Billing insurance is important to your practice, even though submitting and following up on claims can be time-consuming and costly. Even if you have hired a reliable administrator to oversee the specifics of insurance processing, the task is challenging and can defeat even the most experienced manager. Therefore, on matters of healthcare financing, it is best to look into medical factoring to solve billing insurance. You do not have to add more staff members to realize the full potential of your practice.
Defining Medical Factoring
It does not matter if you have hired in-house staff members to work on insurance or a billing company to oversee claims. Your practice will only receive payment when an insurance company mails the check. It can take up to months, from when you offer services to a patient to the time you receive your payment for those services. During that time, you need supplies, you have staff members to pay for, and probably rent as well.
At a small fee, a medical factoring company advances you part of the claim value and then sends you the rest when the insurance company has paid, allowing you to enjoy the benefits of medical factoring.
Growth and Productivity
All business owners desire to be paid on time, and medical factoring ensures that it is done. However, aside from that, it can transform the growth and productivity of your business. Your staff members can benefit from this as the burden of processing insurance has been removed, and they can now focus on other office operations. In addition, they all have adequate time to address staff-patient relationships and communication. In return, it helps retain existing patients and attract new ones.
In addition, when you change your strategy for healthcare financing payment, you get immediate revenue which converts into tangible assets that can be used as leverage. Often, upgrades and improvements get delayed due to financial instability. However, it is easy to get a loan with a steady revenue stream as your cash flow statement looks promising to lenders.
Practices that find themselves frustrated and stagnated with unrealized potential can benefit from medical factoring. It is a solution for any practitioner who wants to see actual results. Are you looking for financial assistance to help upgrade or expand your practice? Contact First Source Capital for assistance to help grow your business.