Press Release: Medical Factoring - A New Alternative For The Healthcare Industry
(For immediate release) Miami, Florida – Managing slow insurance (and Medicare/Medicaid) payments can be one of the biggest challenges for healthcare providers and suppliers. Medical factoring, an innovative financing product, can eliminate slow payments and provide financing to cover payroll, rent and other expenses.
Medical receivables factoring accelerates slow insurance payments by financing them. This streamlines cash flow and allows the medical provider or supplier to meet current obligations and to invest in new growth. And as opposed to common business financing products (such as business loans), medical factoring is easy to get. It can also be set up in days, making it a dynamic financing product.
“Medical factoring is ideal for medical practices that are going through a growth phase and need to cash their invoices,” said Marco Terry, president of Commercial Capital LLC. “It integrates well with the business and helps it stand on a better financial footing,” he later added.
And, it is relatively simple to use. Factoring medical receivables works as follows:
Your company bills the insurance company, HMO or Medicare / Medicaid
- Your company then sends a copy of the claims to the factoring company, who advances you between 60% to 80% of your NET receivables (1st installment)
- Once the insurance company pays, the factoring company rebates you the remaining money (2nd installment), less a small fee.
Medical factoring is a subspecialty of invoice factoring. Although accounts receivable factoring has been used for many decades, medical factoring is a fairly new development and only few companies offer it. Commercial Capital is one of the few providers in the United States that offers both general and medical factoring.
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