Cherokee Legal Holdings Positioned for Growth, Hires Michael Byman as Vice President of Sales and Marketing

By | Press Releases

Cherokee Legal Holdings’ 5-Year Compound Annual Growth Rate Exceeds 50 Percent, Hires Vice President of Sales and Marketing to Lead the Company Through the Next Phase of Growth

March 31, 2021 – Atlanta – Today, Cherokee Legal Holdings (“Cherokee”), a full-service direct legal and medical services company, providing financial assistance for plaintiffs, payment for medical care and the servicing of third-party, torte action receivables for medical providers, announced the hiring of Michael Byman as Vice President of Sales and Marketing. Michael began with Cherokee at the beginning of the year.

“Michael’s extensive experience in the healthcare space combined with his focus on customer service and his competitive edge from being both a collegiate and professional athlete fits perfectly with Cherokee’s growth initiatives. We are here to change the healthcare and legal playing fields to the benefit of providers, attorneys and patients and he is the ideal leader for these goals,” said Cherokee CEO, Reid Zeising. “Michael has proven to be successful at every stage in his career and this latest challenge is one that he is ideally suited for.”

Prior to joining Cherokee, Michael worked as Regional Vice President for Jackson Physician Search, a Jackson Healthcare Company, where his region experienced 180 percent growth under his leadership, making it number one in region (2016-2020) for both growth and revenue. Additionally, Michael worked for Merritt Hawkins, part of AMN Healthcare, as Director of Business Development and Marketing, Smart-Tek as Divisional Vice President – Healthcare, and CompuPay Inc. as District Sales Manager.

The announcement of Michael comes as part of a series of promotions and new hires as Cherokee prepares for the next stage of company growth. Cherokee also recently announced the launch of Gain Servicing (www.gainservicing.com), a SaaS-based, AI-enhanced third-party servicing platform.

About Cherokee Legal Holdings

Cherokee Legal Holdings (“Cherokee”), parent company of Cherokee Funding and Gain Servicing, is the fastest growing legal funding and medical lien servicing company in the United States. Cherokee has built a best-in-class technology platform with core competencies designed specifically to effectively service and manage tens of thousands of third-party liability liens simultaneously – this has proven to be much more effective than if a provider were to manage any volume of liens in-house.

More about our companies:

  • Cherokee Funding (cherokeefunding.com) provides monetary advances for personal injury victims to pay for their life needs and medical procedures while they await fair settlements.
  • Designed for healthcare providers, Gain Servicing (gainservicing.com) is built on a SaaS based, AI-enhance lien servicing platform and provides revenue cycle management (RCM), financial, underwriting, risk management, settlement, collections and reporting services to healthcare providers who treat personal injury victims.

Fundamentally, Cherokee believes that uninsured and underinsured patients who have suffered injuries in an accident, through no fault of their own, should have access to the same high-quality medical care as insured victims. In addition to Cherokee Funding and Gain Servicing, Cherokee has established a non-profit organization built around personal injury victim access to medical care. Stay tuned for more details, www.allpatientaccess.com.

Danika Ransom Promoted to Senior Director of Operations, Richard Harrison Promoted to Director of Corporate Development & Finance

By | Press Releases

Cherokee Legal Holdings Announces the Promotion of Two Senior Team Members, Makes Two Additional Hires as Part of Company Growth Plan

March 22, 2021 – Atlanta – Today, Cherokee Legal Holdings (“Cherokee”), a full-service direct legal and medical services company, providing financial assistance for plaintiffs, payment for medical care and the servicing of third-party, torte action receivables for medical providers, announced the promotion of two senior team members.

Danika Ransom was promoted to Senior Director of Operations. Starting with Cherokee in June 2016 as a Case Manager, Danika has held multiple roles, including most recently overseeing both case management and risk management. In her new role, Danika will oversee underwriting, case management and risk management, as well as lead the development and roll out of Cherokee’s healthcare provider and law firm portals. In tandem with her promotion, Danika has hired Director of Operations, Paul Palladino.

Additionally, Richard Harrison has been promoted to Director of Corporate Development & Finance.  Richard began his career with Cherokee as Manager of Financial Planning & Analysis. His curiosity, talents and thirst for knowledge led him to take on additional challenges including deal origination, merger and acquisition activity and systems development. Richard has also been actively involved in Cherokee’s artificial intelligence initiative. In his new role, Richard will lead corporate development efforts in addition to the Cherokee finance department. With his promotion, Richard has hired Matthew Winstead as Senior Corporate Development and Financial Analyst.

