How to Get Medical Factoring Fast

Among the many independent businesses today, the medical community (including health clinics, doctors’ offices, and small hospitals) is an industry that’s often in need of a ready supply of cash. That’s because in general their payments come from insurance companies, which are notorious for taking a long time to pay. You’d be lucky to get the payment within 60 days. Sometimes it can even take 120 days before you receive any payment. Unfortunately, the bills you need to pay can’t wait that long, and your payments for your rent and utilities, and payroll, as well as payments for your medical equipment must be made ASAP.

Among all the possible solutions, factoring (which involves exchanging accounts receivable for up to 90% of its value right away) can be the best answer, as the likelihood of getting approval is better and the process is faster when compared to applying to a bank for a loan.

While factoring is a very convenient solution for this problem, you also need to figure out how to get medical factoring fast. One way of doing so quickly is to consult with other members of the medical community for any recommendations regard factoring companies. A factoring broker may also identify which factoring companies can act quickly enough for your needs.

As an applicant, you can also help ensure that the process goes smoothly by making sure you do the following:

1.     As much as possible, avoid hand written applications.  It’s better if a form can be filled out online. But if the only option is a hand-written application, make sure you do so legibly. Have a secretary or a nurse do it if that’s not possible in your case.

2.     The application will also likely require you to include some documents, so make sure you already have these files with you. If a certain document can’t be provided, discuss the matter with the factor so that a suitable alternative can be suggested. Your inability to include all the required documentation or the explanations as to why a specific document is missing will be regarded as unprofessional. 

3.     Make sure all the information you provide are factual. In fact, you need to disclose all relevant information without first waiting for the factoring company to ask for them. Factoring companies as a rule search public records to confirm that the information you disclose matches what’s on record.

4.     Try to include a single-page write up that summarizes your clinic’s situation. Tell them about your situation: your challenges, your customers, and your upcoming opportunities. This can help round out the info the factoring company receives from credit managers. Just make sure that the write up is concise and to the point.

5.     You should also fill out the form and send all requirements at the same time. Doing so ensures your application will be processed right away.

Many medical clinics need a quick infusion of cash for day to day expenses in the office. So make sure you do your part by learning how to get medical factoring fast by following the guidelines above.