Specialty Allocations establishes a Medical Custodial Account from the proceeds of a Workers’ Compensation, General Liability, or Personal Injury settlement geared towards future medical only. An agreed upon amount is placed in an interest bearing FDIC insured account. Specialty Allocations will act as the custodian of the account in order to preserve the funds and to avoid pre-exhaustion. Specialty Allocations will administer these funds in order to safeguard them post settlement and still satisfy Medicare Secondary Payor's (MSP) guidelines.
Service Components of a Medical Custodial Account:
- The medical funds are deposited into an interest bearing account. Each claimant’s fund is in a separate account. No pooling of funds. 100% of interest earned goes back to the fund. Quarterly reports are sent to the claimant and/or claimant’s family regarding the account transactions.
- A Disability Nurse Case Manager (DNCM) is assigned to each case. The DNCM monitors the case and manages the providers' billing. The DNCM will be the claimant's advocate and will assist with appointments and all medical providers pertaining to the injuries sustained related to the accident.
- Each new claimant receives a membership card to present to their providers so that the providers will contact the DNCM regarding the claimant’s course of treatment.
- A discount pharmacy network is utilized for mail order pharmaceuticals, which can save up to 40% in prescription medication costs. The DNCM will monitor all prescribed medications involved.
- A discount diagnostic network is applied for MRI, CT, other tests, and durable medical equipment (DME).
- All medical bills are reviewed to properly allocate to either the Workers’ Compensation fee schedule or to usual & customary fee schedule.
- In addition to the above, other medical cost containment tools are provided in order to “extend” the funds of the account over a longer period of time.
- No contractual changes to the fees during the term of our agreement.