Medical receivables factoring is your Rx for slow payment
It is common for physician, dental and medical groups to underestimate the amount of incoming cash they need to effectively operate their businesses. The lag time from collecting payment on patient services performed is lengthy and considerable. Even if you have a steady volume of patients, managing business cash flow can be difficult. Despite having full waiting rooms and a complete schedule, medical practices can struggle financially due to slow-paying clients such as Medicare and insurance companies. These bureaucratic payer groups and even third-party insurance groups tend to take their time to pay healthcare providers. Medical factoring puts the medical group back in control of its own finances. Without an alternative funding solution such as medical receivables factoring, physician groups have very little leverage when waiting for Medicare or HMO payments.
Factoring medical receivables empowers your practice
With regular payment infusions through medical factoring, your firm will be able to:
Collect on its invoices in a matter of days instead of weeks so that positive cash flow can be restored.
Be paid for a large chunk of receivables all at once in an efficient manner instead of receiving small payments in a piece-meal fashion.
Invest in advanced, state-of-the-art medical equipment, devices and gear as well as offer competitive compensation packages to physicians, nurses and support staff.
Better manage ordinary expenses such as overhead, utilities, payroll, and current equipment payments.
Healthcare factoring vs. medical factoring
Though the two terms are often used interchangeably, they technically mean two different things. Medical factoring companies offer financing to medical providers or groups — physicians, specialists, and dentists who provide direct care to patients. Their clients are generally third-party payers such as government institutions like Medicaid/Medicare, health maintenance organizations (HMOs), and private insurance carriers.
Healthcare factoring companies, on the other hand, provide commercial funding to small businesses that serve those in the larger healthcare and medical industry. So service businesses such as medical transcription, medical staffing agencies, or medical coding companies may apply for healthcare factoring. Medical factoring companies may also be used by industry vendors who provide goods or services to physician offices, hospitals, nursing homes and more.
Learn More About Medical Factoring Companies:
- A Complete Guide to Factoring
- A Brief History of Accounts Receivable Factoring
- Invoice Factoring: A Viable Option to Bank Loans
Search Our List to Find Medical Factoring Companies Near You:
American Receivable Corporation
12655 N Central Expressway, STE 675 Dallas, Texas 75243
(800) 297-6652
eCapital Freight Factoring
10100 W. Charleston Blvd Suite 220, Las Vegas, Nevada, 89135
800.705.1500
Riviera Finance
1000 Mansell Exchange Building 300, Suite #340 Alpharetta, GA 30022
10320 Little Patuxent Pkwy Suite 200 Columbia, MD 21244
1925 18th Avenue NE Suite #115 Calgary, AB T2E 7T8
8307 University Executive Park Drive, Suite #250 Charlotte, NC 28262
17 W 415 Roosevelt Rd. Oakbrook Terrace, IL 60181
1333 Corporate Dr. Suite 117 Irving,TX 75063
8400 E. Prentice Ave. Suite 1500 Greenwood Village, CO 80111
11601 Pellicano Dr., Ste. B-5 El Paso, TX 79936
50 Harrison St. Suite #310-G Hoboken, NJ 07030
8410 N. Sam Houston Pkwy W Houston, TX 77064
3635 Quakerbridge Road Suite #4 Mercerville, NJ 08619
5870 SW 8th Street Suite # 6 Miami, FL 33144
3470 Washington Drive Suite #206 Eagan, MN 55122
3102 West End Ave. Suite 400 Nashville, TN 37203
4334 Northwest Expressway Suite 242 Oklahoma City, OK 73116
1 International Plaza Suite 550 Philadelphia, PA 19113
1029 H St. Suite 102 Sacramento, CA 95814
2025 Gateway Place Suite #370 San Jose, CA 95110
10430-1 Pioneer Blvd. Santa Fe Springs, CA 90670
1100 Dexter Avenue N. Suite #100 Seattle, WA 98109
2605 Enterprise Road East Suite #250 Clearwater, FL 33759
5780 Timberlea Blvd. Suite #103 Mississauga, ON L4W4W8
310 Airport Road Suite #500 Williston, ND 58801
1100 Dexter Avenue N. Suite #100 Seattle, WA 98109
800-872-7484
