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Digg it UP - How to Finance your Medical Office, Medical Supply or Medical Testing Company
How many times have you heard the saying, “You have to get the best people involved to build a successful business?”There’s a lot of truth to it, but Dr. James Collins’ book “Good to Great - Why Some Companies Make the Leap and Others don’t” and his recent monograph “Good to Great and the Social Sectors” explains that there is more.To cut quickly to a main point, Dr. Collins and his researchers explain that you first have to get the wrong people out of the business (or of
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire o
Delaware and Nevada are two states that are tax havens and are very business-friendly. Naturally, businesses weigh the option of incorporating either in Nevada or in Delaware.Delaware has long been the base for many American industries. The chemical company DuPont is an example of this. Delaware has a long tradition of administering and applying corporate law. The experience of the courts in this regard attracts many businesses. The continuous updating of corporate law in Delawa
However, even though the growth trend looks good, running a medically related business keeps getting more and more challenging. In the past, doctors and medical suppliers could expect to get large and quick reimbursements for their services. Cash flow was reasonably easy to manage. However, Medicare, Medicaid and 3rd party insurance companies have put in place strict compensation guidelines. These guidelines can be summarized in two simple points: you can look to receive less money than before and you should be prepared to wait longer to get paid.
This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your business. In some cases, it may even threaten your ability to continue to operate your business.
Is there a way to “fix” the cash flow problem?
If your business’s main cash flow problem is not being able to afford to wait 30 to 90 days to get paid by insurance companies and Medicare, then factoring your invoices could be the right solution for you.
The factoring proposition is very simple. Factoring is a way of financing, in which a factoring company provides you with advance payments based on your outstanding accounts receivable (or invoices). You get funding as soon as you invoice. The factoring funds it and waits to get paid until the insurance companies or Medicare pay the invoices.
Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring companies don’t require the same collateral that banks do, so new businesses or doctors’ offices can usually qualify easily.
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or
Do you believe in the power of the mind to help treat physical problems? Do you believe your subconscious holds the key in getting rid of unwanted habits? Do you have the desire to help people? If so, a career as a hypnotherapist may be the career you’ve been searching for.As more and more people understand the power of the human mind in solving life’s problems, the demand for qualified hypnotists and hypnotherapists increases. And, no wonder. The range of issues aided thro
This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your business. In some cases, it may even threaten your ability to continue to operate your business.
Is there a way to “fix” the cash flow problem?
If your business’s main cash flow problem is not being able to afford to wait 30 to 90 days to get paid by insurance companies and Medicare, then factoring your invoices could be the right solution for you.
The factoring proposition is very simple. Factoring is a way of financing, in which a factoring company provides you with advance payments based on your outstanding accounts receivable (or invoices). You get funding as soon as you invoice. The factoring funds it and waits to get paid until the insurance companies or Medicare pay the invoices.
Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring companies don’t require the same collateral that banks do, so new businesses or doctors’ offices can usually qualify easily.
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire o
Want to get your online resum? noticed and have employers picking up the phone and calling you? Then forget how pretty your resum? is. What really matters is how your resum? scores on a search. Most resum?s today go straight to a computer tracking system that saves online resum?s in the company database allowing for later searches. A computer will "score" your resum? by the number of keywords or "buzzwords" that the employer will find most relevant to their needs. If you don't acco
Is there a way to “fix” the cash flow problem?
If your business’s main cash flow problem is not being able to afford to wait 30 to 90 days to get paid by insurance companies and Medicare, then factoring your invoices could be the right solution for you.
The factoring proposition is very simple. Factoring is a way of financing, in which a factoring company provides you with advance payments based on your outstanding accounts receivable (or invoices). You get funding as soon as you invoice. The factoring funds it and waits to get paid until the insurance companies or Medicare pay the invoices.
Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring companies don’t require the same collateral that banks do, so new businesses or doctors’ offices can usually qualify easily.
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire o
Ever think about advertising online websites using print ads? No? Don’t fret. Most people haven’t thought about it. Most people don’t do this. But if you have a website that’s well written (contains great sales copy, that is) then maybe you should.Before we discuss the specifics of advertising online websites using print ads, let’s talk about why you’d want to do it. All websites like to see traffic. But simply advertising so you can attract more people to your site actua
Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring companies don’t require the same collateral that banks do, so new businesses or doctors’ offices can usually qualify easily.
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire o
For meetings to consistently deliver the required performance and hence outputs, it is critical to have a prepared communication process in advance of the meeting.This enables participants to be aware and where appropriate prepare for the meeting in advance.It also allows for them to circulate any preparatory information and pre-reading before the meeting to minimise any information-giving during valuable meeting time.This time when all participants are together mu
How does factoring work?
The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:
1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)
2. Your office sends a copy of the billings to the factoring company.
3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or direct deposit. The remaining 15% is called a “reserve” and used to settle billing discrepancies at time of payment. This is returned to you once the invoices are paid.
4. The factoring company waits to be paid by the insurance company or Medicare/Medicaid.
5. Once the factoring company is paid, they settle out the transaction and rebate you the remaining 15%, less their fee.
The advantage of factoring
Factoring is ideally suited for medical offices and testing centers that are growing quickly and cannot afford to wait the usual 30 to 90 days that it takes to be paid by insurance companies or Medicare. It can provide you with ongoing financing, streamline your cash flow, and most of all, relieve the stress of not knowing when you’ll be paid.
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