We provide MedCo compliant Escrow Accounts for Medical Reporting Organisations (MROs). This form of Escrow Account meets the Qualifying Criteria (QC) as set by the Ministry of Justice which requires to all MROs to hold a financial bond or similar of £20,000 or £100,000 in the case of a high capacity MRO.
The QC is as follows:
“A financial bond or other financial instrument of at least £20,000, demonstrating that the MRO has sufficient funds available to remunerate medical experts from whom it has commissioned medical reports in the case of failure of the MRO”
MedCo have subsequently confirmed that they believe that an insurance policy does not meet the QC and that they are only aware of one type of financial instrument that meets the QC, being a standard Escrow Agreement.
Elemental use a form of Escrow Agreement, with appropriate release conditions that meet the QC, whilst keeping your funds safe and secure. Please get in touch for further information.
You can commence the process of appointment by simply calling or emailing us. However, if you’d prefer we have a form designed to collect the key initial information.
Be careful and vigilant when appointing an Escrow Agent and please see our guide on Escrow Scams for further information.
Escrow Agent FAQs
If you have any questions about an Escrow Agent or our services, please check out our FAQs or you are welcome to contact us directly.
If you would like further information on our Escrow services, please feel free to view our brochure..