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Fight Cancer in Your Oncology Clinic, Not Your Unpaid Claims

Posted on September 04, 2013 in Medicare & Healthcare

Working in an oncology clinic can be both rewarding and heartbreaking. Patients with cancer desperately need the medical help that only your clinic can provide. You want your staff to be able to treat patients effectively, but there are many challenges behind the scenes that patients are not aware of. In 2013, Congress is considering legislation that may drastically impact reimbursement for oncologists. Keeping up with complex insurance reimbursement laws that change from one year to the next have an impact on the amount of time you are able to spend with patients. Not having enough funds to manage your oncology clinic may cause you to have to turn away patients altogether.

We Can Help You Stay One Step Ahead of the Insurance Companies

You went into the healthcare field to treat patients, not deal with insurance companies and cash flow problems. At 1st Commercial Credit, we are understand the challenges that are unique to your industry and we have solutions to meet them. Our company provides cash advances against unpaid claims from medical clinics just like yours every day. We then provide clinic managers with immediate access to working capital to ensure that patient care is never compromised. There are no upfront costs and no hidden fees. We deduct a small processing fee after we have collected full payment from your customer.

Learn More About Our Financing Programs for Healthcare Providers

Our company recognizes that your oncology clinic may operate under two different types of billing systems. We have programs available to serve the following:

  • Medical businesses that bill directly to commercial accounts. This does not include individuals or third parties. If your oncology clinic desires to factor this type of unpaid receivables, it would qualify for our regular accounts receivable finance program.
  • Oncology clinics that bill Medicare, Medicaid or state government payors with HIPPA covenants are eligible to apply for our medical provider receivable finance program.

Our account representatives have extensive training and experience in handling the unique needs of medical businesses that deal with government payors and private insurance companies. Someone is available during regular business hours to go over your options with you and help you obtain immediate financing for your oncology clinic.

How 1st Commercial Credit Evaluates Your Funding Request

Our lending decision is based on the net realized value (NRV) of your clinic's unpaid claims. We do this to determine the quality of the receivables that you intend to use to secure an advance. Unfortunately, we are unable to consider contractual reserves, unpaid claims older than 180 days and self-pay accounts to determine your funding base.

The next step in the receivables loan approval process is to conduct a compliance review and a third-party payment analysis of the insurance company responsible for paying the claims you submit. We try to uncover any issues that could delay payment to 1st Commercial Credit after we have provided your oncology clinic with an advance. Lastly, we ensure that the third-party payor is current on all federal and state licensing requirements.

Although we briefly evaluate your clinic's financial statements, the process is much different than a bank loan. We are not as concerned with proof of profitability on paper as we are with the quality of your clinic's receivables. We have found that claim factoring is still relatively unknown in the healthcare industry. This is unfortunate because 1st Commercial Credit can provide a reliable source of funding in an industry that regularly deals with unpredictable reimbursements.

Common Scenarios of Other Medical Providers Using 1st Commercial Credit

When new medical providers come to 1st Commercial Credit for the first time, they are often frustrated from working with lenders that are inflexible and don't meet their needs. The following situations are common:

  • Clinic has been established for less than three years and can't obtain bank financing
  • Inability to expand due to lack of working capital
  • Difficulty meeting payroll due to slow payment of patient claims
  • Clinic trying to re-establish credit after filing bankruptcy
  • Working capital is needed to carry out restructuring plans