Medical Account Receivables
Medical Account Receivables
In the medical field there are two assets that are able to be used as collateral in order to gain access to immediate cash when it becomes necessary. The first is the most obvious and the one that traditional lending facilities take into consideration when potentially lending money to a medical provider, that being the physical assets of the practice in the form of the equipment that is owned. Borrowing against this type of asset is quite dangerous for the medical facility as operation of the clinic without the necessary equipment would be impossible, in essence assuring that if the loan plus interest is not able to be paid back you will be put out of business completely. This is unfortunate as repossessions of equipment can happen if the loan is defaulted upon at any time, translating to the fact that you may only still owe a small amount of the loan but if a situation arises where you do not have enough cash on hand to pay the premium (as was exactly the case when you needed to borrow it in the first place) then the medical equipment that is necessary for you to continue practicing can be repossessed and sold. The prospect of risking your entire practice in order to secure a small amount of necessary capital is not a good prospect for any business, and makes little sense if there are more appropriate assets that can be utilized to produce cash on hand.
Luckily for physicians, hospitals, treatment providers, surgery centers and other medical professionals, there is an alternative form of financing available through Med-Care Solutions which does not need your physical assets as collateral in order to secure immediate cash. Through consideration of medical account receivables as a asset that can be sold in order to generate immediate income, medical providers have the ability to counteract the cash shortages that happen from time to time in any business without risking everything in order to secure the loan. Med-Care Solutions purchases your qualified medical account receivables for cash, transferring the collection risks to themselves in the process and removing the potential damaging effects of a default from your bottom line. This means that Med-Care Solutions enters into a legal arrangement with you to purchase the accounts that are owed to you by patients awaiting settlement for legal cases, workers comp or other issues. While these accounts are typically the source of more and more collection risks as they age, and generally become more and more difficult to actually collect, the arrangement that Med-Care Solutions provides to you is to purchase them completely and remove them from your books. The money that is provided in exchange for these accounts is provided in a very short time frame, sometimes within less than two weeks, and is yours to apply towards the bills and expenses that must be paid in order to keep practicing. If the accounts receivable fall into default and the amounts owed are not collected, there is no penalty that gets shifted or applied to your practice, nor is there any interest or collateral that can be repossessed. Through this arrangement, you are paid for your medical accounts receivable on time and without incident, allowing your practice to rest assured that you are compensated for your work and can count on those payments in order to stay in business. Contact Med-Care Solutions today to find out more about medical account receivables and the financing options they can provide you.