“These are the first of many organizational announcements to come as we prepare for the next stage of our growth,” said Cherokee CEO Reid Zeising. “We are proud to promote from within, especially individuals like Danika and Richard who are representative of the ‘can do’ attitude that exemplifies our commitment to employees, customers and partners. Our objective is to ensure that we have the best workflow possible in order to create the best user experience for our customers, and to make our process as smooth and efficient as possible. Coupled with the latest cutting-edge technology employed across our portfolio, individuals like Danika and Richard make that possible.”

The announcement of Danika and Richard comes as part of a series of promotions and new hires. Cherokee also recently announced the launch of Gain Servicing, a SaaS-based, AI-enhanced third-party servicing platform.

About Cherokee Legal Holdings

Cherokee Legal Holdings (“Cherokee”), parent company of Cherokee Funding and Gain Servicing, is the fastest growing legal funding and medical lien servicing company in the United States. Cherokee has built a best-in-class technology platform with core competencies designed specifically to effectively service and manage tens of thousands of third-party liability liens simultaneously – this has proven to be much more effective than if a provider were to manage any volume of liens in-house.

More about our companies:

  • Cherokee Funding (cherokeefunding.com) provides monetary advances for personal injury victims to pay for their life needs and medical procedures while they await fair settlements.
  • Designed for healthcare providers, Gain Servicing (gainservicing.com) is built on a SaaS based, AI-enhance lien servicing platform and provides revenue cycle management (RCM), financial, underwriting, risk management, settlement, collections and reporting services to healthcare providers who treat personal injury victims.

Fundamentally, Cherokee believes that uninsured and underinsured patients who have suffered injuries in an accident, through no fault of their own, should have access to the same high-quality medical care as insured victims. In addition to Cherokee Funding and Gain Servicing, Cherokee has established a non-profit organization built around personal injury victim access to medical care. Stay tuned for more details, www.allpatientaccess.com.

How to Increase Cash Flow from Letters of Protection

By | Blog

For many healthcare organizations, managing cash flow is a regular challenge. While insurance carriers demand more and reimburse less, the time between date of treatment to when a carrier issues payment continues to increase. This time lapse adds to the difficulty of managing cash flow – and this, of course, is just speaking to the cases where patients have insurance AND have met their deductible.

Cash flow challenges increase substantially for practices that treat uninsured and underinsured personal injury patients on liens or Letters of Protection (LOPs).   The payments awarded in these cases can take anywhere from six months to seven years, and there is no way to predict when settlements will occur and when payment will be issued. Thus, LOP account receivables (AR) build up over time as do delays in payment. Most practice management systems are not set up to handle these types of claims with relative ease.

Furthermore, when LOP account balances are paid, the vast majority are not paid in full.  Almost all payments come with reduction requests.  Not only do healthcare practices not have comparative data to understand what reduction amounts are equitable, but most do not have an attorney or paralegal on staff to assess reductions or underwrite cases prior to seeing personal injury patients.

When personal injury patients are treated on LOPs, ongoing communication with attorneys is required to avoid instances where cases settle without the practice being reimbursed.  Properly tracking cases requires a significant amount of time and resources from practice staff.

Adding to this challenge is the fact that most practice management systems do not provide even the most basic tools for revenue cycle staff to manage LOP account balances. These systems are built to help providers submit electronic claims to payers like Medicare and Blue Cross, where electronic payment is received shortly thereafter. The fields, workflow, error handling and reporting capabilities do not account for the nuances of LOPs.  This leads staff to create manual workarounds that are labor intensive, not to mention prone to error.

Partnering with an LOP Financing Company

Many practices who treat on LOPs will periodically sell their LOP AR to third-party lien financing companies, also referred to as medical funding companies. This approach has two primary advantages. First, practices are paid promptly and can maintain more stable cashflow predictions.  Second, medical practices are able to avoid all of the work that goes into managing each balance for the months or years it takes for these cases to settle and for payment to be received.

Choosing an LOP Financing Company

LOP financing is a viable and attractive option, but medical providers should be selective when choosing which LOP financing company to work with. All LOP financing companies are the same in that they offer your practice cash for LOP AR; the business terms and services, however, vary greatly. There are obvious factors to consider, like cost and reputation and some less obvious criteria, like the technology platform and internal efficiency of the financing company.  There are many LOP financing companies, but few that are established, well capitalized, and expertly managed.

We recommend using a simple decision matrix, an example of which is provided below. A comparative matrix like this allows you to cross-reference companies and rank them to ensure you select the best fit for your practice. For subjective criteria, like reputation, we suggest using a 1-10 scale to help rank each company.

What terms are they offering?
How quickly will you receive funds?
How long has the company been in business?
Do they know your geographic market?
Are you confident in their servicing and collection methods?
What is their competitive advantage?

