Factoring

Factoring

Is Factoring or Discounting right for your practice?

Factoring Insurance claims might be just what the Doctor ordered! Having to wait  to get paid by insurance companies,HMOs, and Government payers can be very challenging for any provider attempting  to manage cash flows. If you need  flexible financing that grows with your practice Factoring or Discounting just might be the answer.

What can Discounting do for your business?

The biggest benefit is that your cash flow will become predictable. As opposed to waiting and hoping your claims will be paid soon. Discounting gets them paid in 24-48 hours. This allows you to better manage your business to be able to meet your obligations. It can grow with your business as your needs grow. As opposed to  lines of credit that have fixed limits. You can discount as many claims as you can generate.

How does it work?

It is simple to setup and implement. The Discounting  or factoring line is based on your contracted rate and net collectibles. The amount that the insurance company is contracted to pay you for your claims. The flow is as follows;

  • You submit claims to Payers.
  • Copies of claims come to the Discounting house.
  • You are advanced up to 85% of your net collectibles( a reserve of 15% is not advanced to offset discrepancies).
  • You get immediate funds while we wait for claims to get paid from payers.
  • Once claims are paid, the transaction is settled and you are rebated any remaining reserves.

Qualifying is Quick and Easy!

To qualify it takes 5 to 10 days for the paperwork to go through. Part of the paperwork is for you to set up a separate banking account where the claim funds will be deposited from the insurance payers.

Factoring or Discounting costs!

The cost of discounting your medical receivables is based on the volume  of claims that you decide to finance. Generally, the higher the claim volume the lower the rate.

For More Information, Call TODAY!

NET HEALTHCLAIM SERVICES

909-233-4565

Email: customerservice@nethealthclaimservices.com