Medical Equipment Leasing

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APPLICATION ONLY TO $200K – Medical &      Dental Specialists

Plastic Surgeons, Neurologists, Ophthalmologists, Surgical Specialists, and other “ologists”, General Dentists, and all Dental Specialties (Oral Surgeons, Periodontists, etc) see page 2 for more programs.

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APPLICATION ONLY TO $150K – Medical Generalists

General and Family Practioners, Pediatricians

General Surgeons, OB-GYN, Allergists, Internal Medicine, Psychiatrists

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APPLICATION ONLY TO $125K – Medical-Other

Optometrists, Veterinarians, Podiatrists

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APPLICATION ONLY Hospitals

< 50 bed Hospitals to $200K
> 50 bed Hospitals to $125K

Hospital must be D & B listed with no business threatening events such as Major suits, Liens, or Derogative financial information

Licensed Medical Professionals Program

Included But Not Limited To:

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Acupuncturists
Anesthesiologists
Audiologists
Chiropractors
Dentists
Dermatologists
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Dietitians
Optometrists
Pharmacists
Physical Therapists
Physicians
* TIB BASED ON LICENSE DATE *
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Physician Assistants
Podiatrists
Psychologists
Radiologists
Veterinarians

MEDICAL WORKING CAPITAL

THE PERFECT PROGRAM FOR THE HEALTH CARE PROFESSIONAL

Who Needs QUICK CASH. This program offers limitless possibilities and FAST FUNDING.

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Fast, affordable business loans

Are you looking for financing to improve your business’ performance, jumpstart growth and increase profits? Our lending partner
provides small businesses with access to fast and affordable business term loans to refinance existing business debt, buy new
equipment, purchase inventory, launch advertising programs, hire new team members or simply improve everyday working capital.

Flexible: $25,000 to $500,000 loans, 1 to 5 year terms
Manageable: fixed monthly principal and interest repayments
Fast: 10-minute application, funding within 7 days
Easy: simple online application and your own personal account manager

Use funds for unlimited business purposes

Credit criteria

  • Borrower FICO ≥ 620
  • Business revenue (most recent year) ≥ $150,000
  • Business net income (at least 1 of the last 2 years) ≥ $0
  • Years in business ≥ 2 years
  • Bankruptcies (<7 years) or criminal activity – No prior history
  • Tax liens or judgments – Contact for specifics
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Factoring Made Simple

Unlock Cash Tied Up In Your Accounts Receivable

Commercial Finance Company Specializing In Factoring. We Purchase A Company’s Receivables For 97 Cents On The Dollar, And On The Day Of Issuance Of The Invoices.  This Allows A Company To Generate Cash Just Like A Bank Line Of Credit, So They Can Use It To Purchase Inventory And Cover Payroll For The Next Round Of Production. We Also Can Help With Credit Protection, Help You Avoid Write-Offs And Bad Debt Losses.

Medical Insurance Denial Recovery

HOW IS YOUR IN-HOUSE MEDICAL BILLING DEPARTMENT DOING?

Do you know how your medical billing department is doing? Most physicians would say “okay.” But how can you be sure?

The only way is to receive insurance aging reports on a monthly basis from your billing department.  These reports will show you how long it’s taking for your claims to be paid—30, 60, 90, 120, or more days.

But are the reports you are getting accurate? Are you even getting reports? Just because you are getting paid does not mean you are not leaving lots of real money on the table.

A good aging report will show you exactly how your medical billing staff is doing in regard to follow-up on patient accounts and insurance claims.

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WHAT DOES AN AGING REPORT LOOK LIKE?

Table 1 shows a typical aging report for a small specialty practice. The table includes both patient and insurance amounts due in the different aging buckets. The best way to gage the productivity of your billing staff is by checking to see what your accounts receivable is over 120 days.

But what is a good percentage?

The Medical Group Management Association (MGMA) puts out a yearly report benchmarking the 120-day aging bucket based on the type of medical specialty.

In Table 1 we can see that the practice has 5.2 percent of all accounts receivable over 120 days. Compare that to the MGMA benchmark of 17.7 percent for the average practice. You can see that the practice in the table is doing extremely well collecting the money due its physicians.

A/R Primer for Medical Practices

What is A/R?

Accounts receivable or A/R is a term used to denote money owed to your practice for services you have rendered and billed. Any payments due from patients, payers, or other guarantors are considered A/R. A goal of every practice (indeed, every business) is to manage its A/R to ensure that it gets paid correctly in a timely manner. An increase in A/R from one period to another is often a sign that monies such as copays (and increasingly, deductibles for those patients with high-deductible health plans) are not being collected upfront. It portends cash flow troubles if not corrected.

One common measurement of A/R is “days in A/R,” which is calculated by dividing the total A/R by the average daily charges for the practice. For instance, “40 days in A/R” means that the practice is due payment for the equivalent of 40 days of work. This days-in-A/R measure does not, however, consider the “age” of any payment. To do so, we classify our A/R by its age — i.e., the time since we billed for a particular service. Payments due for services billed in the past 30 days are placed in a 0-30 day bucket, those billed between 31 and 60 days are placed in the 31-60 day bucket, etc., — you get the idea. Dividing the A/R in each bucket by your total A/R gives you percentages to gauge ongoing collection performance:

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Monitoring the percentage of total A/R in each aging bucket, every month — and comparing it to prior performance in other periods — is something every practice should do. In the above example, this practice has done a much better job of collecting money upfront, a goal of every practice. However, they have lapsed in working accounts that were not paid promptly. Numerous studies have proven that the longer an account goes unpaid, the less likely it is that it will ever get paid. You can expect to get only 10 cents of every dollar that remains unpaid after 120 days—no kidding. It behooves every practice to collect at the time of service.

 

A/R trending

In the past 15 years, medical practices have improved their accounts receivable performance significantly. The percentage of A/R in the 0-30 day bucket has nearly doubled to an average of 58 percent, while the percentage in the 121+ day bucket has declined by nearly half to about 16 percent.

Maintaining our current A/R performances will be difficult. More patients will have high deductible health plans, including many of those offered under the federal and state health insurance exchanges. Though we are doing much better, vigilance remains essential. There are several guidelines that every practice should follow:

Recommendations

  1. Set a goal of collecting 100 percent of all copays at the time of service. If you ask for a daily report that identifies any outliers and why each copay was not collected, copay collections should remain high.
  2. Check insurance eligibility on every patient prior to every visit to: 1) Identify what copay and/or deductible is due; and 2) Ensure the patient’s insurance is active.
  3. After checking insurance eligibility, use appointment-reminder calls to let patients know in advance how much they are expected to pay at time of service.
  4. Eliminate the aging buckets from the bottom of your patient statements. They suggest to patients that payments can be postponed. Replace them with a simple “due now.”
  5. Find out how often bills are sent out. Billing insurance just once a week, and patients just once a month, slows cash flow.
  6. Make sure your insurance pending accounts are worked aggressively, every month.
  7. Send out no morethan two patient statements and then follow up with a phone call. If a patient has not paid her bill after the first two statements, why would the third be more effective?
  8. Review your A/R aging report every month, comparing it to the prior year (and ideally to your budget). Understand shifts in numbers, by looking for trends.
  9. Periodically run an aged A/R report from the date of service (as opposed to billing date) to identify/address any lag times between date of service and date of billing.
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