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.
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