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Consumer Special Features

An LFJ Conversation with Reid Zeising, CEO and Founder, Gain

By John Freund |

Reid is the CEO of Gain, the fastest-growing SaaS-based, AI enhanced, medical lien servicing and legal funding company in the United States. He is an industry expert on optimizing the utilization of technology in personal injury cases and in maximizing reimbursements in a challenging environment.

Reid has been featured on national and local media outlets throughout his career, including Inc. and Becker’s Hospital Review. He was named the 2022 Ernst and Young Entrepreneur of the year in the Southeast Region, an award given for his entrepreneurial spirit, purpose, growth and impact. Reid is passionate about making a difference by connecting, mentoring, opening doors and leading people.

  1. Why the recent rebrand to Gain? What was the motivation for this change?

The recent rebrand from Cherokee Legal Holdings to Gain was driven by the need for clarity and unification of our various brands under a single, cohesive go-to-market identity. This change aims to unite our entire organization under a shared mission: to facilitate access to quality medical care for individuals who have suffered injuries through no fault of their own, regardless of their financial or insurance situation.

In 2011, I founded Cherokee with the aim of offering financial options to personal injury victims awaiting settlement. Over time, that mission has expanded to include innovating and transforming the personal injury space to truly level the playing field for personal injury plaintiffs as they battle big insurance companies. Gain Servicing, a subsidiary of Cherokee Legal Holdings, was established as an AI-enabled platform to do exactly that and to provide Letter of Protection (LOP) servicing and collections to doctors. Our technology simplifies the process for doctors to accept LOPs as payment, allowing them to focus on delivering quality medical care to individuals in need, particularly those who lack health insurance or sufficient savings. In 2022, Gain Servicing accounted for a significant portion of Gain’s total revenue, and this is expected to grow even further in the future, highlighting the need for the innovations we are prioritizing.

By consolidating all of our capabilities under one unified brand, we now provide comprehensive solutions for every facet of personal injury, with a steadfast focus on the plaintiff at the heart of all of our endeavors.

In essence, the rebrand to Gain represents the company’s dedication to supporting personal injury victims – by providing resources to access quality medical care, and by making it more accessible to those who would otherwise be limited by financial or insurance challenges. It reflects Gain’s mission to create a fairer insurance system and a more equitable healthcare model for all Americans.

  1. Gain is seeking to streamline the medical lien process for healthcare providers. What are the challenges at play here, and how does Gain address those issues?

Treating personal injury patients who may not have the financial means to pay upfront can make it a challenging process for healthcare providers.

The main challenges in this context are:

  1. Delayed payment: Healthcare providers often have to wait for an extended period of time to receive payment for their services, which can strain their cash flow.
  2. Administrative complexity: Managing a portfolio of liens and receivables associated with legal cases can be administratively burdensome, diverting resources from patient care.
  3. Collection efforts: Collecting on these liens and receivables can be time-consuming and challenging, leading to potential write-offs.
  4. Risk management: Healthcare providers may also face the risk of not being compensated if the legal case does not result in a settlement or judgment in their favor.

Gain has developed solutions to address these specific lien challenges:

Lien Management Services: Our team of experts takes on the responsibility for full revenue cycle management services, including negotiation and collection of medical liens associated with Letters of Protection (LOP). Leveraging data from our AI-enhanced LOP servicing platform and industry experience, we help practices reduce write-offs and enhance collections. On average, our approach yields approximately 900 basis points more than practices that self-manage lien receivables.

Medical Billing Partial Advance: We offer healthcare providers the option to receive partial payment at or near the time of treatment for personal injury patients with pending legal cases. By blending a partial advance of future cash flows, combined with additional payments at the time of collection, we increase healthcare providers cash flows while improving reimbursements over selling these liens outright.

Bulk Lien Purchase: For healthcare providers with outstanding liens, we offer a bulk purchase program. This allows them to receive cash immediately, eliminating the time and stress associated with managing and collecting lien receivables.

Gain is dedicated to simplifying and expediting the medical lien process, empowering healthcare providers to focus on providing quality patient care while ensuring they receive timely and fair compensation for their services. We understand the unique challenges faced by providers in this space, and our solutions are designed to alleviate those challenges and improve their financial stability.

