Medical Billing Factoring Companies
Factoring Your Medical Billing
Healthcare factoring companies are a specialty factoring option for dealing with the world of medical billing. They are familiar with payment terms of insurance companies and third party payers offer. An extensive knowledge of a client’s invoicing history is necessary for a medical billing factor. They will examine all available history for the customers a client wishes to factor. Medical factoring companies work with a large range of clients within the healthcare space from ambulance services to doctor’s offices.
Requirements for healthcare factoring vary greatly from a standard factoring and rates and terms can differ as well. Typically a medical factoring company will have a minimum monthly requirement for factoring. Usually between $50,000 and $100,000 a month in revenue. Advance rates vary as they’re dependent on percentage payment rates on an invoice. Third party carriers like Medicare, Medicaid, and various HMOs and PPOs may pay 50% of the initial invoice value. A healthcare factor will typically need to see a payment history between a client and their customer to calculate the advance rate, usually a minimum of 3-4 months of history.
The process for a client to start with a healthcare factoring company is pretty standard aside from the additional information mentioned above. As mentioned above a medical factoring company will analyze payment history from customers to determine their advance rate which can typically take 2-3 days. A client can expect to receive their advances on invoices in 48 hours or less once initial approval and verification has been completed.
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Benefits of Invoice Factoring For Home Healthcare
Factoring is a readily available solution to your cash flow crunch. Whether you’re waiting 30, 60, or even 90 days to get paid there is a medical billing factoring company for you. Check out some of these other benefits from the factoring companies we work with: