Medical Accounts Receivable Financing
The process of medical account receivable financing is a popular alternative form of funding for medical facilities and individual physicians that removes the risks associated with borrowing against assets in order to bridge the gap between the times when services are provided and the times when payment is issued. All physicians, surgical facilities, medical providers and clinics are all too familiar with the pressures of covering ongoing routine costs associated with running the facility while money is owed from past patients who have not yet received their settlements or covered their bills. Even though there is enough money to easily keep the lights on and the staff paid, the access to that money is delayed due to the extremely ineffective legal process and the lengthy collection times associated, so your medical facility finds itself short on available cash and needs to still cover bills to vendors and employee paychecks. A loan against assets that the facility owns is difficult to acquire as many times accounts receivable are not considered assets that a bank will loan against, and is a risky endeavor anyway die to the fact that the loans themselves must be repaid even if the accounts receivable are never collected. The answer to these issues is medical accounts receivable financing through Med-Care Solutions.
Our medical financing programs involve the outright purchase of your accounts receivable, providing you with a fast payment that can be utilized to keep your clinic running smoothly and efficiently, pay the bills and keep the employee’s payroll flowing. Our representatives make the process easy for you, and therefore eliminate the need for complicated legal forms associated with traditional loans. We analyze your accounts receivable and then provide you with a payment, assuming all of the risks ourselves that comes with aging of accounts. All facility managers are more than familiar with the difficulties of collecting old accounts, and the older that they get the less likely they are to be able to be collected. These risks are completely absorbed by us, and you are no longer responsible for collections in any way. What this translates to is if we cannot collect the debt, you do not have to repay us as you would in a traditional loan situation. The benefits to the facility are more than obvious, as you receive the fast payments necessary to continue to provide services and we take on all of the risks.
In addition to the obvious benefits of fast payments and available cash, our medical accounts receivables financing programs allow you to consider taking on the patients that would be considered “higher risk” due to the processes involved in dealing with insurance companies and personal injury claims. The ability to open up revenue streams that were once considered too risky in that they have a history of taking too much time to pay, if they can be collected at all, allows you to grow your facility further by increasing the current patient load. Contact Med-Care Solutions today to talk to our representatives about this win-win solution to your cash flow issues.
Dr. Kamran Abdo