People go to urgent care clinics because they feel their illness or injury is too serious to wait to see their own doctor. It can be unsettling for patients to need medical care after hours or on the weekend when their regular clinic isn't open. Patients come to urgent care clinics for reassurance, but unfortunately they don't always get it. Like all other types of medical specialties, urgent care centers run into cash flow problems that impact the delivery of patient services. The clinic owner may be unable to afford new diagnostic equipment or enough staff to cover weekend shifts. As a result, patients wait hours for care or give up and go somewhere else.
Working in the medical field can be frustrating when providers feel like they are at the mercy of insurance companies and government regulations. It's not uncommon for urgent care providers to wait months for reimbursement from the patient or his or her insurance company. When the insurance company or Medicare finally does respond, it is often in the form of challenging the cost of services rather than remitting payment. In the meantime, there are other patients who need treatment and not enough cash flow to provide them with timely and high-quality care. Fortunately, 1st Commercial Credit offers a solution that many urgent care clinic managers often overlook. We convert unpaid claims into the working capital that urgent care clinics need to effectively serve more patients.
For people who work in medical billing offices, insurance claim forms appear to be little more than pieces of paper with the hope of future payouts. At 1st Commercial Credit, we can make that payout an immediate reality. Clinic managers simply need to submit several unpaid claims assigned to one insurance carrier to get immediate cash from our company. We advance 75 to 80 percent of the value of each claim upfront and the remainder of the balance when the insurance company remits full payment. This ensures that urgent care managers have the cash they need to operate their clinic in the most efficient manner possible. They are no longer hindered by a lack of working capital as they await payment of their clinic's claims.
Our company works with everything from small neighborhood clinics to urgent care facilities attached to major hospitals. In order for clinic managers to convert unpaid claims into cash, we ask for the following information:
We also ask urgent care clinic managers to include a credit line request with each batch of unpaid claims. It is not necessary to request the full amount of the value of the claims.
Urgent care clinic managers are accustomed to slow reimbursement for services rendered. The last thing they want to deal with is similar treatment from a bank or other type of lender. Most bankers require business owners to provide debt to income ratio reports, tax returns from the past two years and several other forms of documentation before approving a business loan. However, it is difficult for new medical organizations or those with slow payment history to get approved at all. Instead of focusing on the credit worthiness of urgent care clinics, we evaluate the insurance carriers that pay the claims. Cash flow is only limited by the amount of unpaid claims the clinic manager submits for a receivables credit line. We also make same-day credit decisions and grant access to the cash with 24 hours of establishing a new account.