Home healthcare companies and agencies, if you’re currently billing insurance to collect outstanding Medicare, Medicaid or Third-Party Insurance payments for services rendered -you’re a good candidate for factoring.
Factoring increases your cash flow by giving you immediate access to a portion of your total outstanding receivables. Covering payroll for home healthcare nursing that’s being billed ’24 hours a day 7 days a week’ can get expensive. Especially if you’re not getting paid for 30-60 days. That’s a lot of money going out with little or no money coming in every week!
If you’re wondering why you’re still a single location home healthcare agency and only grossing between $1m-$2m ‘million’ dollars a year; it’s most likely because you don’t have the upfront capital you need to hire and train more staff in order to service more new customers.
Access to predictable cash flow every month by factoring your home healthcare services invoices will help you increase market share, open additional locations and even increase your gross revenue earnings to 10 times what you’re currently generating today.
The answer is right at your fingertips. Let’s take a closer look at financing those accounts receivable invoices that keep piling up due to slow-paying insurance companies.
The right factor finance company is going to become one of your greatest assets. Handle your accounts receivable and accounts payable like a true pro. With years of experience under their belt a factor is going to understand your pain points right away and integrate a system to help solve them and keep you on track to more profitability.
Years of experience and dealing with over 400 different types of billing software, state government regulation fee schedules, Medicare percentage coverage, Medicaid percentage coverage, Commercial Insurance coverage rules and regulations as well as determining the ‘true value’ of any accounts receivable invoice will help ensure your company doesn’t get into any future bad debt scenarios; by over estimating billing receivables, miscalculating monies owed or mishandling of company bookkeeping.
This may be just what you need. A fresh start and a fresh look from an outsiders point of view with years of experience and knowledge on hoe to keep your business running efficiently and more profitable.
If you’re business is looking to grow, factoring can help utilize business capital that’s tied up in your home healthcare accounts receivable invoices. If you’re open to seeing what your options are then do yourself a factor and visit Factor Bid to find out how you can find the best factoring company and get the best deal when financing your home healthcare invoices.
BENEFITS OF HOME HEALTHCARE SERVICES FACTORING
- Increased Access to Business Capital
- Flexible Financing term
- Quicker Payment for Services Rendered
- Faster Growth Potential
- Increase in Market Share
- Finance Partner with Years of Experience and Knowledge in Your Industry
It’s important to know that factor finance companies make money when you make money. It’s in their best interest to help you grow faster while keeping your business lean and efficient, resulting in an increase in annual sales volume and return on investment.
Capitalize on the experience that a factor finance partner will bring to your business. Get payroll taxes under control, pay off higher interest rates and invest your earned revenue back into your company faster so you can stay competitive in the industry.
CHALLENGES IN THE HOME HEALTHCARE INDUSTRY
Some challenges Home Healthcare companies face today when trying to grow their businesses quickly and stay competitive are;
- Access to immediate cash flow to grow your business is not easy. Traditional bank loans can take several months. A factor can usually get you financed in just few short weeks, even providing a line to help with any immediate cash flow gaps, until your factoring agreement is approved.
- No all factor finance companies facilitate home healthcare services invoices. In fact it is a very niche industry and locating even one finance company that has the knowledge and know how to handle the home healthcare industry can be a tedious and challenging job for any business owner.
- Home healthcare receivables are non-assignable which increases the risk of financing them. This limits the number of quality finance companies that will fund home healthcare invoice receivables.
Experience counts, in the home healthcare industry especially. Make sure your’re getting a fair deal by choosing the right factor finance partner.
Get a few competitive offers by visiting www.factorbid.com and choosing the “Get Started” feature. The right factor financing partner is just a few clicks away.
Factor bid matches your industry invoices with a few of the top finance companies that specialize in your industry and have the knowledge and experience needed to finance your receivables for the most competitive rate. Try it today for free!
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