What is Financial Case Management?
Financial case management (FCM) involves helping sick or disabled individuals and families recovering from severe hardship manage existing financial resources, as well as connect with additional resources as needed. A financial case manager provides various levels of support, which may include: assisting an individual or family with determining insurance eligibility; assisting with insurance claims; understanding, establishing and managing credit; and acquiring skills relating to creating and maintaining a personal budget. Financial case management is often offered to patients in a hospital, hospice or other institutionalized setting, but may also be offered to individuals in an independent living environment or who are being treated in outpatient services. Qualified individuals may also request financial case management assistance from independent agencies providing such services.
In most instances, financial case management is provided by a nonprofit company or non-governmental organization. Often, companies and government agencies will even collaborate to provide more comprehensive services to clients. An example of such a collaboration providing financial case management services may include a nonprofit employment center providing job search assistance to a client, while a credit counseling center provides credit education services and a representative from a community nonprofit agency helps the client with financial literacy and maintaining a monthly budget. One financial case manager may be assigned to help coordinate all of these services while the client benefits from a well-rounded support team.
Individuals living with chronic illness and disabilities are often provided financial case management services, as handling financial matters alone can be quite overwhelming in many such instances. FCM may also be needed to help sick and disabled individuals access the best quality of care despite financial barriers. A case manager is often helpful in making sure a client has adequate insurance coverage for medical treatments that may be needed. A person experienced in financial case management may also be able to help individuals find new insurance and other financial assistance if insurance coverage is ever lost or discontinued.
Financial case management is commonly recommended for mentally impaired individuals, low-income families, individuals with physical disabilities and the elderly. Individuals attempting to re-establish themselves while recovering from drug and alcohol abuse are also frequently referred to a financial case manager. Services may be referred by a social worker, a hospital or a treatment facility, or an individual in need may access case management from a community-based organization offering such a service.
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