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Casual Articles - How to Finance your Medical Office, Medical Supply or Medical Testing Company
Is print advertising headed for extinction? No way, but I am seeing more and more companies pulling dollars from their print advertising budgets and moving them into other alternatives. The reason? To brand their product or service more effectively by balancing their ad campaigns and reaching their targeted demographic audiences from different angles. And even within the print medium, the playing field appears to be changing. Newspaper and Yellow Pages advertising has suffered a blow f
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or direct deposit. The remaining 15% is called a “reserve” and used to settle billing discrepancies at time of payment. This is returned to you once the invoices are paid.
4. The factoring company waits to be paid by the insurance company or Medicare/Medicaid.
5. Once the factoring company is paid, they settle out the transaction and rebate you the remaining 15%, less their fee.
The advantage of
OK. The stats for 2005 are in.1. Women make up about half the American work force.2. Women hold about half the managerial positions.3. Women earn just 73 percent of what men earn in the same jobs.4. Women hold only 5 percent of the country’s top-paying jobs.5. Just eight of the Fortune 500 companies have women CEO’s.The secret to changing this situation is learning to communicate more effectively.Molly Dickinson Shepard just wrote a boo
However, even though the growth trend looks good, running a medically related business keeps getting more and more challenging. In the past, doctors and medical suppliers could expect to get large and quick reimbursements for their services. Cash flow was reasonably easy to manage. However, Medicare, Medicaid and 3rd party insurance companies have put in place strict compensation guidelines. These guidelines can be summarized in two simple points: you can look to receive less money than before and you should be prepared to wait longer to get paid.
This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your business. In some cases, it may even threaten your ability to continue to operate your business.
Is there a way to “fix” the cash flow problem?
If your business’s main cash flow problem is not being able to afford to wait 30 to 90 days to get paid by insurance companies and Medicare, then factoring your invoices could be the right solution for you.
The factoring proposition is very simple. Factoring is a way of financing, in which a factoring company provides you with advance payments based on your outstanding accounts receivable (or invoices). You get funding as soon as you invoice. The factoring funds it and waits to get paid until the insurance companies or Medicare pay the invoices.
Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring companies don’t require the same collateral that banks do, so new businesses or doctors’ offices can usually qualify easily.
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or direct deposit. The remaining 15% is called a “reserve” and used to settle billing discrepancies at time of payment. This is returned to you once the invoices are paid.
4. The factoring company waits to be paid by the insurance company or Medicare/Medicaid.
5. Once the factoring company is paid, they settle out the transaction and rebate you the remaining 15%, less their fee.
The advantage of
If you are looking for a new job, you might be considering self-employment. This is a growing option in the past decade. Companies are much more willing to hire outside consultants and advisors, because it is often easier for them than having you on their payroll. Before you launch yourself into a new business venture, there are a few things to consider.The major difference between being self-employed and working for someone else is the paycheck factor. When you are employed
This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your business. In some cases, it may even threaten your ability to continue to operate your business.
Is there a way to “fix” the cash flow problem?
If your business’s main cash flow problem is not being able to afford to wait 30 to 90 days to get paid by insurance companies and Medicare, then factoring your invoices could be the right solution for you.
The factoring proposition is very simple. Factoring is a way of financing, in which a factoring company provides you with advance payments based on your outstanding accounts receivable (or invoices). You get funding as soon as you invoice. The factoring funds it and waits to get paid until the insurance companies or Medicare pay the invoices.
Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring companies don’t require the same collateral that banks do, so new businesses or doctors’ offices can usually qualify easily.
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or direct deposit. The remaining 15% is called a “reserve” and used to settle billing discrepancies at time of payment. This is returned to you once the invoices are paid.
4. The factoring company waits to be paid by the insurance company or Medicare/Medicaid.
5. Once the factoring company is paid, they settle out the transaction and rebate you the remaining 15%, less their fee.
The advantage of
Every leader of organizational change has a timeline. The Big Kahuna wants it done by such and such a date and that date becomes the gospel. There is just no changing it. Let me take you on a trip and show you why that is often fatal, for the project, the organization and mostly the people involved.Go back with me to the summer of 1967. It was in the northern provinces of South Vietnam and I was a sniper team leader with the U.S. Marines. It was my second consecutive year in cou
Is there a way to “fix” the cash flow problem?
If your business’s main cash flow problem is not being able to afford to wait 30 to 90 days to get paid by insurance companies and Medicare, then factoring your invoices could be the right solution for you.
The factoring proposition is very simple. Factoring is a way of financing, in which a factoring company provides you with advance payments based on your outstanding accounts receivable (or invoices). You get funding as soon as you invoice. The factoring funds it and waits to get paid until the insurance companies or Medicare pay the invoices.
Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring companies don’t require the same collateral that banks do, so new businesses or doctors’ offices can usually qualify easily.
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or direct deposit. The remaining 15% is called a “reserve” and used to settle billing discrepancies at time of payment. This is returned to you once the invoices are paid.
4. The factoring company waits to be paid by the insurance company or Medicare/Medicaid.
5. Once the factoring company is paid, they settle out the transaction and rebate you the remaining 15%, less their fee.
The advantage of
"Any business arrangement that is not profitable to the other person will in the end prove unprofitable for you. The bargain that yields mutual satisfaction is the only one that is apt to be repeated." -- B.C. Forbes, founder of Forbes magazineFor some reason many businesses seem to be designed to leave customers with a bad taste in their mouths. It might be from indifferent service, mediocre merchandise, or from the feeling by the customer that they were in some way sh
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or direct deposit. The remaining 15% is called a “reserve” and used to settle billing discrepancies at time of payment. This is returned to you once the invoices are paid.
4. The factoring company waits to be paid by the insurance company or Medicare/Medicaid.
5. Once the factoring company is paid, they settle out the transaction and rebate you the remaining 15%, less their fee.
The advantage of
It really amazes me today how most corporations not only stay in business, but how they do the volume of business they actually do? I guess in many cases it comes down to the fact that when making a choice where you are going to do business for a particular product or service, and there's only one choice, your answer is pretty much made up for you.One company that really has me scratching my head is Verizon. How can a person call their order department and spend an average of 1
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or direct deposit. The remaining 15% is called a “reserve” and used to settle billing discrepancies at time of payment. This is returned to you once the invoices are paid.
4. The factoring company waits to be paid by the insurance company or Medicare/Medicaid.
5. Once the factoring company is paid, they settle out the transaction and rebate you the remaining 15%, less their fee.
The advantage of factoring
Factoring is ideally suited for medical offices and testing centers that are growing quickly and cannot afford to wait the usual 30 to 90 days that it takes to be paid by insurance companies or Medicare. It can provide you with ongoing financing, streamline your cash flow, and most of all, relieve the stress of not knowing when you’ll be paid.
Copyright © 2005 Commercial Capital LLC All rights reserved. This article may be reprinted, provided the resource box is included with live links
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