This article is written by Lawrence Hoffman, owner of www.larrythelawyer.net and www.lhfundingcorp.com, has been a personal injury attorney for 15 years.
There are various solutions to increase revenues, get paid quickly, decrease billing and collections work and eliminate the risk of non-payment, which include:
1. Obtaining Bank Line of Credit
2. Medical Accounts Receivable Funding
3. Obtaining Credit From Private Lenders
4. Improve Lien Collections
5. Sell Lien, LOP Receivables
These steps might be necessary if physicians encounter a cash flow problem where they see thousands or even millions of dollars left outstanding in uncollected receivables from billing to:
o Medicare
o Medicaid
o private health insurance
o workers compensation
o personal injury liens/lop
The funds are not being paid to the physician quickly enough and are causing serious cash flow concerns. Additionally, this problem creates wasted staff time, stress and debt. Here are a few things many orthopedic practices are looking for today:
• Working capital
• Financing practice growth
• Capital currently tied up in accounts receivable
• Revenue from claims still being processed
• Faster payments
Many providers have unpredictable cash flow as a result of the time and effort associated with billing and collecting from Medicare, Medicaid and commercial insurance companies. This can often lead to difficulty in stabilizing your business, making it difficult to achieve your goals and attain the success you deserve.
Today's healthcare providers are faced with a growing number of challenges that include:
• Solving daily working capital needs
• Reduced payments
• Spiraling practice costs
• Denials from payers
• Changing technology
• Increasing patient demands
• Regulatory intervention and restrictive banking policies create additional obstacles to meeting these challenges.
More and more healthcare professionals are looking for strategic and innovative ways to generate working capital and improve their bottom line. Whether in expansion mode or financial stress, working within the ever-changing healthcare environment is fiscally challenging. As there is not a "one-size-fits-all" solution, we have six options to fit the specific needs of your practice.
1. Obtaining Bank Line of Credit
2. Medical Accounts Receivable Funding
3. Obtaining Credit From Private Lenders
4. Improve Lien Collections
5. Sell Lien, LOP Receivables
These steps might be necessary if physicians encounter a cash flow problem where they see thousands or even millions of dollars left outstanding in uncollected receivables from billing to:
o Medicare
o Medicaid
o private health insurance
o workers compensation
o personal injury liens/lop
The funds are not being paid to the physician quickly enough and are causing serious cash flow concerns. Additionally, this problem creates wasted staff time, stress and debt. Here are a few things many orthopedic practices are looking for today:
• Working capital
• Financing practice growth
• Capital currently tied up in accounts receivable
• Revenue from claims still being processed
• Faster payments
Many providers have unpredictable cash flow as a result of the time and effort associated with billing and collecting from Medicare, Medicaid and commercial insurance companies. This can often lead to difficulty in stabilizing your business, making it difficult to achieve your goals and attain the success you deserve.
Today's healthcare providers are faced with a growing number of challenges that include:
• Solving daily working capital needs
• Reduced payments
• Spiraling practice costs
• Denials from payers
• Changing technology
• Increasing patient demands
• Regulatory intervention and restrictive banking policies create additional obstacles to meeting these challenges.
More and more healthcare professionals are looking for strategic and innovative ways to generate working capital and improve their bottom line. Whether in expansion mode or financial stress, working within the ever-changing healthcare environment is fiscally challenging. As there is not a "one-size-fits-all" solution, we have six options to fit the specific needs of your practice.