Medical Accounts Receivable Financing Relationship Problem
Medical accounts receivable financing is an option that many medical providers such as physicians, surgery centers, clinics and hospitals must consider if they are to increase their bottom lines by being able to reduce default risks, as well as potentially considering patients that may have put a strain on the collections system in the past due to the expected long wait times until case settlement and payment. Through the exploration of alternative financing options like those provided by Med-Care Solutions, medical providers are able to leverage their existing accounts receivable as an asset to generate immediate cash flow, instead of watching while accounts age and become increasingly difficult to collect upon. With an accounts receivable financing option in place, providers are guaranteed payment for their services within a very short and specific timeframe, allowing them to not only keep the lights on, but utilize this arrangement to open up new revenue streams through the relationships that are created.
Medical Accounts Receivable Financing
Although several companies offer medical accounts receivable financing programs, the attention to detail and the care with which the transactions are serviced plays a major role in the establishment of an ongoing revenue stream for the facility. Simply providing cash in exchange for accounts receivable is not enough to keep an ongoing situation in place, as there are several parties involved in every transaction, ranging from the patient themselves to the facility to the third party financing outfit. Each of these parties is relying on the others in order for the transaction and the treatments to be provided and paid for on time and without encumbrances. When any party is not experienced enough with these types of situation, there is a possibility for deadlines to be missed, information to not be completed correctly, and legal issues to arise. What is necessary to keep things running smoothly is a transactional leader with the experience to guide the process and make all parties feel comfortable enough with the process to consider doing business in this manner over and over again. Through an established relationship where the trusted process leader understands the process of moving cases along through the system effectively, all parties can utilize the process as a way to increase their operations through more patients treated, referrals from the system itself, and guarantees of payment.
Med-Care Solutions understands that the process of medical accounts receivable financing is not only a legal agreement, but a human process that needs to be treated with care. The highly trained staff is available to keep each transaction moving forward, and the attention to the details of each case makes them a leader in their field. Because of the trust that has been built between themselves and their clients, referrals are commonplace between partners, and in many cases medical providers can become the preferred referral for legal outfits and other parties involved in securing of treatment services. It isn’t all about providing short term cash when the bills are greater than the amount of money on hand. With the help of Med-Care Solutions, medical accounts receivable financing can grow your facility to the next level.