  1. How does Gain’s AI technology help attorneys and healthcare providers? Can you give us an example of how Gain’s AI can be used for enhanced efficiency or business intelligence?

Gain’s AI technology plays a pivotal role in assisting both attorneys and healthcare providers by revolutionizing the management of complex medical claims. Here’s how our AI technology enhances efficiency and provides valuable business intelligence:

Efficiency Enhancement

  • Imagine a personal injury case where various parties, including attorneys and healthcare providers, need to collaborate seamlessly to ensure the best outcome for the injured patient. Our AI-powered platform streamlines this process. For instance, it offers a patient record center, simplifying the updating and retrieval of information and documents. This feature alone saves valuable administrative time, ensuring that nothing gets missed in the case.
  • Our AI-enhanced dashboard and reporting capabilities provide real-time insights into case status and financials. This means better monitoring, quicker decision-making and enhanced efficiency in managing personal injury cases. The messaging and notifications feature further streamlines communication among all stakeholders involved.

Business Intelligence

  • Our AI technology equips attorneys and healthcare providers with predictive analytics capabilities, which provide invaluable business intelligence. AI-enhanced reports shed light on payor sources, case characteristics, jurisdictions, third-party liability carriers, financial outcomes and other vital decision-making factors.
  • For instance, attorneys and healthcare providers can gain insights into case volumes, treatment costs, reimbursement rates, duration and more. They can drill down to obtain detailed information on cases, attorneys, healthcare providers or individual patients. Moreover, Gain’s database of similar cases helps in understanding standard treatment costs, reductions and reimbursement rates. All of this information empowers those providing services to personal injury plaintiffs to make better decisions and optimize their approach to specific cases.

Collaboration and Communication

  • Effective collaboration and communication are vital in personal injury cases. Gain’s secure document storage and messaging system make it incredibly easy to share important documents and updates related to cases securely. This not only saves administrative time but also ensures that critical information is readily accessible.
  • Real-time notifications and status updates keep medical and legal teams in sync as cases progress, enabling them to take timely actions and prioritize tasks efficiently.

Gain’s AI technology is a powerful platform that brings attorneys and healthcare providers together, simplifying the management of personal injury cases. It enhances efficiency by providing tools for streamlined collaboration, offers valuable business intelligence for informed decision-making, and ensures that all stakeholders are well-informed throughout the process. We’re proud to be recognized for our commitment to innovation and our mission to provide access to care and financial solutions to those in need.

  1. How is Gain pursuing fairness and equity in the Consumer Legal Finance and Medical Lien spaces?

Gain is committed to pursuing fairness and equity in the Consumer Legal Finance and Medical Lien spaces by addressing the challenges faced by both personal injury plaintiffs and healthcare providers. Our goal is to create a more balanced and efficient system for all stakeholders involved.

  • Supporting personal injury plaintiffs – and those who support them: For personal injury plaintiffs who lack the financial means to pay for essential bills and necessary medical treatment, navigating the insurance system can be incredibly challenging. This is where Gain steps in to offer assistance. We specialize in managing Letters of Protection (LOP), collections and funding, providing the support needed to ensure plaintiffs receive the care they deserve. Our AI-enhanced platform simplifies the handling of LOP agreements, personal injury receivables and medical liens. It facilitates better communication between personal injury attorneys and healthcare providers, streamlining document sharing, case updates and financial transactions. Through the platform, we also compare reimbursement amounts to thousands of similar lawsuits, ensuring fair payment for services provided.
  • Enhancing efficiency with AI: Our AI technology plays a crucial role in achieving fairness and healthcare equity. It empowers healthcare providers and attorneys with predictive analytics capabilities, providing valuable business intelligence. Attorneys and healthcare providers can access AI-enhanced reports that offer insights into payor sources, case characteristics, jurisdictions, third-party liability carriers, financial outcomes, duration and more. This data equips professionals with the information they need to make informed decisions, ultimately leading to better patient care and fairer financial outcomes.
  • Fighting back with a wholistic team approach – Managed Services: Gain’s Managed Services team is dedicated to managing personal injury receivables and medical liens. They work closely with healthcare providers to monitor progress, follow up on key items and ensure that cases are advancing toward settlement. This partnership helps push back on reductions, reduce write-offs and increase collection amounts. Leveraging our third-party status also helps minimize the risk of being targeted in legal proceedings.

