We have entered an era where The Centers for Medicare and Medicaid Services (CMS) has unprecedented access to settlement data involving Medicare beneficiaries. It is now more important than ever to ensure Medicare’s future interests are protected in your settlements. Medicare Set-Aside (MSA) professional administration is a proven tool to assure the settling parties remain in compliance with Medicare Secondary Payer (MSP) obligations.
What Is Professional Administration?
Professional administration is the practice of using a qualified third party to oversee and manage funds for future medical expenses following a liability or workers’ compensation settlement. Medicare Set-Aside account administration can be complex to navigate. Though not required, Medicare strongly suggests the professional administration of a MSA.
Third parties like Medivest follow the required steps for all Liability Medicare Set-Aside Arrangement (LMSA) and Workers’ Compensation Medicare Set-Aside Arrangement (WCMSA) administration accounts, freeing up your time to focus on your clients and cases. We establish an interest bearing account for the settlement and provide instructions for when and how to access the funds for treatment.
Many attorneys entrust these services to Medivest for benefits like:
- Streamlined reporting and compliance. Medivest specialists handle the annual Medicare accounting report and maintain the line item detail required for MSP compliance.
- Savings on treatment, equipment and pharmaceuticals. We negotiate with suppliers for more favorable pricing, resulting in significant savings for your client.
- Expert support and service. Our team has over two decades of industry experience and provides knowledgeable advice and excellent customer service.