get cases settled. As we approach “settlement season,” let’s look at some solutions that have proven to be effective during normal times. [...]

ChronovoCare Extends Evidence-Based MSA Pricing on All Cases for Free

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Given the challenge that Medicare Set-Asides (MSAs) have posed to parties settling cases over the past two decades, Medicare Secondary Payer (MSP) compliance providers, lawyers and advocates have been quite creative. From zero-allocation exceptions and doughnut-hole deductibles to ill-fated, first-submission guarantee programs, efforts to rightsize Medicare’s settlement requirements have generated many innovations. Enter the Evidence-Based MSA, or EBMSA. This is an alluring alternative for many carriers, self-insureds and third-party administrators (TPAs). [...]

ChronovoCare: Leveling The Field of Prescription Drug Pricing

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Prescription drug affordability is a significant public policy challenge. A recent JAMA editorial railed against “relentless” prescription drug increases, stating that “people who reported the greatest difficulty affording [medicine] were those who most needed them.”1 Of the 27% of Americans who take four or more medications, a third report that they don’t take their medicine as prescribed due to cost.2 The challenge of affordability is not shouldered evenly by all. [...]

10 Structured Advantages for Plaintiff’s Counsel

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Structured settlements offer significant benefits to all parties involved in personal injury litigation. Here are ten reasons why they are particularly valuable to Plaintiffs’ Counsel. Structures enable you to: #1 PROTECT your client from exhausting the settlement money. Insurance industry statistics show that applicants prematurely spend lump sum proceeds meant to last a lifetime: 25-30% dissipate all proceeds within two months, 57% dissipate all proceeds within 3 years, and 90% dissipate all proceeds within 5 years. [...]

Chronovo’s Direct Pay Process: An Additional Safeguard and Industry First

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In response to guilty pleas for fraud and embezzlement totaling millions of dollars by The Pension Company’s Joe Gargan this year and Ringler & Associates’ Michael Woodyard in 2017, Chronovo, Inc. has launched its Direct Pay process for the remittance of structured settlement premiums. Effective immediately, Chronovo will no longer handle premium remittances for its clients. Instead, Direct Pay routes premiums directly to the life insurance company for processing.  This process will substantially reduce the opportunity for fraud while also expediting the receipt of premiums, [...]