Even if your medical practice has a reliable staff that monitors and processes patients’ insurance, the task takes a lot of time, and it can be challenging. Maybe you have considered adding more staff members to your team to serve patients efficiently. However, medical factoring can help you solve the challenge of billing rather than hiring more people.
You may have staff members dedicated solely to billing and managing insurance claims. Yet, your practice will receive the cash only after the insurance company deposits a check in your mail. You can see patients and treat them, only to get full payment a few months later. With such circumstances, you will find that practitioners lack a steady flow of revenue, which can interfere with the growth of the business.
This is where medical factoring comes in. You receive a certain percentage of the claim owed to you through medical financing and the remaining amount after the insurance company pays. You will receive your payment immediately after you have rendered services making your practice stay afloat at a small fee.
Growth and Productivity
No business would not like to get paid immediately they provide a service or supply a product. The First group that benefits from medical factoring is your staff. Since the task of processing insurance is transferred to a different company, they can be more productive in other tasks. They also get to have a lot of time on their hands to address issues like better communication with clients. This improves patient satisfaction, which can help retain and attract more patients to your practice.
Also, by changing the strategy for receiving payments for healthcare services, you will receive immediate cash, which translates into a business asset, and you can use it as leverage. You will find that it is hard to progress your health care facility when you are experiencing financial instability. However, with a steady cash flow, it is easier for you to get a loan from different funding sources to do significant developments for your practice.
Medical factoring can help reduce frustrations and help grow your practice. It will be easy for you to see the fruits of your practice with this financing solution. Therefore, if you are looking to grow your practice, contact Northgate Capital Finance and find out the various ways they can help your business grow.