Do not underestimate the value of an LOP financing company’s competitive advantage. Gain Servicing, for instance, has an AI-powered platform that creates efficiencies for the healthcare practices that have chosen to partner with us. Take the time to ask prospective financing companies about their current capabilities and services as well as their future plans. In essence, they will be serving as an extension of your business, or, at the very least, an extension of your AR team, so make sure you land on a financing partner that you can see yourself working well with and that will deliver the most value to your practice.

About Gain Servicing

Gain Servicing specializes in the servicing and financing of personal injury patient receivables. Gain Servicing experts handle day-to-day, transactional accounts receivables functions on behalf of medical practices while office staff and providers focus on delivering exceptional care and services to patients.

Gain Servicing’s technology platform is powered by artificial intelligence and is built to track, manage and optimize returns from Letter of Protection (LOP) account balances. Gain Servicing’s financial solutions can provide immediate cash flow and the highest returns on a healthcare practice’s assets. Gain Servicing’s solutions are proven to provide higher returns, at a lower cost, than in-house or other third party LOP financing options.

Lien Management Best Practices

By | Blog

A personal injury lien is a legal right to receive a portion of the plaintiff’s settlement, typically to reimburse third parties for services rendered. Lienholders can include the state and federal government, health insurance companies, medical providers and third-party medical funding companies, like Gain Servicing.

In a single personal injury case, there may be multiple lienholders. Health insurance companies, for example, may issue a lien against the at-fault party to recover any money they spend on treatment as a result of an accident. This is known as subrogation, or the substitution of one person or group by another in respect to a debt or insurance claim, accompanied by the transfer of any associated rights and duties. Insurance providers with subrogation claims can seek repayment from plaintiffs’ settlements; although, it is important to note, some states prohibit subrogation clauses altogether in health insurance policies. Medical providers who provide medical treatment may also issue a lien on a case and provide services under a letter of protection (LOP), which states that the balance of all unpaid medical bills will be paid upon resolution of the personal injury case.

In short, any group, organization or entity that provides services on contingency to a plaintiff, no matter what they are, can become a lienholder in that plaintiff’s case.

Lien Confirmation

Because there can be so many lienholders in an individual case, it is important for lienholders to confirm their lien agreements with the plaintiff’s attorney. Even after a lien agreement has been signed and put “on file,” which means something different for every firm, it is important for lienholders to confirm their liens and to follow-up on the case regularly. Because personal injury cases can take months or years to settle, proactive and diligent lien management is critical. Not only can there be dozens of lienholders in any one case, any one plaintiff attorney can be working on a number of personal injury cases.  And, despite digital transformation efforts within the industry, oftentimes, plaintiff attorneys are still relying on paper filing, verbal conversations and outdated computer systems. Ultimately, it is up to the lienholder to follow-up on what they are owed.  Often, a case may settle without all lienholders being properly informed of the settlement.

In brief, here is how lien confirmation works:

  1. The lienholder confirms the attorney is a reliable escrow agent and that there is a legal agreement in place for the lien.
  2. Within a few days or a week of services being provided, the lienholder confirms the following with the plaintiff’s attorney: the plaintiff’s name, the service provider’s name, the type of servicing (financing, surgery, etc.), the date services will be or have been provided, and that all of this information, i.e. the lien, is on the plaintiff’s file.

Confirming and tracking the status of a lien is essential to ensure proper recovery.  As a lienholder, it is a good idea to create a regular follow-up schedule and to be diligent about confirming the lien is still associated with the plaintiff’s file.  At Gain Servicing, we have developed an AI-powered platform to track and manage all LOPs and liens. Because a lien can be arranged before services are provided, the lien is not officially in place until it is executed on all sides. Meaning, service providers can obtain written acknowledgement of their liens ahead of services being provided, whether that be medical services or funding to plaintiffs, but they do not technically have a lien until services are actually provided. It is not uncommon for plaintiffs – or service providers – to change their minds or alter provisions of the services after a lien agreement has been verbally discussed, which is why confirmation and follow-up after the fact is necessary. A lien has been ‘fully executed’ when service has been provided, for example the plaintiff has received treatment or has been advanced money.

Confirmation by phone and/or email can be simple – examples are included below. Note: When calling an attorney’s office, be sure to note the date, time and who you spoke with.

Hi, this is [Name] from [Company/Service Provider] confirming that [Plaintiff Name] received [Service – Treatment or Funding] from [Company/Service Provider] following his/her accident on [Date of Loss]. Has this been notated as a lien on [Plaintiff Name]’s file?

Following a verbal confirmation, it is always a good idea to then send an email. You can let whoever you spoke with know that you will be following up with an email to the appropriate case manager, paralegal or attorney so that you and they have record of the conversation. Print records are paramount.

Hi [Case Manager/Paralegal/Attorney],
We provided [Plaintiff Name] with [Service – Treatment or Funding] on [Date of Service]. Attached are the [Medical Bill or Financing Agreement] and signed lien agreement for your records.
Please reply to this email confirming that you have our lien on file.

