Medical Accounts Receivable Factoring
Medical accounts receivable factoring describes expertise in buying invoices in the medical industry by an the invoice factoring company. Some invoice factors only specialize in one or two industries. For example, there are many trucking only factors. So if you provide nurse staffing, medical supplies, transcription services or other products and services to the healthcare industry a Healthcare only Factor could help you. However, most Factors are generalists, their expertise lies in credit and collection and they will buy invoices from any company in any niche as long as there is not a third party payee.
Third Party Medical Receivable Factors focus specifically on financing the healthcare and medical community and understand the pressures providers and facilities face on both the cost and revenue sides of business. They have a thorough understanding of the complexities of billing, monitoring, and collecting medical receivables, as well as the cash flow challenges of managing a healthcare or facilities organization. Medcare Solutions can turn your medical accounts receivables into positive cash flow.
As mentioned above, billing and coding expertise is ultra-critical. A Doctor, Hospital or clinic bills $1000 for a procedure under one code and subsequently Medicare or the Insurance carrier changes the code and only remits $200. As a healthcare professional you know the billing dance and the risk to your business. That is why it is best to partner with a medical accounts receivable factoring company who has deep and wide experience in third party payees and is up to date on recent healthcare legislation.
With the help of medical accounts receivable factoring the medical practice can reap the benefits of fast and continuous cash flow streaming in to stimulate the growth and expansion of medical facilities. Other benefits also include enhanced business efficiency, by electronic updates on billing, tracking and collections. A wide range of medical industry professionals can get the advantages of this type of hassle free financing. This includes hospitals, nursing homes, surgeons, physicians, osteopaths, oral surgeons, and treatment centers, like rehab, dialysis and surgery centers. Imaging and medical laboratories and even ambulance providers can benefit from this effective funding solution.