Patient Invoice Factoring For NYC Medical Practices

Maintaining a steady cash flow can be a challenge for NYC medical practices. Frequently a lag in revenue causes practices of all sizes to resort to taking out expensive short-term loans to cover overheads. However, more and more NYC medical practices are taking advantage of patient invoice factoring to avoid debt and maximize cash flow.

Using Patient Invoice Factoring

Almost all strains on cash flow can be traced to unpaid invoices. Between staggered payment schedules and delayed payments from insurance providers, NYC medical practices seem to be caught between a rock and a hard place, forced to wait for revenue. Patient invoice factoring eliminates the waiting time by converting receivables to cash, often within one business day. Receivables can be submitted for patient invoice factoring as medical bills are generated, and also to clear out aging unsettled accounts.

Automating The Accounting Process

One of the added benefits of using patient invoice financing is that NYC medical practices can automate the accounting process. Instead of tracking payments from patients and insurance providers, or sending outstanding accounts to collections, invoice factoring takes care of all that. Since receivables will automatically be converted to cash as invoices are generated, there is no need to spend extra time and resources tracking payments. Similarly, because those invoices are converted automatically, patient accounts never get a chance to “age out” and require collection services. This reduces the number of resources devoted to handling accounts receivable.

NYC Medical Practices Can Reduce Debt

Invoice factoring is a debt-free service. At its heart, patient invoice factoring is a simply sale of receivables. For NYC medical practices, this means reducing the need for debt-based financing. Traditional short-term loans become a thing of the past. When cash flow is maximized through factoring, medical practices and healthcare centers can focus on getting the equipment they need, hiring additional staff, and even growth projects to expand services. By reducing the reliance on debt-based financing, medical practices of all sizes can not only maintain a positive cash flow, but also grow successfully.

Learn More About Patient Invoice Factoring

Source Commercial Funding provides the most comprehensive solutions for NYC medical practices. Whether you are running a small private practice, or a large healthcare center, our program for invoice factoring can remove the burden of accounts receivable and boost your cash flow without debt. Contact our offices today to get started.