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Medical Factoring: How to Finance Your Healthcare Business Without a Loan

There are few bigger pains for healthcarebusiness grows its billings, the solution
industry professionals than having to waitshould be able to adapt the financing it
30, 60 or even 120 days to collect paymentsdelivers, seamlessly. Third, the solution
from insurance companies, HMOs and Medicareshould allow you to finance significant
Medicaid. The healthcare industry is riddledgrowth. Maybe three to five times your
with complex billing, coding and processingcurrent revenues - or more.There is a
rules that create very long payment cycles.solution that meets these criteria and is
This can be very difficult for medicalavailable to the healthcare industry. The
offices, testing and diagnostic centers,solution is to factor your medical
medical supply companies, or any healthcarereceivables using a financing tool called
related business, for that matter. There aremedical factoring. Medical factoring allows
always many ongoing expenses that can't wait.you to accelerate your payments from
There is rent that needs to be paid, officesinsurance companies, HMO's or Medicare
expenses that need to be covered, and payrollMedicaid. It enables you to receive a
that must be met.This situation creates asubstantial amount of your net collectables
problem for most healthcare businesses. Onwithin days of billing, streamlining your
paper, the business may look very profitablecash flow dramatically.Medical factoring, a
and seem to be doing well. But in reality,specialty form of general factoring, allows
most of the money is tied up in slow payingyou to sell your claims and receivables to a
invoices (also known as accounts receivable)factoring financing company. The factoring
with little cash to show for it in thecompany buys them - at a small discount - and
bank.When faced with tight cash flow, mostpays you with immediate funds. The factoring
healthcare professionals turn to theircompany waits to be paid while you get to use
bankers. Medical doctors can usually qualifythe funds to meet business expenses. As
for signature loans or lines of credit. Otheropposed to traditional banking financial
business professionals are not so lucky. Inproducts, medical factoring has no arbitrary
reality, a loan or line of credit may helplimits. You can factor or sell as much
you in the short term, but will not solve therevenue as you can generate, making it the
main problem. Why? Well, loans are good forideal financing tool for growth.However,
buying equipment or large capitalfactoring is not the best solution for every
expenditures, but not for covering recurringsituation. It works best in instances where
and ongoing expenses. A line of credit is ayour main challenge is that you cannot afford
better solution, but they usually have fixedto wait to get paid in 60 to 120 days. It
limits. What happens if the business growshelps you meet ongoing and recurring expenses
past the limits of the line of credit? Manysuch as rent, payroll and lease payments.
healthcare professionals usually find out,Medical factoring is an ideal solution for
the hard way, that the bankers that weremedical offices, rehabilitation centers,
quite happy to extend the first loan or linemedical testing and diagnostic centers,
of credit will not be so helpful atmedical supply companies and small to mid
increasing it. Unfortunately, bankerssized hospitals.Invoice Factoring
absolutely hate it when businesses came backGroupInvoice factoring Group can provide you
to the well for more money.If you look atwith a medical factoring and medical
the problem at hand, you will soon realizereceivables factoring quote for free. Marco
that the perfect solution should have theTerry, the president, can be reached at (866)
following characteristics. First, it should730 1922Copyright (C) 2006 - All rights
be able to accelerate your insurance paymentsreserved. Article may be preprinted provided
so that you can get them quickly rather thanit is not modified and all links are kept
slowly. Second, the solution should be ablelive.
to grow with your business. So, if your



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