Medical Factoring In Florida
What is medical factoring?
Medical factoring or AR factoring means selling your medical accounts receivables to financing firms like Med Financial Solutions.
The medical practice provides its service to the patient, and the medical insurance company is billed on behalf of the patient. This is the receivable accrued by the medical industry.
From there, the medical industry approaches medical factoring companies to sell these accounts receivables.
Within days, financing companies can release 80% to 95% of the net collectible amount with a small fee ranging from 1% to 5%.
The financing firm assumes the responsibility of collecting the receivable amount from payors. Once they collect, the firm pays providers the remaining balance minus their small fee.
How our medical factoring works
claims to us
Submit a copy of your insurance claim to us, together with supporting documentation. Our factoring team will guide you through all the needed requirements.
reimbursements
After that, we advance your claim’s face value by as much as 80% to 95%. We will send the amount straight to your bank account within 48 hours.
from payors
Next, we follow up on your claims to collect payments from insurance providers. We wait for payments – not you!
the remaining balance
Once we collect, we will send you the remainder of the medical claim minus our small factoring fee.
Manage Your Cashflow
Benefits of our medical factoring solutions
Our medical factoring financing is designed to improve the stability of your practice. Its benefits go beyond improving your cash flow; our factoring service also reduces stress among providers.
The ready cash flow will increase your practice’s ability to get discounts from suppliers for timely and regular payments.
Fast reimbursements give your practice the capital to improve care services and attract and retain good support staff.
Unlike loans, factoring advances the cash that will otherwise come in after 30 to 60 days with traditional collection methods.
Simply send us a copy of your claim plus supporting documents, and we’ll pay your factored ARs without lengthy approval periods.
Custom reports show updates on your finances, including collections, payor performance, and pending claims.
No more guessing when you’re going to be paid. You can easily plan capital allocation for your practice since your revenue is more predictable.
Why choose us for medical invoice factoring
With Med Financial Solutions, you’ll never worry about claims payment again. Our fast and easy funding will prevent slow payors from hurting your practice.
Aside from AR factoring, we also offer medical billing, coding, credentialing, enrolling, reporting, collecting, accounting, and bookkeeping.
Our fees are reasonable, and they are calculated as a percentage of net receivables. Outsourcing your billing also means you will reduce the costs of maintaining an in-house billing team.
Our team has decades of experience working with various medical specialties throughout the United States.
We offer fast and simple working capital without excessive paperwork. You will also enjoy peace of mind because the funds you receive will not incur interest as bank loans do.
Contact Us Today!
Whether you’re starting a new practice or expanding your healthcare services, Med Financial Solutions can help. We will handle your revenue cycle management so that you can provide a better patient experience.
See for yourself why other medical practices choose us
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See what providers say about our medical AR factoring
“MFS provided us with capital when we needed it the most. Ever since we factored our unpaid claims with them, we never had to worry about our revenue. Their team is very professional and on-call whenever we have questions. We’re happy to partner with them for long.”
“Very professional team. We’re surprised with how fast they sent reimbursements for our claims. Definitely the best option for medical accounts receivable financing. We look forward to do more business with them!”
“You should definitely check them if your practice files claim to Medicaid and Medicare. They will send you the funds and shoulder the collections. We can now focus more on patient care instead of following up on our claims. “
“We were hesitant to try factoring at first, but the MFS team was very patient and explained to us the benefits. We’re so glad we tried their service because we no longer get delayed payments. Our providers have never been this happier with our cash flow.”
“We run a medium-sized practice and it’s always a struggle to follow up with insurance companies. Good thing MFS purchases our claims and collects on our behalf. We also use their billing and collections service, which saves our staff a lot of time.”
“MFS understands our practice more than any factoring companies we’ve worked with. Smooth transactions and reporting. Everything works well and we get the funds straight to our account without the hassle.”
Frequently Asked Questions
What kinds of account receivables do you factor?
We factor insurance claims and valid invoices from your healthcare organization. We can factor claims from both government and commercial payors. If you want to know if your invoices qualify, call us, and we will discuss it with you.
Is medical factoring better than a business loan?
While business loans can help grow your practice, they also have some downsides. You will have to pay for the interest, and the application process can be dragging. On the other hand, factoring offers fast and easy funding without any interest. Unlike taking a loan, we purchase your invoices and shoulder the collection process.
Do you provide factoring to independent physicians?
Yes, we can provide factoring services to independent physicians not currently part of a healthcare organization. Rest assured that our specialist will give you the same quality service and instant funding as we do with bigger practices.
Who handles the collections after factoring our medical ARs?
Our collections team will follow up on your claims from payors. We will assume the responsibility of collecting the receivable amount to reduce the workload of your medical staff.
While business loans can help grow your practice, they also have some downsides. You will have to pay for the interest, and the application process can be dragging. On the other hand, factoring offers fast and easy funding without any interest. Unlike taking a loan, we purchase your invoices and shoulder the collection process.
Yes, we can provide factoring services to independent physicians not currently part of a healthcare organization. Rest assured that our specialist will give you the same quality service and instant funding as we do with bigger practices.
