Healthcare & Medical Receivables Factoring
The healthcare industry has two different types of companies that can benefit from medical factoring. One type provides services or sells goods to the medical industry, such as nurse staffing or medical billing services. The other is a provider that bills third-party medical insurance companies. These types of businesses are ideal for invoice factoring because each is challenged by slow payments.
Submit a copy of the invoice in addition to any supporting documentation (i.e. signed time sheets) to a medical factoring company like Viva Capital Funding, LLC.
Viva Capital Funding purchases those invoices and advances 80-90% of their face value.
Once the invoice is settled, typically between 30-180 days, we will release the remainder of the claim, minus the factor’s fee.
The reserve, minus the factoring fee, is then released back to the vendor
Benefits of Healthcare Factoring
Healthcare factoring is beneficial for both vendors and providers as these types of businesses have a reputation of working with creditworthy, but slow-paying customers. The benefits of medical factoring go far beyond simply balancing cash flow. These are just a few examples of how it can benefit your healthcare company:
Provides a simple, speedy solution without debt
Helps you maintain a steady, continuous cash flow
Gives you the opportunity for potential growth in your business
Helps improve your creditworthiness
By taking advantage of medical factoring, you can save more lives, take care of more important things, and let go of unnecessary cash flow worries.
Healthcare & Medical Receivables Factoring Advantages
Viva Capital Funding can provide financing to any healthcare provider with at least $100,000 in net monthly receivable payable by insurance companies, state workers’ compensation insurance companies, managed care agencies, Medicare, Medicaid, state and local government contracts, or other businesses.
Through factoring, you can choose how frequently you would like to receive payments whether that’s weekly, bi-weekly or monthly. In addition, you can use it to upgrade technology or equipment, replenish working capital, pay expenses, facility expansion or any business purpose without having a long-term commitment.
Medical Receivables Factoring
Types of Medical Accounts Receivables Companies
There are many different medical accounts receivable companies that can benefit from Viva Capital Funding healthcare factoring services. Below are a few examples of these businesses:
- Durable Medical Equipment Companies
- Surgery Centers
- Mental Health Providers
- Medical Offices
- Nursing Homes
- Diagnostic Imaging Centers
- Surgery Facilities- Medical
- Compounding Pharmacies
- Substance Abuse Centers
- Home Healthcare Agencies/Providers
- Physicians & Physician Groups
- Medical Labs
- Physical Therapy & Rehabilitation Centers
- Outpatient Surgical Centers
- Cancer Care Centers
- Long-Term Acute Care Hospitals
Types of Healthcare Factoring Companies
Healthcare factoring involves companies that are service-oriented businesses within the healthcare industry. These healthcare providers work directly with hospitals or other healthcare facilities and do not bill third-party players.
There are many different healthcare businesses that can benefit from Viva Capital Funding medical factoring services. Below are a few examples of these businesses:
- Medical Transcription Services
- Medical Supply Companies
- Medical Staffing Agencies
- Temporary Nurse Registries
- Outsourced Medical Coding Companies
- Medical Billing Services
- Medical Labs
Healthcare Reverse Factoring
Reverse factoring, which is one of the services that separates us from our competition, can be of tremendous benefit to a successful and growing healthcare business. Purchasing supplies for your hospital is expensive, and when your revenue cycle is unpredictable, it may take months before you are comfortable paying your suppliers. This can add unneeded stress to the relationship. With reverse factoring, you can get the payment to your supplier immediately. This commitment to expedited payment may allow for additional discounts in return for the expedited payment. In addition, we make it possible to pay your suppliers at once, streamlining your accounts payable and converting that department from a cost center to a profit center by implementing this rebate structure.
Here at Viva Capital Funding, we have the expertise you want and the experience you need. We understand the nuances of the healthcare industry in a way that others don’t. That’s why we offer the services we do in order to better serve the industry.
Healthcare is a complicated field, but the financing aspect doesn’t have to be. We work fast, and we are reliable. Let Viva Capital Funding structure a tailored solution to meet your company’s needs.
How to Qualify for Medical Factoring
Companies and professionals looking to qualify for medical receivables financing need to fall into one of two groups of people: companies providing products or services to the medical industry. This could be medical billing services or nurse staffing, for example. Or a provider that bills third-party medical insurance companies. For healthcare receivables, simply submit a copy of your invoice to Viva Capital Funding, LLC so that we can purchase the submitted invoice and release the remaining claim to you.
If you would like to know more about medical factoring, get in touch with one of our professionals at Viva Capital Funding today!
Viva Capital Funding was able to structure a working capital solution for my company when we needed it most. We had just purchased one of our competitors and as luck would have it, our Medicare receivables were delayed. We spoke to other banks and finance companies who were not able to provide a working capital solution within our required time frame. Viva Capital Funding came through on time and as promised. We have had a great experience with Viva Capital healthcare financing and recommend them to anyone in the healthcare industry. We will use Viva Capital for our future growth opportunities.
Turn your invoices into immediate cash.