Abstract: Billing Massage Medical Software
Tag: Billing Massage Medical Software
Clinic needs management upgradeTechworld.com, UK – 12 hours ago. we have been planning out an implementation of electronic medical record (EMR . The first phase was practice management, rolling out scheduling and billing to all .
For more information: Medical Insurance Billing Software
Abstract: Billing Coding Medical Software
Tag: Billing Coding Medical Software
Learn about medical factoring, a tool to finance growing medical offices.
Regardless of what industry pundits say, opening a medical practice can be both very rewarding and very lucrative. Of course, as with any business, medical offices have their own specific financial challenges. One of the biggest challenges for medical practices of all sizes is adjusting to the long payment cycles of private insurance providers and Medicare/Medicaid. It is not uncommon for bills to insurance companies to take up to 120 days to pay. This slow payment cycle wreaks havoc in the offices cash flow, forcing the medical office to carry the costs of doing business paying rent, equipment leases and office staff while waiting to get paid. This can be prohibitively expensive and prevent the office from growing and hiring additional staff. At its worst, it can threaten the very existence of the medical practice.
However, there is a light at the end of the tunnel. There is a financing tool that lets you capitalize on your slow paying insurance companies and turn their slow payments into immediate payments. The solution is to factor your medical receivables.
How does medical receivables factoring work?
Medical receivables factoring (or medical factoring for short) is a financing tool that allows you to turn slow paying invoices into actual cash, by selling them to a medical factoring company. The medical factoring company pays you for them and waits to be paid by the insurance companies. It eliminates the slow payment cycle, reducing the payment time from 90 days to two days. This provides the medical office with the necessary funds to meet expenses, such as paying rent and staff. It also frees up capital to grow the business into new areas.
The medical factoring process is fairly simple. Once a factoring arrangement is established, your office sends its weekly receivables to the factoring company for immediate financing. The factoring company will calculate the actual amount paid by insurance companies (called the net collectibles) and advance you up to 80% of that amount. The releadinging 20% is called the reserve, and is used to settle billing discrepancies. Once the insurance company pays the medical bill, the recontrollinging 20% is rebated, less the financing fee. The financing fee varies based on how long the invoices were financed.
Although qualifying for factoring is relatively simple, most financing companies will only work with medical offices that have net collectibles of at least $50,000. Terms usually get better as the practice grows. Medical practices, testing centers and medical supply companies that have over $200,000 a month in net collectibles are in the number one position to get the inimitable terms. This is because insurance payment processing can be very complex and there are a number of efficiencies that can be realized with high volumes.
Advantages of medical office factoring
Medical office factoring has some advantages over other financial products. The most important is that the financing is recurring and happens every time you invoice an insurance company. This makes it a cash on demand product. As opposed to loans and lines of credit, the factoring line has flexible limits. As a matter of fact, the limits are based on your ability to invoice, making it an ideal growth tool. Lastlyhttp://www.articlesfactory.com/pic/x.gif” alt=” border=”0″>, doctor office factoring is easy to qualify for and the personal credit of the practice owners is usually not involved in the financing decision.
ABOUT THE AUTHOR
Invoice Factoring Group is a factoring company and can provide you with a free medical factoring or medical receivables factoring quote. Marco Terry, the president, can be reached at (866) 730 1922.
Copyright (C) 2006. Commercial Capital LLC. All rights reserved. Article can be reprinted provided it is not modified and all links are kept live.
Trusted Medical Coding and Billing Career Guide Redesigned to .Newswire Today (press release), UK – Oct 27, 2006. the Internet in March of 2000 and its key to success is its vast array of articles, tips, and specific guidance that speaks to all medical billing and coding .
For more information: Medical Office Billing Software
Abstract: Billing Medical Scheduling Software
Tag: Billing Medical Scheduling Software
Medical Office Management and Practice Marketing Solution iMARS .Newswire Today (press release), UK – 10 hours ago. a small to medium-sized medical office. From patient information data-basing, office and procedure scheduling, digital photo archiving, and billing invoices to .
For more information: Medical Billing Software And Service
Abstract: Medical Billing Practice Management Software
Tag: Medical Billing Practice Management Software
Medical Billing : Dr. Jack Doe Primary Care Physician Full Practice Management Training Book
The Best Hands-On Medical Billing Center and Physician’s Office Training Tool. The book consits of one weeks worth of primary care physician billing. It uses real superbills, diagnosis codes, procedure codes, patient information sheets, insurance cards, daily encounter forms, and EOB’s (Explanation of Benefits).We have created an actual demo of billing from a real physicians office. The only thing that is pretend about this account is the Patient Names. You will be able to work at your own pace and get hands on experience. This will give you great confidence when scheduling appointments with physicians knowing that you can do this. It is also great for a physician’s office that needs to train a new employee on Medical Billing.
Medical Billing Mix-UpKUTV, UT – Oct 17, 2006. LAKE CITY How would you like to be hounded by a medical bill that is not even yours? A Layton woman says she fought it, but when the billing departments for .
For more information: Billing Medical Service Software
Abstract: Medical Office Billing Software
Tag: Medical Office Billing Software
Medical Billing Marketing Success: Finding Local Clients
marketing your medical billing home-based business.
Medical Billing Mix-UpKUTV, UT – Oct 17, 2006. LAKE CITY How would you like to be hounded by a medical bill that is not even yours? A Layton woman says she fought it, but when the billing departments for .
For more information: Software Medical Billing
