ELECTRIFYING REVENUE MANAGEMENT IS HERE FOR YOU
Electrifying Revenue Management realizes that a successful medical practice depends as much upon effective financial management, as it does on quality health care. We understand that the delay between the time you perform a service to the time you are reimbursed can affect your practice’s cash flow. With our medical factoring service, your practice is provided with an asset based on credit line, that is based on the net realized value of the practice’s billing to the third party payers. Our Factoring Service is beneficial for medical practices that are:
- Too new to obtain bank financing. (Less than 3 years old)
- Needing immediate funds for one-time payroll
- Needing expansion and/or working capital
- Needing acquisition financing
- Purchasing new equipement/or facilities
The Initial credit line is based on the client’s financial reports and credit history. The amount factored can be increased later; up to 70% of the practice’s receivables.
Client requests desired line of credit; approval is based on above terms. Factoring agreement is then drawn up which outlines the amount of credit that can be offered. Client will submit cash advance application for money when it is desired.
Client completes authorization of release for Electrifying Revenue Management to run a credit history and submits the requested financial documentation.
Applying for Factoring
Establishing Amount of Credit
Requesting more funds
Client will then pay installments as well as interest fee that are indicated on the cash advance application in three equal monthly installments.
Clients can request additional factoring funds if current on all agreements, and the amount does not exceed the determined credit line; all that is needed is for the client to complete another cash advance application for the amount to be factored.
Factoring continues at client’s discretion based on financial need.