| There are few bigger pains for | | | | your business. So, if your business |
| healthcare industry professionals than | | | | grows its billings, the solution should |
| having to wait 30, 60 or even 120 days | | | | be able to adapt the financing it |
| to collect payments from insurance | | | | delivers, seamlessly. Third, the |
| companies, HMOs and Medicare/Medicaid. | | | | solution should allow you to finance |
| The healthcare industry is riddled with | | | | significant growth. Maybe three to five |
| complex billing, coding and processing | | | | times your current revenues - or |
| rules that create very long payment | | | | more.There is a solution that meets |
| cycles. This can be very difficult for | | | | these criteria and is available to the |
| medical offices, testing and diagnostic | | | | healthcare industry. The solution is to |
| centers, medical supply companies, or | | | | factor your medical receivables using a |
| any healthcare related business, for | | | | financing tool called medical factoring. |
| that matter. There are always many | | | | Medical factoring allows you to |
| ongoing expenses that can't wait. There | | | | accelerate your payments from insurance |
| is rent that needs to be paid, offices | | | | companies, HMO's or Medicare/Medicaid. |
| expenses that need to be covered, and | | | | It enables you to receive a substantial |
| payroll that must be met.This situation | | | | amount of your net collectables within |
| creates a problem for most healthcare | | | | days of billing, streamlining your cash |
| businesses. On paper, the business may | | | | flow dramatically.Medical factoring, a |
| look very profitable and seem to be | | | | specialty form of general factoring, |
| doing well. But in reality, most of the | | | | allows you to sell your claims and |
| money is tied up in slow paying invoices | | | | receivables to a factoring financing |
| (also known as accounts receivable) with | | | | company. The factoring company buys them |
| little cash to show for it in the | | | | - at a small discount - and pays you |
| bank.When faced with tight cash flow, | | | | with immediate funds. The factoring |
| most healthcare professionals turn to | | | | company waits to be paid while you get |
| their bankers. Medical doctors can | | | | to use the funds to meet business |
| usually qualify for signature loans or | | | | expenses. As opposed to traditional |
| lines of credit. Other business | | | | banking financial products, medical |
| professionals are not so lucky. In | | | | factoring has no arbitrary limits. You |
| reality, a loan or line of credit may | | | | can factor or sell as much revenue as |
| help you in the short term, but will not | | | | you can generate, making it the ideal |
| solve the main problem. Why? Well, loans | | | | financing tool for growth.However, |
| are good for buying equipment or large | | | | factoring is not the best solution for |
| capital expenditures, but not for | | | | every situation. It works best in |
| covering recurring and ongoing expenses. | | | | instances where your main challenge is |
| A line of credit is a better solution, | | | | that you cannot afford to wait to get |
| but they usually have fixed limits. What | | | | paid in 60 to 120 days. It helps you |
| happens if the business grows past the | | | | meet ongoing and recurring expenses such |
| limits of the line of credit? Many | | | | as rent, payroll and lease payments. |
| healthcare professionals usually find | | | | Medical factoring is an ideal solution |
| out, the hard way, that the bankers that | | | | for medical offices, rehabilitation |
| were quite happy to extend the first | | | | centers, medical testing and diagnostic |
| loan or line of credit will not be so | | | | centers, medical supply companies and |
| helpful at increasing it. Unfortunately, | | | | small to mid sized hospitals.Invoice |
| bankers absolutely hate it when | | | | Factoring GroupInvoice factoring Group |
| businesses came back to the well for | | | | can provide you with a medical factoring |
| more money.If you look at the problem at | | | | and medical receivables factoring quote |
| hand, you will soon realize that the | | | | for free. Marco Terry, the president, |
| perfect solution should have the | | | | can be reached at (866) 730 |
| following characteristics. First, it | | | | 1922Copyright (C) 2006 - All rights |
| should be able to accelerate your | | | | reserved. Article may be preprinted |
| insurance payments so that you can get | | | | provided it is not modified and all |
| them quickly rather than slowly. Second, | | | | links are kept live. |
| the solution should be able to grow with | | | | |