Most people who go into medicine do so because they have an innate desire to help their neighbors and improve the world around them. While those are noble goals, it's also important that you take care to make sure you're paid, and when your practice receives funds from insurance companies, that can pose a serious challenge.
Though insurance reimbursements come from a huge pot controlled by a giant company, claims often take a long time to be processed and have to be fought out along the way. Below, you'll find a guide to some of the advantages of medical factoring funding, allowing you to maintain an income while you wait for the insurers to fulfill their promises.
Increased Cash Flow
The struggles of the health care industry in America have been well documented, and individual patients may have serious concerns about seeking out treatment and its effect on their personal finances. As a physician, it's easy to have the same concerns when you rely heavily on insurance reimbursements.
While some doctors resolve this problem by refusing to see patients with certain types of insurance, this can cut out some of the neediest members of your community. Instead, by financing your insurance debt through a medical factoring firm, you can be sure to maintain a steady income while still providing care that you can be proud of.
One reason that many doctors hesitate to pursue loans to assist their practice is the long-term commitment that comes with many financial products. If you practice is likely to expand or potentially merge with another, dealing with outstanding financial liabilities can be a concern that derails an otherwise stable deal.
Your medical factoring firm is unlikely to require these kinds of commitments. Indeed, in most cases, once the reimbursements are settled, you have full control over the option of whether to move forward and can choose to operate on a case by case basis if you desire.
As mentioned above, the financial concerns of patients can be a substantial roadblock in your attempts to guarantee they receive proper care. Many people are unfamiliar with and intimidated by the ins and outs of the insurance industry, and even if it's not strictly the job of a doctor, may turn to you for advice. By building a relationship with a medical factoring firm, you can learn more about the industry and develop a greater ability to offer reassurances to concerned patients.