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The healthcare industry is constantly changing and evolving to accommodate regulation changes, to improve patient care and to ensure positive cash flow to remain operational during difficult financial times. New requirements for electronic health record systems, digitization of paper medical records and securing patient information in compliance with HIPAA regulations can create significant financial difficulties for hospitals and clinics. Additionally, the increasing role of electronic devices in medical facilities can require added infrastructure and increased expenses for these healthcare providers. As a result of these ongoing financial demands, hospitals can find themselves overextended and in need of additional cash infusions to maintain regular operations. Invoice lending arrangements can provide that much-needed cash and help hospitals and clinics to provide excellent care for their patients while meeting their other regulatory and infrastructure requirements.
The Role of Invoice Financing
Most hospitals have outstanding invoices with Medicare and Medicaid that are awaiting payment on a continuous basis. These invoices can be used to collateralize loans to manage short-term cash flow problems and to finance electronic health record systems, networking solutions for portable devices and digitization processes that can produce improved patient care and can streamline processes within the medical facility. Receivable lending arrangements are based on the creditworthiness of the client companies that owe money to the hospital or clinic and are not dependent upon the current credit situation or the number of outstanding obligations of the facility. As a result, most healthcare providers with outstanding Medicaid, Medicare and insurance invoices can qualify for accounts receivable or invoice lending arrangements.
Fast Solutions for Financial Needs
By using their outstanding invoices as collateral for invoice funding arrangements, hospitals can ensure that adequate security measures are in place to protect patient data under the auspices of HIPAA regulations. In some cases, implementing and using an electronic medical record system to maintain patient medical data can qualify hospitals to receive federal incentive payments; investing in these systems using invoice lending funds can prove financially rewarding for hospitals and clinics. The most important benefit of invoice lending arrangements, however, is in the improved quality of patient care provided by these facilities. By streamlining processes within the hospital, administrators can establish an increased focus on patient care throughout the working environment.
For many hospitals, companies like 1st Commercial Credit can deliver rapid decisions on invoice loans and lines of credit for Medicare receivables. One-day turnaround times and fast disbursements on accounts receivable lending arrangements make these alternative lenders an outstanding choice for healthcare providers in need of immediate cash to manage ongoing expenses and obligations.