According to the US National Library of Medicine and National Institutes of Health Medline Dictionary, the word state is an adverb for the Latin word: STATIM. Statim is an adverb that means immediately or without delay. When a person arrives in the emergency room With a shotgun, staff can say, We need to get this patient into surgery state!, Which means immediately now. In a medical situation, state means extremely urgent. Does your medical business have to accelerate cash flow with accounts receivable funding state?
One of the biggest challenges for medical staff is to handle their accounts receivable. Medical accounts receivable is usually the largest asset in the balance sheet. It usually takes 60 to 120 days or more to collect medical accounts due to the long payment process from third party payers, like Medicare, Medicaid and commercial insurance companies. The assembly process is long and complex. Dispute over payment amounts is common. Medical account debt financing accelerates cash flow to pay expenses such as payroll fee, malpractice insurance, rental, warehousing and advertising.
What are the types of medical staff who can qualify for the financing of medical receivables? The following is a partial list: Hospitals, Hospitals, Rehabilitation Centers, Medical Laboratories, Surgical Centers, Sports Medicine Centers, MRI Centers, Health Centers, Drug Abuse Clinics, Health Centers, Manufacturers and or Distributors of Medical Devices, and Physicians Practice if it is General or Specialized from A to Z, such as anaesthesiologists, gastroenterologists, obstetricians and Zygote-Morula Specialists.
How long is the process of receiving medical accounts? It usually takes four to eight weeks to get funding because of the unique issues presented. The commercial finance company must carry out extensive audits and analyzes of the potential customers financial situation. They must decide that the business is and will be a going concern. They must investigate billing methods that are often postponed. This may require a separate review by a third party. And they must investigate whether the collection of outstanding accounts receivable is possible by reviewing the aging accounts for accounts receivable from a historical collective perspective. In other words, how much of the owed debts will be collective losses? How much will actually be collected?
What are other unique questions about financing medical accounts? There are potential bankruptcy issues, priority issues about the lien and the big bad wolf question: When a commercial finance company has purchased medical accounts, the federal government can claim lien priority on the assets of a bankruptcy company. An example of this is the case with American Investment Financial (AFI) compared to the US, also called internal sales.
AFI borrowed over $ 800,000 to a pediatric and emergency clinic. The clinic failed with its financial obligations to AFI and also failed with its tax obligations vis-