Viva Capital Funding gives healthcare and medical service providers access to cash quickly for invoices that are due to be paid by Medicare, Medicaid, or private insurance companies.
As former commercial bankers who have worked within the industry, we’ve dealt with everything from government laws to non-assignment regulations and the complicated revenue cycle of daily operations. With Viva Capital, healthcare financing is made easy. We’ve been doing this for over 20 years and are ready to put our experience to work for you. Not many in our line of work can make that claim.
Healthcare & Medical Receivables Factoring
Invoice factoring for healthcare and medical service providers works by unlocking the cash trapped in your unpaid invoices or claims.
As a leading healthcare factoring company, Viva Capital works with two distinct types of medical businesses: those that provide medical care and those that serve providers.
- For providers, we offer instant payment on receivables owed by third-party medical insurance companies.
- For those who serve providers, such as medical staffing firms, billing companies, and medical equipment manufacturers, we offer fast payment on receivables owed by providers, clinics, hospitals, and other establishments.
Both types of businesses are ideal candidates for invoice factoring (also known as accounts receivable financing or accounts receivable factoring) because each is challenged by slow payments. Instead of waiting 30 to 120 days for your client to pay, Viva advances the funds and waits for payments on your behalf.
Steps for Healthcare & Medical Receivables Factoring
Become Established with a Factoring Company
Most healthcare and medical service providers qualify and you can be approved by Viva in as little as eight hours.
Get Paid
Factoring is flexible. You choose which invoices to factor and when to factor them. Submit an invoice when you’re ready and Viva can advance most of the invoice’s value as soon as the same day.
You Move Forward While We Wait
Spend your cash in whatever way makes the most sense for your business, be it payroll, equipment, marketing, an emergency, or other everyday expenses.
Receive Any Remaining Funds
When your client pays their invoice, typically 30-120 days later, Viva sends you any remaining funds minus a nominal factoring fee. There’s no debt to pay back on your behalf.
Testimonial
I was a brand new business owner and I was new to doing payroll for my healthcare staffing company. The Viva Capital staff were very informative and they checked in with me every step of the way to make sure I was on track with having funding in place before my first payroll. The ability to grow and bring on more employees without having to worry about how I would find the working capital to grow my business is the most obvious advantage I felt Viva Capital has offered me.
Alisa A. | Staffing | North Carolina
Benefits of Healthcare Factoring
Healthcare invoice factoring is beneficial for vendors and providers because both typically serve creditworthy, but slow-paying, clients.
In addition to accelerating cash flow, your healthcare company will benefit from:
- Access to a reliable, simple, and fast funding solution without debt.
- The freedom to grow your business and cash reserves unencumbered by slow-paying clients.
- The opportunity to improve your creditworthiness by making timely payments and not taking on debt.
By taking advantage of medical factoring, you can provide quality care to more patients, focus on the core areas of your business, and let go of unnecessary cash flow worries.
ore lives, take care of more important things, and let go of unnecessary cash flow worries.
Advantages of Viva’s Healthcare & Medical Receivables Factoring
Because of Viva’s long-term ties to the industry, we understand healthcare’s cash flow cycles and why reimbursement rates may differ from gross billings. We’re often able to approve businesses and offer higher advances when other factoring companies and banks say “no” or set low payout rates.
You’ll also receive competitive rates and total transparency, so you can make the best decision for your business at every turn. Our team is here to support you, answer all your questions, and guide you through your options, so you can build the thriving business you’ve always envisioned.
Low Rates
Our competitive rates keep more money in your business.
High Advance Rates
Receive advances up to 100%
Quick Setup
Our streamlined approval process can have you up and running in less than a day.
Fast Funding
Meet unexpected expenses and urgent needs like payroll with same-day funding.
Flexibility
You’re in control of when you factor and which invoices you factor.
24/7 Access
Check your account and know where you stand whenever you like with your personal customer portal.
Seasonality Services
Does business slow during the holidays or other times of the year? Our seasonality services will help you navigate slow periods with ease.
Dedicated Service
Our team is here to help you and will work to ensure you have the best solution for your needs, even if it isn’t factoring.
Additional Services
Value-added services, such as client credit checks, billing, and collection services reduce back-office burden and allow you to focus on the core areas of your business.
Types of Medical Accounts Receivables Companies
Types of Medical Accounts Receivables Companies
Many different types of companies with medical accounts receivable can benefit from Viva’s healthcare factoring services. A few examples include:
- Durable Medical Equipment Companies
- Surgery Centers
- Mental Health Providers
- Medical Offices
- Hospitals
- Nursing Homes
- Hospices
- 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
Healthcare Receivables Factoring
Types of Healthcare Factoring Companies
Medical invoice 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 payors.
There are many different healthcare businesses that can benefit from Viva’s medical factoring services. A few examples include:
- Medical Staffing Agencies
- Temporary Nurse Registries
- Medical Supply Companies
- Medical Transcription Services
- Outsourced Medical Coding Companies
- Medical Billing Services
- Medical Labs
Factoring in Action: DMI Industries Supplies Case Study
Learn how Viva helped DMI Industries Supplies grow and continue its global expansion plans.
Healthcare Reverse Factoring
Reverse factoring, which is one of the services that separate 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.
Qualify for Medical Factoring Services
If you have questions or medical factoring sounds like the right solution for your business, get in touch with a medical funding specialist at Viva.