Healthcare & Medical Receivables Factoring
Viva Capital Funding gives healthcare providers access to cash quickly for invoices that are due to 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. 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.
The healthcare industry has 2 different types of companies that can benefit from medical factoring. One type of company provides services or sell 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 are challenged by slow payments.
Steps for Healthcare & Medical Receivables Factoring
- 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
Healthcare & Medical Receivables Factoring Advantages
Viva Capital Funding can provide financing to any healthcare provider with at least a $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
Medical factoring involves business who work directly with third-party companies such as Medicaid, Medicare or other private insurance companies.
Types 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 or 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
Healthcare factoring involves companies that are a service-oriented business within the healthcare industry. These healthcare providers work directly with hospitals or other healthcare facilities and do not bill third-party players.
Types Healthcare Factoring Companies
There are many different healthcare businesses that can benefit from Viva Capital Funding medical factoring services. Below are a few examples or 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.
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 Funding 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.