Medical accounts receivable financing for physicians
As a medical provider, you are faced with the ongoing issues of all businesses, along with the added pressures of providing top quality medical care, legal issues and regulations. The medical aspects of the industry alone are overwhelming, and when you factor in the combined pressures of the business itself like payroll, bills and expenses, supplies and collections activities, we find that the typical medical staff is overwhelmed. Even the slightest downturn in the economy or shift in the number of patients that can be seen in a typical month can spell added pressures on the bottom line. Luckily there are options available to you that you may not have considered, and these options can relieve the pressures of slow collections or increased expenses by tapping a revenue stream that you may not have even realized was at your disposal. This option is called “medical accounts receivable financing” and it utilizes the existing accounts receivable, or potentially the future accounts receivable of the practice as an asset which can generate immediate cash.
Any collections team at a medical facility can tell you that the process is notoriously slow and sometimes quite frustrating. Patients expect treatments to be preformed immediately but are in no hurry to pay, nor are the insurance companies or the participants in legal battles. When a treatment is provided it begins a process of attempt to collect on the money owed that will only be successful in some cases, but will probably be slower than desired in nearly all cases. What medical accounts receivable financing does is assign the collections activities to a third party like Med-Care Solutions in exchange for a slight discount on the payment for the account. This payment is provided within weeks instead of months, and comes directly from Med-Care Solutions to your office. This money can be utilized for any purpose, and is exactly as if the payment came from the patient themselves, meaning there is no additional risk to the office from that point. If the account cannot be collected or the process drags on for years, the facility is in no way responsible for repaying the money they have received. This alternative funding model has the ability to put money in the bank for current expenses, but even better can be used as a revenue model for the future.
Every medical facility could use an additional revenue stream, and through involvement in the programs that Med-Care Solutions offers in the accounts receivable financing arena, your facility can be tapped to provide the treatments that are needed by patients that you may have once deemed too risky, or were not even called upon because another facility had a relationship with a legal team. Through participation in ongoing accounts receivable programs, you can be the one who is called when large legal teams need to source the treatments for their personal injury clients. You are then paid directly for these treatments by Med-Care Solutions, who assumes the responsibility for the account. Grow your revenue today by contacting our team.