Are you billing insurance providers, HMOís or Medicare/Medicaid? If you canít wait up to 90 days to get your claims paid, medical factoring can help.
Managing your working capital can be one of the most difficult problem that healthcare providers face in todayís environment. The payment terms that are offered by private insurance and by Medicare usually force providers to wait weeks or months for payment. In the meantime, the providers must still pay employees salaries and supplier expenses.This can drain your resources and jeopardize your operations.
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What is medical factoring?
Medical receivables factoring provides you with an advance payment based on your medical billing claims. This minimizes the cash flow problems that can be created by slow paying insurance companies. It provides you with predictable cash flow and enables you to meet on going obligations, such as rent and payroll.
How does it work?
The financing program can integrate into most healthcare practices and works like this:
- Your business bills insurance companies and sends copies of the claims to the factoring company (this process may vary depending on size)
- The factor advances you up to 80% of expected net billings as a 1st installment
- Once payments are collected, the remaining 20% is rebated, less a service fee
- The program provides your business or medical practice with predictable cash flow.
- Your medical receivables factoring line is flexible. There are no set maximums and financing grows as your business or medical practice grows
- The line can be setup and deployed relatively quickly
Medical factoring can be used by many types of health care providers, including:
Would you like to learn more? You can get additional information at our medical factoring resource center or by reading the following articles:
- How to finance a medical office, testing center of supply company with factoring
- How to use medical factoring to finance your healthcare business
- Articles about factoring for medical offices
- Understanding medical receivables factoring
- How to finance a durable medical equipment company
Get an instant medical factoring quote? Questions? Call (866) 730 1922