If you operate a healthcare facility or provide healthcare services and are in need of financing, medical factoring is a viable option.
Medical factoring is not a loan. If you’ve had difficulty meeting the strict bank lending requirements, medical factoring companies can help you get the funding you need to operate and grow your healthcare business.
Medical factoring can help your company battle cash flow shortages and helps your thrive in spite of slow-payment, third-party billing issues and periods of rapid growth.
First things first, PRN Funding does not factor medical receivables. However, by getting you in touch with Factor Finders, LLC, a leading factoring broker, we can help you find the top medical factoring companies to meet your cash flow needs. Contact PRN Funding at 216.504.1000 for more information.
Here’s how the medical factoring process works:
1. A medical provider submits invoices to a third-party payer.
2. The medical provider sends copies of the invoices to the factor.
3. The medical factor buys the provider’s invoices and advances up to 80 percent of the expected collectable value. Funds are usually available within 24 hours.
4. The factoring company holds the remaining percent until payment is received. Once paid, the reserve is released back to the medical provider minus a small factoring fee.
Check out our recent YouTube video to learn more about the process of factoring medical receivables.