WILMINGTON, MASSACHUSETTS - 08-04-2017 (Press Release Jet) --
By Marques Torbert, Chief Executive Officer
Selecting a professional administrator is an important decision, after all, the administrator is the one who will be managing the injured party’s Medicare Set Aside account typically for the rest of their lives. When deciding which administrator to go with, there are many factors that should be taken into consideration, including: the savings provided on medical expenses, the cost of the service, the quality of customer service, the security of sensitive information, and the convenience of technology.
Not all administrators are created equal. One single factor should not drive the overall decision on the professional administration company to utilize. The service, tools, professionalism along with savings provided by the administrator on behalf of the injured party can vary drastically. Below is a list of priorities to consider when evaluating which administrator is the right fit.
Savings on Medical Expenses
The savings that a professional administrator provides is the most crucial factor when determining who to choose. If the administrator can provide significant savings for the injured party, they can extend the life of their medical funds, reducing the chance of running out of medical funds. If the administrator makes use of multiple pharmacy, PPO provider and equipment networks, they can often provide even greater savings, which translate to the injured party conserving more of their settlement money. Remember, even though Medicare will step in to cover additional medical costs if the Medicare Set Aside account is properly exhausted, spent and reported, if an injured party exhausts the funds prematurely they will likely still have additional out of pocket costs associated with their Medicare plan. Those are costs they will definitely want to avoid which is why it’s so critical that they can maximize savings.
With the rising cost of prescriptions, these savings can help greatly. For example, a common prescription for injured parties is Diazapam, used to treat anxiety. Instead of paying $4.20 per month, as listed in the MSA, the injured party can pay $2.40 per month with Ametros. These savings add up over the years, and could amount to over $9,543 over the injured party's life expectancy, which is usually more than 20 years.
Many MSA professional administration providers do not focus solely on this service. Instead, they offer it as more of an accommodation. This means they likely have not spent significant time building out their savings networks or installing a support team to ensure bills are discounted and promptly respond to any questions. Ask about the support staff that focuses specifically on professional administration in terms of the number of people and learn about the types of medical networks and systems they use to manage the injured party’s healthcare.
It is important to consider cost charged by the administration company when evaluating administration services. However, as illustrated above, the cost for the service is not the only number that matters. For example, an administrator that costs $2,000, but saves over $23,000 on the MSA funds over the lifetime would be a far better choice than an administrator that costs $1,000 but does not offer any savings whatsoever. For this reason, it’s important to understand the potential medical savings first, before focusing solely on the cost of the administration service.
When it comes to cost, some administrators charge a yearly fee, while others charge a one-time flat fee. However, most are fairly similar in cost, so it becomes even more important to evaluate their savings capabilities, features and service levels that are included in their offering.
After settlement, the professional administrator becomes a resource and advocate for the member. A good administrator puts a strong focus on personalized attention for the injured party to ensure all of their questions and concerns are handled. This level of assistance can only be quantified by customer feedback, so it is important to look into current member testimonials and to ask for references in terms of other clients that can speak about their experiences. In addition, it’s important to know who will be on the other end of the phone when the injured party calls in. The best administrators offer 24/7 phone support in which a human being based in the United States answers the phone. In addition, it is helpful if they offer ways to email and online chat the administrator’s support team.
A professional administrator will be holding and handling the injured party’s funds, so it is important that they have adequate security measures to ensure members’ funds and information are protected. Professional administrators that have partnered with large corporations will have had their internal systems thoroughly audited to ensure they are a safe and reliable partner to assist them during the settlement and post-settlement process. When choosing a professional administrator, the best way to find out how secure they are is to ask! Do they undergo routine technology and financial audits, who are their clients that can confirm this, and are they HIPAA compliant, etc?
Technology is a large part of MSA administration because individuals want insight as to how their money is being spent and what the trends are. Member portals and mobile applications that use cutting-edge technology allow the injured parties to view real-time account transactions and trends. Some professional administrators mail paper statements to the injured parties once a year. For the injured party, having 24/7 insight into their account is incredibly valuable, which is why Ametros built a personalized online portal that each member has access to in order to have instant visibility into their account and how the funds are being used. Some administrators even offer telehealth options so that members can virtually chat with a doctor without ever having to leave their homes.
Going the Extra Mile
Very few professional administrators offer services above and beyond the core duty of administration. It is useful to work with a group that has a significant presence nationwide so that representatives are close by. Find out the geographic coverage of the team. Also, when needed, it’s important to work with a group that will send people to negotiations, mediations or just to meet with parties that are working a case to explain the service face-to-face with injured party. Remember, professional administration can be incredibly valuable in helping all parties to settle the case. Sometimes that personal touch is needed.
Most groups offer some kind of self-administration options for those who may not want full professional administration. Beware that many administrators try to charge a large fee, and often an annual fee, for self-administration support that consists of simply providing the injured party with a guidebook and a phone number. There is a less expensive and more effective solution available with Ametros’ Amethyst service.
These are just some of the main factors to consider when selecting a professional administrator. It is important to evaluate the administrator’s team and capabilities and to keep in mind that this will be a life-long relationship, so selecting the right partner is key.
Contact or read below to see how Ametros stacks up on all of these metrics. We are confident that we are the superior choice for professional and self-administration with our products CareGuard and Amethyst. A quick summary of the depth of our services is below:
Savings on Medical Expenses: We save on average 28% below what is in a MSA or medical cost projection. This consists of savings on average of 55-62% off doctor bills, 10-95% off pharmacy bills, and 10-30% off equipment. We utilize multiple national discount networks to ensure we are getting the lowest prices and have a team that focuses 100% of its attention on securing the lowest rates. No other administrator has the scope of networks and discounts that we provide.
Cost: Among the most affordable solutions. We never charge any annual fees, just a one-time charge of $3,000 or less.
Service: Ametros’ team is available around the clock and a human being always answers the phone. Our team is multi-lingual, speaking English, Spanish, Portuguese and several other languages. We also will find translators for other dialects when needed. In addition, the injured party can contact us virtually by using our online tools for real-time questions and responses.
Security: Ametros’ security protocols have passed the highest levels of scrutiny and have been vetted by multiple Fortune 100 corporations. We invest in our technology and our procedures to ensure the injured party’s information and funds are protected. Ametros is institutionally-owned and professionally-managed. Ametros hires third parties to independently conduct routine audits of its financials, technology systems, and policies and procedures.
Technology: Ametros offers online portals and mobile access to injured parties. The injured party has the ability to chat our team instantly and to setup telehealth appointments with doctors online. Our technology platform allows the injured party to find out real-time the balance of their account, what bills have been paid and the savings we have provided. In addition, Ametros is the only company that has developed an automated self-administration tool, Amethyst, that automatically reduces bills that the injured party receives even when the settlement funds are held in the injured party’s personal bank account. Ametros is also the only company with a patent that protects the innovations it has made regarding administration of settlement funds.
Going the extra mile: Ametros team of nearly 50 employees is the only team that focuses exclusively on administration. It is the only service we provide and pride ourselves at being the leader in the industry. We have representatives across the country and are always willing to jump on the phone or to make the trip to meet with parties to a settlement in-person.
Want to find out how Ametros can help you or your client? Contact us for a free settlement consultation!
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