Additionally, you can add a ‘Read Receipt’ to the email you send, as well as send a confirmation by certified mail.

It may sound excessive, but effective lien management is an essential part of the personal injury case process. Best practices are not complicated, and diligence and good communication go a long way.

Inc. Magazine Unveils 2020 Inc. 5000, Cherokee Legal Holdings Named One of America’s Fastest-Growing Private Companies

By | Blog, Press Releases

Cherokee Legal Holdings Ranked No. 3009 on the 2020 Inc. 5000 with Three-Year Sales Growth of 131%

Atlanta – August 17, 2020 – Inc. Magazine has ranked Cherokee Legal Holdings (“Cherokee”), a full-service direct legal and medical services company, providing financial assistance for plaintiffs, payment for medical care and the servicing of third-party, torte action receivables for medical providers, number 3009 on the 2020 Inc. 5000 list, an exclusive ranking of the nation’s fastest-growing private companies.

This is Cherokee’s first year applying for and making the Inc. 5000 list.

“Given the outbreak of COVID-19, this year has proven especially challenging for businesses around the country and around the world,” said Cherokee CEO Reid Zeising. “Commemorating where we are with a spot on the Inc. 5000 is monumental, and it gives us hope and motivation to continue fighting for what our company was built on – equality and justice for all. With the pandemic, our revenue cycle management and services to healthcare providers along with financial assistance to plaintiffs have proven invaluable as providers search for ways to optimize operating efficiencies and plaintiff needs expand. As a result, we have seen an acceleration in what were already tremendous growth rates.”

Inc. is reporting that not only have the companies on the 2020 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists as well. The 2020 Inc. 5000 achieved an incredible three-year average growth of over 500 percent, and a median rate of 165 percent. The Inc. 5000’s aggregate revenue was $209 billion in 2019, accounting for over 1 million jobs over the past three years.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are also being featured in the September issue of Inc., available on newsstands August 12. Cherokee’s profile can be viewed at www.inc.com/profile/cherokee-legal-holdings.

“The companies on this year’s Inc. 5000 come from nearly every realm of business,” says Inc. editor-in-chief Scott Omelianuk. “From health and software to media and hospitality, the 2020 list proves that no matter the sector, incredible growth is based on the foundations of tenacity and opportunism.”

The annual Inc. 5000 event honoring the companies on the list will be held virtually October 23-27, 2020.

“Growing well over 100 percent would have never been possible with the tremendous efforts of the Cherokee team,” said Zeising. “This recognition is for them.”

Cherokee Legal Holdings Announces the Launch of Gain Servicing, Relief for Healthcare Practices Amidst COVID-19

By | Blog, Press Releases

Atlanta, Georgia – Today, Cherokee Legal Holdings (“Cherokee”), a full-service direct legal and medical services company, providing financial assistance for plaintiffs, payment for medical care and the servicing of third-party, torte action receivables for medical providers, announced the launch of gain servicing, a wholly owned subsidiary of Cherokee.

Cherokee, a founding member of Americans for Patient Access (APA) advocating for patient care regardless of health insurance coverage, was founded in 2010 and is one of the fastest growing funding companies in the U.S. In 2019, Cherokee piloted an artificial intelligence initiative to increase patient data analysis and accelerate the financial returns produced for healthcare practices. Gain servicing now offers these services to healthcare providers directly.

Gain servicing provides the management of certain third-party liability claims including Letters of Protection (LOPs) and the management of third-party liens on behalf of healthcare practices, which enables doctors to focus less on their accounts receivables and more on treating patients, regardless of those patients’ medical coverage.

“Doctors are passionate about patients having access to proper treatment, whether they have health insurance or not. As a result, many practices treat uninsured and underinsured personal injury patients on an LOP. This is a ‘win’ for these patients who get needed medical treatment they may not otherwise receive. Meanwhile, treating patients on LOPs is financially hard on doctors. Many have to wait months and even years in the hopes they will get paid when the patient’s case settles. For these very situations, we have created gain servicing to manage these cases from inception to repayment,” said Cherokee CEO, Reid Zeising. “Amidst the COVID-19 outbreak, this service has proven especially critical to many practices that have seen elective procedures slow and may already be stretched thin financially.”

Gain servicing offers a package of technology, people and processes that have proven to deliver higher reimbursements at a lower cost without impacting patient referrals. Gain servicing’s proprietary platform uses machine learning to analyze case information, track LOPs and predict settlement values, thus granting access to needed medical treatment for plaintiffs in tens of thousands of underlying lawsuits. The comparative data simultaneously fuels the artificial intelligence (AI) engine that the gain servicing team then uses to optimize the repayment of rates for LOP cases.

Press Release on PRWeb.com