The Good, The Bad & The Ugly…and The Wisdom of Structuring Indemnity Benefits in a Workers’ Compensation Claim

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Indemnity benefits, designed to partially replace weekly income, are critical to workers’ compensation cases. Depending on the severity of the injuries and the limitations of the state statute, these benefits could provide weekly checks for a specific number of weeks or for a lifetime, typically at 60-662⁄3% of the individual’s average weekly wage. As I work with employers, claims professionals and injured individuals to resolve workers’ compensation claims with structured settlements, [...]

Why Injured Plaintiffs are “Unique Investors”

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Since the horrific attacks of 9/11, through the dot-com bubble, the sub-prime crash of 2008, and now the devastation from Covid-19, Americans have endured multiple financial meltdowns, massive layoffs, wild stock market rides and what seems like constant financial uncertainty. And this is just within the last 20 years. These unsettling economic times have taken a toll on our financial and emotional well-being. One segment of the American population has been especially vulnerable to volatility: the victims of catastrophic personal injury claims. [...]

ChronovoCare is Innovation in Full Dimension

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There’s a new path to settlement, paved by Chronovo, Inc. in its continuing support of carriers, TPAs and injured individuals. Here’s ChronovoCareTM, a first-of-its-kind, 3-in-1 medical savings program for prescription medicine, medical equipment AND surgical procedures that is offered by no other structured settlement broker. ChronovoCare provides a new level of consumer simplicity, flexibility, freedom of choice and tangible savings. It’s an entirely free program with no membership fees or requirements and no minimums. [...]

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). [...]