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. By factoring medical receivables, this 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 on Medicare or HMO payments.
Factoring medical receivables empowers your practice
With regular payment infusions through medical receivables 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 receivables 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. Healthcare factoring companies may also be used by industry vendors who provide goods or services to physician offices, hospitals, nursing homes and more.
9701 W. Pico Blvd., 1st Floor, Los Angeles, California, 90035
100 Metroplex Drive, Suite 202 E, Edison, New Jersey, 08817
220 Ave I , Redondo Beach, California, 90277
5540 Centerview Drive, Raliegh, NC, 27606
P.O. Box 116, Manchester, Connecticut, 06045
One CIT Drive, Livingston, New Jersey, 07039
5201 Blue Lagoon Drive, Miami, Florida, 33126
1910 Palomar Point Way, Carlsbard, California, 92008
813 Ridge Lake Blvd., Memphis, Tennessee, 38120
1450 Bickell Ave. Suite 2660, Miami, Florida, 33131
1600 Expressway Plaza, Hauppauge, New York, 11788
4700 South State Street, Salt Lake City, Utah, 84107
P.O. Box 350323, Westminster, Colorado, 80035
2751 Hennepin Ave, Minneapolis, Minnesota, 55408
800 West University Dr. R, Rochester, Michigan, 48307
3655 W Quail Bldg D, Las Vegas, Nevada, 89183
800 W. University, Rochester, Michigan, 48307
250 Yonge St #2201, Toronto, ON,
60 Crescent Bend, Allendale, New Jersey, 07401
12747 Biscayne Blvd, Miami, Florida, 33181
16167 Rambling Vine Dr E , Tampa, Florida, 33624
899 Logan St. Ste 210, Denver, Colorado, 80203
200 SE 9th St., Ft Lauderdale, Florida, 33316
400 Kelby St., Fort Lee, New Jersey, 07024
3659 Green Road, Suite 318, Cleveland, Ohio, 44122
20 Pacifica, Suite 360, Irvine, California, 92618