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. [...]
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. [...]
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). [...]
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. [...]
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. [...]
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, [...]
Following this week’s momentous launch of ChronovoCare™, Chronovo’s unique 3-in-1 medical savings program, we are delighted to announce Jake Kelly as Executive Director. The principal architect of ChronovoCare’s first-to-market consumer product combining access to discounts for prescriptions, medical equipment and surgical procedures, Kelly has leveraged a career of creative innovation in our new offering. He brings experience in high-stakes environments to his new leadership role at Chronovo, extending our ability to offer consumers freedom, [...]
CHRONOVO LAUNCHES CHRONOVOCARE, THE INDUSTRY’S FIRST 3-IN-1 MEDICAL SAVINGS PROGRAM, TO EXPAND ACCESS TO FAIR PRICING FOR ALL
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FOR IMMEDIATE RELEASE
BURLINGTON, MASSACHUSETTS—October 6, 2020—Chronovo, Inc. is extending its ability to support carriers, TPAs and injured individuals with a new path to settlement with the launch of 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 was developed to provide a new level of consumer simplicity, flexibility, freedom of choice and tangible savings. [...]
FOR IMMEDIATE RELEASE
BURLINGTON, MASSACHUSETTS—August 13, 2020—Chronovo, Inc. has been named one of the nation’s most successful private companies, garnering 1385th placement in Inc. magazine’s Inc. 5000 list for 2020. This ranking of fast-growing independent companies represents important recognition for the most dynamic drivers of the American economy. Previous winners like Intuit, Zappos, Under Armour, Microsoft, Jamba Juice, Timberland, Clif Bar, Pandora, Patagonia, Oracle and other notable alumni gained their first national exposure as honorees on the Inc. [...]
ESIS announces $60m in savings, 4x settlements with structures through industry-leading Chronovo partnership
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We are fiercely proud to share ESIS’s announcement that Chronovo’s unique collaboration on several industry-first strategies has enhanced the use of structured settlements. In fact, ESIS has realized $60m in new savings for their clients in the past two years. Even more profoundly, our work together has also provided invaluable security, predictability and tax savings for hundreds of claimants, plaintiffs and applicants too. It’s the classic—if ever elusive—win for everyone involved. [...]
