Medical Factoring Solutions
Medical factoring. Unpaid invoices from commercial customers, such as Medicaid, Medicare, and insurance companies, can sometimes pose a challenge for medical professionals in maintaining cash flow. Invoice factoring can help medical professionals solve their cash flow problems quickly.
Our medical factoring services offer healthcare providers and the medical community in general flexible funding options tailored to fit their capital requirements, with very competitive terms and pricing.
Funding is available on medical billings to Medicaid and Medicare, Blue Cross and Blue Shield, PPOs, HMOs, Worker's Compensation Carriers, and Commercial Insurance Companies. Funding options include accounts receivable financing, commercial invoice factoring, and receivables line of credit.
SIMPLE PROCESS
Typically we begin with a phone call to understand your specific situation and funding requirements and to answer any questions you may have.
BASIC QUALIFICATIONS
- Healthcare Provider Type: Home Healthcare Agencies, Medical Practices, Physicians, Physician Groups, Mental Health, Specialty Pharmacies, Senior Living Facilities, Hospitals, DME/HME, Medical Transport, Imaging Centers, Urgent Care Centers and more. Insurance Carrier/Payor: Medicare, Medicaid, Veteran Association, Commercial Insurance, Private Insurance, HMO/PPOs
- Minimum Monthly Revenue: $25,000 insurance payments revenue
- Time in Business: 6 months minimum (with 4-6 months of accounts receivables)
- Credit/Fico Score: 600+Business
- Liens/Judgments/UCC: No open business liens or judgments/No opened or unexplained UCCs
- Bankruptcy: No bankruptcy or foreclosure in the last year
PRE-QUALIFICATIONS
To get started with the application process the following documents are required. Same-day approvals.
- Application: Signed and dated application, must be completed, signed, and dated within 30 days of applying for financing. Applications submitted without phone numbers or emails will not be accepted.
- Business Bank Accounts: 4-6 months most recent statements. Including all deposit and transfer accounts required.
- Accounts Receivable Report: Complete aging report by insurance carrier/payor
UNDERWRITING DOCUMENTS
Required documentation for underwriting:
- Business License
- Medical License
- Proof of Malpractice/Liability Insurance
- Articles of Incorporation
- IRS Letter Assigning EIN
- Bank Verification
- List of Insurance Carriers/Payors
- Voided Check to Operating Account
- Proof of Ownership
- Copy of Valid Drivers License
- Other documentation, if any, required by underwriting
ADVANTAGES
- Clients will be dealing with a direct source of private and institutional funds
- Competitive rates
- Advances on receivables as high as 80% on eligible ARs
- Simple - uncomplicated qualifying process
- Flexible terms. Financing can be structured to fit the business funding requirements
- Lockbox Account
HealthcareFactoring is part of a network of strategic partners specializing in funding solutions for medical professionals nationwide with financial services that are tailored specifically for the medical industry.
For more information, please contact us at any time.
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