Are you waiting up to 120 days, or more, to get your medical claims paid? Slow payments from medical insurance companies, Medicare, and Medicaid, can affect your cash flow and prevent you from running your healthcare business. Our factoring program can finance your medical insurance claims in as little as two days after account setup. This program provides you with funds to pay employees, suppliers, and rent. More importantly, it provides you with predictable cash flow so you can focus on running your business. We offer competitive rates, high advances, and quick decisions.
Our program finances your slow-paying claims in two installments. The first installment, the advance, is deposited to your account soon after you submit the claims for financing. The advance ranges from 75% to 85% of the expected claim payment. The second installment, the rebate, provides the remaining funds. The rebate is deposited to your account as soon as the claims are paid by the insurance company and the transaction is settled. The rebate ranges from 15% to 25% of the expected claim payment, less the fee.
The cost of factoring your medical receivables varies based on the size of the financing facility, the creditworthiness of your insurance providers, and other criteria. Generally, costs range from 2.5% to 5% per 30 days.
Our solution provides a number of benefits, including:
Our solution can help healthcare providers that bill private insurance or Medicare/Medicaid for medical services and need to get paid sooner. Some examples include:
Qualifying for medical factoring is relatively easy. Your company must:
Note, we can only finance certain workers’ compensation claims or personal injury related claims. Often, these require additional due diligence.
Financing your medical receivables usually helps your business if the following apply to your company:
We are Uganda’s pioneer invoice factoring entity and offer competitive medical factoring plans.