Medical Receivables Factoring Helping Medical Providers and Suppliers
(For immediate release) Miami, Florida – Medical service and equipment providers love to have reliable contracts with insurance companies but hate the onerous requirements placed on them to receive a payment. As a matter of fact, slow payments from insurance companies are the biggest cash flow concern for most – if not all – healthcare and medical providers and suppliers.
The solution? Medical factoring. It is a special type of financing that eliminates the payment wait and provides healthcare providers with reliable cash flow. This enables them to meet payroll and supplier payments comfortably and reliably. And, as opposed to most business financing products, medical receivables factoring is easy to obtain and can be set up in days.
“Medical factoring is an ideal solutions for medical offices, testing centers and DME’s that are going through cash flow difficulties,” said Marco Terry, president of Invoice Factoring Group. “It eliminates the 90 day payment wait, streamlining cash flow and enabling the business to meet its obligations and grow,” he then added.
Medical receivables factoring is easy to use and works as follows:
- Your business bills insurance companies and sends copies of the claims to the medical factoring company
- The factor advances you up between 60% and 85% of expected net billings (15% is kept as a reserve)
- The factor waits to get paid by the insurance carrier/Medicare
- Once payments are collected, the remaining 15% is rebated (less a small service fee)
Factoring accelerates your cash flow and eliminates having to wait to get paid for rendered services. As you can see, with medical invoice factoring you get the peace of mind of knowing when your claims will be paid.