Elite Medical Receivables Provides Medical Lien Financing Solutions
- Capital Improvements
- Expand Your Practice
- Protect Your Business Relationships
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The Many Benefits of Medical Lien Financing:
Once a funding relationship is established, funding companies can convert fresh charges to cash often sending the payment within a week. This is especially important to new or small practices that cannot take on more patients until they can hire more staff. With medical funding firmly in place, the practice can use the consistent cash flow from the funding company to cover its labor costs without waiting for liens to resolve.
The first place many providers may turn for money is their local bank. However, qualifying for a loan is difficult for young practices and those that have large debt or credit blemishes. Banks are often reluctant to make business loans secured by medical receivables. Banks will want to see a strong history of past performance and will not take into account future growth potential. Also, the time it takes to underwire a bank loan can be several months with personal guarantees often being required. A funding company reduces impact to your credit and turns existing assets into the dollars you need to grow.
Banks typically do not understand medical accounts receivable. In contrast, medical receivable finance companies focus specifically on financing healthcare and medical businesses and understand the pressure providers face. They have a thorough understanding of the complexities of billing, revenue cycle management, coding, monitoring and collecting medical receivables.
As a provider’s invoices increase, the amount of assets available for funding will increase. This makes invoice financing an ideal solution for a practice in an aggressive growth stage that needs funding to hire new staff, pay for more marketing and buy new equipment.
A well-run medical practice will have an efficient practice administrator. Unfortunately, the administrator cannot overcome delays caused by the legal system. The legal system is slow and delays in personal injury settlements are common. By outsourcing the minutiae of collecting on medical liens, a practice’s office staff can return to focusing on the truly important work of improving the patient experience.
In today’s healthcare environment, medical providers face tremendous challenges. Providers must adapt to new billing coding systems, be up to date with digital changes, comply with evolving regulations, maintain certifications, pay for increasing malpractice insurance premiums and stay on top of changing copays and deductibles.
Managing cash flow does not have to be an additional burden, because today medical invoice financing is available. To survive and thrive, a medical provider can benefit greatly from having a funding partner to help them navigate these uncertain times.
