With a growing aging population and people living longer with a higher quality of life than ever before, the health care field continues to rise. Experts say this trend is likely to continue with more health providers and staff needing to serve more people more often using advanced technologies, treatments and procedures.
The on-going rise in demand of healthcare services has created a number of concerns, many of which are counter-intuitive. For instance, according to the FinancialWallStreet.com many health care providers themselves are cash-broke trying to run their medical offices even though the price of receiving medical care is generally high. The lag in payment time from when the medical procedure was performed to when the health care provider gets paid can be several months creating a serious cash flow concern for even the busiest medical offices.
Choose Medical Receivable Factoring and Stop Waiting for Your Insurance Claim Payments
This is where medical receivables factoring comes into play. Rather than waiting around for insurance companies or Medicare to pay, medical factoring companies enable you to receive cash right away based on the value of those current medical claims or invoices. This way, you can cover the costs of operating your medical facility and caring for patients without being overly concerned about when the insurance will pay. The factoring medical receivables company will take on the responsibility of collecting the debt from the insurance company so you don’t have to worry.
Medical Factoring Companies Handle Claims for Any Sector
Medical factoring can be used for just about any division within the larger health care field, including doctors/physicians’ offices, dentists’ offices, small hospitals, home care centers, group homes and more. The best part is an invoice factoring company looks at the reputation of the insurance company to determine your factoring eligibility rather than running patient credit checks. Your patients generally don’t have to do anything differently if you use a medical factoring company.
Medical Factoring Experts Are Highly Familiar with Health Care Procedures
Factoring medical receivables tend to work best with large or high value claims rather than a number of small claims, for example, but factoring medical receivables for smaller value claims can work as well. Medical factoring specialist will be happy to work with you to explain your options and discuss which ones will work best for your situation.