For many medical practices, diagnostic centers, and a variety of other healthcare businesses, factoring is becoming a popular financing solution. Factoring is growing in popularity due to its many advantages, so continue reading to learn how your healthcare business can benefit.

Flexibility

Factoring is a perfect solution for healthcare and medical businesses that are growing quickly, as it provides a very flexible line that can adapt as your business grows. This factoring line is attached to the volume of your medical claims to insurance companies, and is able to grow with your business.

Predictable Cash Flow

A predictable cash flow is a huge asset to any business, but especially one that often includes unpredictable outpouring of financing. Medical receivables factoring will streamline the claim payment process, so that it provides a much more steady and predictable cash flow every month. You are given the ultimate control over your finances, with the ability to choose when to finance and submit claims.

Cash Flow Improvement

Instead of the usual 30 to 120-day time period it takes for medical insurance claims to be paid, medical receivables factoring pays them within several days. This quick turnaround will provide your business with the finances it needs when it needs then, so you don’t have to worry about money that is neither yours nor a customers.

Works with Medicare and Medicaid

For the medical and healthcare businesses that serve a wide population, both Medicare and Medicaid are essential providers to be utilized. Medical receivables factoring can be used to finance both, which is very beneficial to those that need it.

Quick Setup

As opposed to a lengthy process many lenders offer that often takes months or even years, medical receivables factoring can be set up in no longer than a couple of weeks. This benefit is especially helpful to businesses experiencing a shortage in cash and in need of an immediate solution

Allows Growth

One of the most important aspects of medicals receivables factoring is that it offers room for businesses to grow, and makes it possible for them to do so. Making cash flow both predictable and steady allows for businesses to plan for how they would like to move forward, which is absolutely necessary for their success.

If your medical or healthcare business is looking for a new solution, consider medical receivables factoring. Factoring offers a wide range of services to a wide range of medical businesses, so consider this great source of financing today.