As a surgeon, you provide lifesaving procedures that improve the quality of life of your patients. You take away pain and repair damaged bodies, and with that kind of pressure, the last thing you need is to worry about the ins and outs of running a business. Nevertheless, one of the aspects of any successful practice is collecting debts that are owed by patients. Thus, a failure to gather these accounts promptly compromises the ability to continue to practice medicine.
Financial stress does not stop with outstanding invoices
The expenses that are covered up-front by your practice to provide the surgeries that help your patients, the space rentals in hospitals, the staff paychecks, the supplies, and ancillary expenses complicate the practice’s financial situation. All of these costs are lost if payment for treatment or surgeries you provide is not received. Even if they are paid, the elongated process of court puts a strain on your practice. Subsequently, these losses can literally put you out of business if you cannot maintain the cash reserves necessary to continue to cover costs for future patients. Fortunately, there is a way to assure payments for the surgeries you perform and completely eliminate the risks. This comes in the form of medical lien funding, or accounts receivable factoring, from PROVE.
How does accounts receivable factoring help you?
Medical accounts receivable financing for surgeons provides payments for qualified accounts directly to you from PROVE. These payments for qualified treatments, surgeries, and procedures eliminate the default risks. So there is no need to repay the payments received if the account is not able to be collected. It is as simple as accepting payment in exchange for the right to collect on the accounts. This allows you to divert all collections activities away from your practice, assuring payment for work performed, and freeing up valuable human resources within your office.
Any accounting professional can tell you that the more an account ages, the less chance there is to collect upon the debt. The high ticket surgeries you perform, especially, are most likely tied to an insurance claim or legal proceeding. These types of cases are almost always slow to materialize as they must go through all of the paperwork, red-tape, and legal proceedings associated. These delays invariably increase risks to your practice.PROVE medical accounts receivable financing programs are simple to understand and involve very little paperwork and qualifying factors. A representative will review your cases, and within days they will respond with approval and assure you payment on the procedures. You are then free to provide the services you specialize in. There is assurance of prompt payments for your labor without obligation to repay if the account is never collected.
Accounts receivable financing is not a loan; it is a purchase of the account that you are waiting for payment. Therefore there is no interest, no monthly payment plan, and no risk. Contact us today to discuss your options.