Besides the pressure of providing top quality medical care, chances are you are confronted with ongoing burdens of operations. Like most businesses, the medical industry faces the pressure of payroll, bills supplies, and collections activities. The slightest downturn in the economy or a coronavirus pandemic can shift the number of patients seen in a typical month, creating a strain on the bottom line. Luckily, there are options that can relieve the pressures of slow collections or increased expenses by tapping an asset you already have.
Accounts receivable is the asset you are underutilizing
Medical accounts receivable (A/R) financing utilizes existing or future accounts receivable as an asset to generate immediate cash. Any collections team at a medical facility can tell you that the process is notoriously slow and sometimes quite frustrating. Patients expect treatments immediately but can be in no hurry to pay, nor are the parties in legal battles. When services are rendered, a process to attempt to collect on the money owed starts; this process will only be successful sometimes, but will probably be slower than desired in nearly all cases.
What medical accounts receivable financing does is assign the collections activities to a third party, like PROVE, in exchange for a slight discount on the payment for the account. This payment is provided within weeks, often just days— instead of months or years— and goes directly to your office. This money can be utilized for any purpose and is as if the payment came from the patients themselves. If accounts cannot be collected or ar delayed for years, the facility is not responsible for repaying the money received. This alternative funding model puts money in the bank for current expenses. Even better, it can serve as a revenue model for the future.
Medical financing can aid your revenue stream now and in the future
Every medical facility could use an additional revenue stream. With programs offered by PROVE, your facility can be tapped to provide the treatments that patients need, which you may have deemed too risky before, or was not referred to because other facilities had a relationship with a legal team. Through our ongoing accounts receivable programs, you can be the one who is called when legal teams need to source treatments for personal injury clients. As part of our elite provider network, you are paid directly by us for treatments. There is confidence when PROVE assumes the debt of these accounts, and you increase your revenue.
Learn how to grow your revenue today by contacting our team.