All physicians, surgical facilities, medical providers, and clinics are all too familiar with the pressures of covering ongoing costs associated with running a facility. At times there is enough money to keep the lights on and the staff paid, but the access to cash can be delayed due to extremely lengthy legal processes and the lengthy collection times.
The overly familiar scenario of accounts receivables
There is incoming money from past patients who have not yet received their settlements or covered their bills. However, your facility ends up short on available cash and still needs to cover vendor bills and employee paychecks. A loan against assets can be difficult to acquire as many times banks do not consider accounts receivable (A/R) an asset. It is a risky endeavor because the loans themselves must be repaid even if the A/R is never collected. The answer to these issues is medical accounts receivable financing through PROVE. The process of medical financing is a popular alternative form of funding for healthcare facilities and individual physicians that removes the risks associated with borrowing against assets.
The benefits of selling your medical accounts
Medical accounts receivable financing can bridge the gap between the times when services are provided and when payment is received. The benefits of selling accounts receivables to PROVE are clear:
- You receive the fast payments necessary to continue to provide services.
- There’s no risk to you since we take on all of the risks.
- You can take on new patients who were once considered “high risk.”
All facility managers are more than familiar with the difficulties of collecting old accounts, and the older they get, the less likely they can be collected. Once we analyze your A/R, we provide you with quick payment and assume all risks. When we absorb aging A/R risks, you are no longer responsible for collections in any way. Consequently, if we cannot collect the debt, you do not have to repay us as you would with a traditional loan.
Moreover, patient cases that were too risky to take on because of the processes involved in dealing with insurance companies and personal injury claims can now be a new revenue stream. The ability to open up cash flow allows you to grow your facility further by increasing the current patient load.
Our medical financing programs purchase your accounts receivable outright, generating you cash to keep your clinic running smoothly, pay the bills, and increase your revenue. Our representatives make the process easy for you, eliminating the need for complicated legal proceedings associated with traditional loans.
Contact PROVE today to talk to our representatives about this win-win solution to your cash flow issues.