Countless businesses miss out on their portion of available settlement proceeds each year. On average, only about 20% of eligible businesses collect their share of any given settlement fund. In many cases, the proceeds represent a significant amount that is added right to your bottom line. While settlements vary, one constant is that a claim must be submitted in order to collect any money. This is where a Settlement Recovery Service can help.
Settlements come in many forms and cover a variety of issues. Frequently seen types of settlements include:
Healthcare (e.g. insurance claims were incorrectly underpaid).
Pharmaceutical (e.g. an organization overpaid for drugs purchased on behalf of its employees).
Financial (e.g. merchants overpaid credit card interchange fees).
Product anti-competition (e.g. products with inflated prices were purchased, either directly or indirectly).
A Settlement Recovery Service focuses on the following in order to ensure that your organization can take advantage of these unique opportunities that result from class actions:
First, the service includes searching for settlement opportunities applicable to your organization. This relieves you from having to pay any attention to legal notifications that you may receive related to settlements, and more importantly, wondering if you missed any notices.
Provides guidance and assistance in retrieving the applicable documentation and information for any given settlement opportunity.
Prepares any required forms and ensures an accurate and timely submission of your claims.
Coordination with Settlement Administrators to reconcile and distribute the appropriate recovery under the terms of the settlements.
A Settlement Administrator is the entity appointed for a settlement that reviews, approves, and distributes payments of settlement claims.
Managed Care Advisory Group, LLC (MCAG) is offering a Class Action Settlement Recovery Service through Availity. Get more information on MCAG’s SRS, current settlements, or to enroll in this valuable and unique service, which is offered on a contingent fee basis without any upfront fees.
Healthcare entities are amongst the greatest beneficiaries of assistance with class action settlement claims, because they are eligible for a multitude of settlements and settlement types. Healthcare settlements are, of course, relevant and can be very profitable, often depending on volume and access to data. Other settlements can also be profitable for healthcare entities, and often require no more effort from your staff. In the two most recent product settlements, many healthcare systems recovered six figure returns, and several had recoveries is the seven figure range, but, the average recovery for an eligible MCAG customer was still several thousand dollars.
Payment Card Settlement Disclaimer: Claim forms are not yet available from the Class Administrator. When claim forms do become available, class members are not required to sign up with any third-party service in order to participate in the monetary relief, but may instead file their claim directly with the Class Administrator. The claim form will inform most class members of their actual or estimated interchange fees on which it is proposed their claims will be paid. You may accept or dispute this estimate with the opportunity to submit additional information. No-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period. For additional information, class members may visit www.paymentcardsettlement.com, the Court-approved website for this case.