CHICAGO, March 30 Severe injuries, be it from an auto or work accident, are damaging enough. Adding to the difficulty of such circumstances is the mandated Medicare Set Aside process for some injured parties. Rising Financial Solutions (Rising), a wholly-owned subsidiary of medical cost containment and care management company Rising Medical Solutions, developed a tool that puts the power back into the patient's hands. The Company's new web portal finally lets an injured person manage their own health and money with as little or as much expert support as they want.
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Right now this technology is needed more than ever. Recently, the Centers for Medicare and Medicaid Services (CMS) have cracked down on patients for inappropriately managing their Medicare Set Aside (MSA) fund - a portion of their settlement funds, typically equaling tens of thousands of dollars to treat an injured person after settling their claim. Now every party to a settlement involving an MSA fund - the plaintiff attorney, defense attorney, insurer, medical provider and patient - faces the potential of litigation with the US government if an MSA is mismanaged. Patients also have the additional risk of losing their Medicare benefits if mismanagement occurs.
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Unfair, certainly; costly, absolutely; solvable, entirely, thanks to Rising's newly released technology. Now patients can save up to 75% off medical bills covered by their MSA. Reducing these bills helps patients stay in compliance with Medicare's rigorous guidelines and extends the life of their MSA funds.
"We see more and more cases of the Federal Government pursuing various parties due to the misappropriation of MSA funds," says Hany Abdelsayed, Rising Director of Business Development.
"Medical costs are increasing at least twice the rate of general price inflation. This volatile economic environment increases pressure to control claim costs, so carriers are having an even harder time settling cases. The need for knowledge and transparency is there. Patients shouldn't be kept in the dark and then punished for just not knowing any better," says Rising Director of Financial Operations, Christie Luke.
Often times, parties involved in settling the claim, including the plaintiff attorney, are not experts in Medicare compliance issues, so they're unable to advise the patient on how to properly administer an MSA fund. Additionally, settlement parties aren't able to follow the patient for the many years that come after the settlement to ensure continued compliance. It's stressful and nearly impossible for even a highly educated person to navigate the complexities of administering an MSA fund. Rising's bilingual web portal makes MSA administration as easy as using a check book. It records, manages and tracks every detail of the patient's medical bill and payment history through the life of the MSA fund. It also has repricing tools that reduce medical bills to the appropriate state's rates, per Medicare guidelines. If an authority questions a patient's use of the money, necessary proof is at their fingertips to help safeguard them from litigation and keep funds intact.
About Rising Medical Solutions Inc.
Rising Medical Solutions is a national medical-financial solutions firm that provides leading medical cost containment, care management and financial management services to the group health, auto, workers' compensation, and liability markets. Inc. magazine and the Private Company Index (PCI) rank the Chicago-based company as one of the fastest growing private enterprises in America.
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SOURCE Rising Medical Solutions Inc.