Gain is fiercely committed to creating a fairer and more equitable system in the Consumer Legal Finance and Medical Lien spaces. Our suite of services, including our AI technology, managed services and funding solutions, coupled with our commitment to transparency and efficiency all contribute to this mission. We believe that everyone deserves access to quality care and fair financial outcomes, and we are actively working to make this a reality in the personal injury space.

  1. Gain is leaning into AI and Legal Technology heavily. What has the response been from claimants, attorneys and healthcare providers? Do you plan to continue making investments in Legal Tech initiatives going forward?

The response to Gain’s heavy investment in AI and legal technology has been incredibly positive from claimants, attorneys and healthcare providers. Our innovative approach to managing complex medical claims through advanced AI solutions has garnered recognition and appreciation within the legal and healthcare industries. Just within the last few months, our AI platform has been recognized by the Technology Association of Georgia as a most innovative company of 2023 and by the Software & Information Industry Association as a Best Healthcare Technology Solution. This recognition further validates our dedication to helping injured patients by revolutionizing the management of medical claims.

Attorneys have found tremendous value in our AI platform, which accurately assesses case values and informs them of available funds for reimbursements. This empowers attorneys to collaborate more effectively with healthcare providers, resulting in higher reimbursements and improved outcomes for their clients.

Our technology has also been welcomed by healthcare providers. Gain’s platform streamlines the process of accepting LOPs as a form of payment, allowing providers to focus on delivering superior clinical outcomes and ensuring access to high-quality medical care for everyone, regardless of their payor source. This has made a significant difference in the efficiency of their practices and their ability to provide care to those in need.

As for our future plans, we are fully committed to continuing our investments in legal tech initiatives. We believe that technology is the key to driving meaningful change in the legal and healthcare sectors. Our goal is to further enhance and evolve our technology, making it even more efficient and effective in serving the needs of claimants, attorneys and healthcare providers. We are dedicated to advancing our mission and ensuring that everyone receives the care and support they deserve.

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Announcements Consumer

Legal-Bay Legal Funding Announces Dedication to Focus on Securities Fraud and FINRA Arbitrations

By John Freund |

Legal-Bay LLC, The Lawsuit Pre Settlement Funding Company, announced today its focus on funding Securities Fraud and FINRA Arbitration cases for the remainder of 2024 and beyond. The legal funding firm has noticed a major deficiency in the legal funding sphere for specialized funding options for Securities Fraud cases and FINRA arbitrations, as these are some of the toughest cases to approve and understand within legal funding.

However, with two decades of experience in funding complex cases of all natures with creative yet straightforward funding solutions, Legal-Bay is widely recognized throughout the lawsuit funding industry as one of the "best lawsuit loan companies" or "go-to funder" for securities fraud cases and FINRA arbitrations against major brokerage firms.

Whether you are a plaintiff that lost a good majority of assets or a law firm looking for case costs to fight a large brokerage firm, or someone who lost assets due to fraud and needs money now, Legal-Bay can help you. Please visit our website geared specifically toward these types of cases, at: https://lawsuitssettlementfunding.com/securities-fraud.php 

Legal-Bay's team of experts and underwriting department can quickly evaluate the validity of your claim(s) and potential case value and provide you with the capital you need to see your case through. Too often, plaintiffs or lawyers simply cannot wait all the years these complex fraud cases can drag out without obtaining some sort of large cash advance in the meantime.

It is for this reason that Legal-Bay has committed extensive capital to funding plaintiffs and law firms that find themselves in dire financial situations due to instances of securities fraud. To learn more, feel free to call Legal-Bay today to speak with one of our courteous and knowledgeable staff, at: 877.571.0405.

