Whats Medical Factoring | Define Medical Staff Funding

Medical factoring can be an industry specific type of factoring financing that is definitely designed to help companies that bill Medicare, Medicaid or private insurance companies. Medical factoring may help doctors/physicians, small hospitals, home care workers, group homes and DME’s.

define-medical-staff-factoring
One of the biggest difficulties for companies in the medical field is how long it requires to get a claim payed off. Although when done the right way some claims may pay quickly, most medical insurance claims can pay in 30 to 45 days. This generates a cash flow problem for companies because they have to use their capital reserves to deal with expenses while they wait to get paid. This can become worse if the company is growing quickly, because it forces owners to dip into savings – or worse yet – forces them to postpone key supplier or employee repayments.

Medical factoring can easily solve this problem by offering you with a quick payment for your medical claims. It truly does work by using a factoring company as an intermediary. You sell/assign your medical claims to the financial company who advances you funds for them and hold the claim until maturation. The transaction is then settled when the insurance carrier (or Medicare/Medicaid) pays the claims.

Generally, the transaction works as follows:
1. You submit your approved claims to the factoring company
2. The factoring company provides the initial advance of 70% (or more)
3. Once the claim is paid, the factoring company provides the closing advance of the remaining 30%, less the financing fee.

The sums that are advanced (in step#2 and step#3) vary based on the sized of the business and the size of the claims. Among the advantages of medical receivables factoring is that it’s easier to obtain than conventional business financing. It’s available to both large and small companies – and substantial assets are not required to qualify.

Published by

Chris Lanchech

Hi everyone, my name is Chris and I am a junior analyst at Neebo Capital and an inspiring blogger. We enjoy speaking with business owners and entrepreneurs who come to Neebo Capital looking for cash flow solutions. Give us a call toll free at 1-888-382-3766 or Visit us online at www.neebocapital.com

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