Expert assessments are a large part of a personal injury lawyer’s disbursements. Lawyers try to reduce the assessment financing burden by seeking deferred payment arrangements, which can cause revenue problems for injury assessment providers.
The program utilizes an approach called “factoring,” where your account receivable is sold in exchange for immediate cash. Factoring is particularly useful in the personal injury assessment area due to the lengthy account collection cycle often associated with obtaining a settlement.
First, Rhino would acquire individual or several account receivables from you. We would then wait for payment of the account from the law firm upon the resolution of the file. When we receive the account, all timing and collection risk associated with the file is placed on our shoulders. We deal directly with the law firm to collect the necessary funds.
5 BENEFITS TO INJURY ASSESSMENT PROVIDERS
- This form of financing enables assessment providers to offer flexible payment options to their law firm clients.
- Receive immediate payment for the services you’ve completed. Funds can be advanced in 24-48 hours from producing a report.
- Rhino Finance assumes all timing, risk, and account administration.
- Protect yourself from conflict of interest allegations that can be made by the defense counsel.
- Select the accounts to offer financing through on a no obligation basis.
Information for Lawyers
Lawyers often call upon assessment providers to help make a plaintiff’s case stronger and win a favourable settlement. Instead of waiting until after the settlement to settle the invoice, pay your assessment providers in a timely manner with help from Rhino Finance.
What Injury Assessment Financing can do for Your Firm
- Expand the size of your practice and still obtain the best quality assessments possible
- Manage the firm’s cash flow around file settlement activity
- Closer align debt servicing costs with file settlement timing
- Avoid interest payments with our substantial interest free period