Chris Janish, CEO, commented, "Securities or stock brokerage fraud cases are some of the most difficult in the legal finance industry to evaluate and fund. It is without question that our firm is one of the few niche funders in this space that has the expertise to evaluate your FINRA arbitration case quickly and accurately for settlement value and for needed cash advance approval."

To apply right now for your Securities Fraud pre-settlement cash advance or FINRA arbitration settlement cash advance, please visit Legal-Bay's page dedicated solely to these types of cases, at: https://lawsuitssettlementfunding.com/securities-fraud.php 

You don't have to wait for the money you deserve. Clients only have to pay back the Securities Fraud advance or FINRA Arbitration case loan if and when they win their case, meaning the money is risk-free. All you need in order to apply for the quick and immediate cash relief—typically provided within 24-48 hours following approval—is a lawyer. Even if you don't yet have a lawyer, Legal-Bay can help you with that too, as Legal-Bay works with the country's top Securities Fraud attorneys who will fight for you to ensure you receive the compensation you deserve.

Legal-Bay is a leader in personal injury lawsuit loans or commercial litigation settlement loans, as commonly referred to by plaintiffs. Although referred to as loans for settlements, the legal funding advances are not pre settlement loans at all, as they only need to be paid back if your case is won. FINRA arbitrations are considered commercial settlement funding and most typical litigation funding firms do not even consider these cases, however, Legal-Bay is happy to freely evaluate your case for funding. Funds can be used for personal use or for paying for expert witnesses or trial costs prior to an arbitration hearing.

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Consumer Special Features

Does Consumer Legal Funding Put Consumers in Debt?

By John Freund |
The following article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC). There has been a lot of discussion if Consumer legal funding is a loan and thereby creates debt for a consumer Consumer legal funding, sometimes called litigation funding or lawsuit funding, provides cash upfront to plaintiffs, to be used for household needs, which are involved in legal proceedings in exchange for a portion of the eventual settlement or judgment. It doesn't create debt like a loan from a bank or credit card, these distinctions contribute to its classification as a unique financial product rather than a loan or debt.
  • Non-recourse nature: Unlike loans, where the consumer is personally liable for repayment regardless of the outcome, consumer legal funding is non-recourse. This means that if the plaintiff loses their case, they are not obligated to repay the funding. The repayment is contingent upon the success of the lawsuit.
  • No monthly payments: In a loan, borrowers usually make monthly payments to repay the principal amount plus interest. With consumer legal funding, there are usually no monthly payments required. Instead, repayment only occurs if and when the case is settled or won, and the repayment is often structured as a lump sum.
  • Risk sharing: Consumer legal funding providers assume a significant amount of risk by providing funds to plaintiffs who may not ultimately win their case. Unlike lenders who typically assess creditworthiness and require collateral, consumer legal funding companies evaluate the strength of the case and base their decision on the likelihood of success and not the creditworthiness of the consumer.
  • Not regulated as loans: Consumer legal funding is often subject to different regulations than loans. While loans are typically governed by banking and lending laws, consumer legal funding has its own set of regulations that ensures consumers are protected and the product is offered in a responsible manner.
Some of the other key differences between consumer legal funding and debt from a loan is in how repayment works. With a loan, the consumer borrows money and agrees to repay it with interest, regardless of the outcome of the situation, creating debt. However, with consumer legal funding, repayment is contingent upon the success of the case. If the consumer loses their case, they will not have to repay the funding. But if they win, they will have to pay back the amount funded, with fees that are known upfront. So, therefore consumer legal funding doesn't create debt. Unlike Consumer legal funding, some loans can put consumers in a cycle of debt. The term cycle of debt refers to a pattern where individuals or households become trapped in a recurring pattern of borrowing money to meet financial obligations, only to find themselves in even greater debt over time. This cycle often involves:
  • Initial Borrowing: The cycle typically begins with an initial borrowing of money, such as taking out a loan, using a credit card, or obtaining other forms of credit to cover expenses or emergencies.
  • Accumulation of Interest and Fees: As time passes, the borrower may struggle to make timely payments on their debts, leading to the accumulation of interest charges, late fees, and other penalties.
  • Financial Strain: The increasing debt burden can put a strain on the borrower's finances, making it difficult to cover basic living expenses and other financial obligations.
  • Additional Borrowing: To address their financial difficulties, borrowers may resort to additional borrowing or using high-cost forms of credit, such as payday loans or cash advances, to make ends meet.
  • Repayment Challenges: The cycle continues as the borrower struggles to keep up with mounting debt payments, leading to further financial stress and the need for more borrowing.
  • Escalating Debt: Without significant changes in financial habits or circumstances, the debt continues to escalate, with the borrower owing more money than they can realistically repay.
Breaking the cycle of debt often requires proactive steps such as budgeting, reducing expenses, increasing income, seeking financial counseling, and finding ways to pay down debt strategically. It may also involve negotiating with creditors, consolidating debts, or exploring debt relief options such as debt settlement or bankruptcy. Consumers who use Consumer legal funding are never placed in a cycle of debt. Consumer legal funding has many other positives to a consumer besides not placing them in debt.
  • Immediate Financial Assistance: Consumer legal funding provides plaintiffs with immediate cash to cover living expenses, medical bills, legal fees, and other costs associated with their lawsuit. This can be particularly helpful for individuals facing financial hardship due to their inability to work or other circumstances related to their legal case.
  • Non-Recourse: Consumer legal funding is non-recourse, meaning that if the plaintiff loses their case, they are not obligated to repay the funding. This reduces the financial risk for the plaintiff, as they only repay the funding if they win their case.
  • Leveling the Playing Field: Consumer legal funding can help level the playing field in legal disputes by providing plaintiffs with the financial resources to pursue their case effectively. This is particularly beneficial for individuals who are up against well-funded defendants or corporations.
  • No Upfront Costs: Unlike loans, consumer legal funding does not require upfront payments or monthly repayments. Instead, repayment is structured with a known outcome and amount.
Overall, consumer legal funding can be a valuable resource for plaintiffs in need of financial assistance during legal proceedings without putting them in debt. Eric Schuller President Alliance for Responsible Consumer Legal Funding (ARC)
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Announcements Consumer

