Medical Factoring Turns Out To Be Just What Doctor Ordered
(PRLEAP.COM) Miami, Florida – Medical factoring is providing healthcare providers with relief from the pains of waiting up to 90 days to get insurance claims paid. Medical factoring, a specialized financing tool, provides payments for insurance claims in as little as two days.
Medical factoring enables healthcare providers such as doctors, therapists, hospitals and testing centers to obtain financing using their claims as collateral. Basically, the factoring company provides funding for outstanding claims while they wait to get paid.
“Although the healthcare field is very profitable, waiting to get paid for insurance claims is a real challenge,” said Marco Terry, president of Invoice Factoring Group. “Healthcare offices have many ongoing expenses and medical receivables factoring provides them with relief,” he added.
One of the biggest challenges for healthcare offices is waiting to have claims paid by insurance companies and Medicare/Medicaid. These can take as long as 90 days to be paid. In the meantime, the offices need to pay salaries, equipment leases, supplies and rent.
Invoice factoring provides reliable and continued financing to healthcare offices, in effect, accelerating insurance and Medicare/Medicaid payments. As opposed to a business loan, medical factoring is easy to obtain, can be set up in days and grows with the medical office.