Mass Tort Industry Leader Nicholas D’Aquilla Joins Counsel Financial

By John Freund |

In a strategic move to bolster its litigation finance and loan servicing capabilities, Counsel Financial welcomes Nicholas (Nick) D’Aquilla, Esq. as its new Managing Director. With over a decade of experience in the mass tort industry and as a former civil defense litigator for the Louisiana Department of Justice, D’Aquilla brings a wealth of knowledge and a proven track record of success to the Counsel Financial leadership team.

D’Aquilla has distinguished himself as a leading figure in administering complex settlements, contributing to the administration of more than $20 billion in mass tort settlements across many high-profile cases. His expertise in solution design and oversight services has contributed to the resolution of more than 40 mass tort and class action litigations, spanning environmental, pharmaceutical, medical device, and sexual assault matters.

D'Aquilla will focus on enhancing Counsel Financial's mass tort underwriting processes and loan servicing offering, enhancing the development of valuation models based on historical settlement data. He will also leverage his experience as a consultant for multiple legal technology companies to help drive continued refinement of the company's servicing platform.

“Adding Nick to our team marks a significant enhancement of our litigation finance and loan servicing offerings,” said Paul Cody, President & CEO of Counsel Financial. “Coupling our team’s 200+ years of legal, financial and litigation experience with Nick’s knowledge and insight into the mass tort sector provides unparalleled resources that can be leveraged by both our law firm clients and institutional investors utilizing our servicing platform.”

Before joining Counsel Financial, D’Aquilla played a pivotal role in a complex settlement fund advisory team for a national bank, where he developed innovative underwriting methodologies that enabled credit extensions to mass tort plaintiffs’ firms. There, he also analyzed and valued over $1.5 billion in loan collateral derived from mass tort dockets.

About Counsel Financial

Counsel Financial is an industry leader in originating, underwriting and servicing loans and other financing solutions for contingent fee law firms. For over two decades, Counsel Financial has provided more than $2 billion in capital investments across 300+ law firms. These investments have financed the growth of firms in every area of plaintiffs’ litigation, including personal injury, mass torts, class action and labor and employment.

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