Millennium Funding News

A new study out by CDW outlines the estimated costs a physician medical practice will incur to fully adopt EMR (Electronic Medical Records) into their practice. Some of these costs include EMR hardware, EMR software and electronic medical records training for staff.  The summary of the study does a good job of breaking out the costs, benefits and obstacles of electronic medical record adoption. As with any technology initiative the faster you can implement the EMR system the sooner you can start earning a return on your investment.

Factoring medical claims can help a physician medical practice implement electronic medical records in several ways. The cash it frees up can be used to quickly cover the costs to purchase, implement and train employees on the EMR system. Our medical claims factoring system and be married to the EMR system from the beginning so the increase in physician billing can be directly translated into cash advances on the increase claims the practice is now able to generate. A third benefit of factoring medical claims to further electronic medical record implementation is that it can free up the practice management to focus most of their time on the project while we do the medical billing, claims scrubbing, claims submission and follow up on any rejected claims. When used properly medical claims factoring can greatly ease the transition or upgrade to EMRs.

How important is it to have a strong credit department in today’s economy? I just received a large order from a local company – should I take it?

This is what I call the “ship and hope” syndrome. In other words, fulfill an order; ship the product and “HOPE” to get paid.  I would estimate that over 90% of our clients failed to have the proper credit review procedures in place before funding with us. In today’s economy, not knowing the credit (payment history) of your clients is a recipe for disaster.

As a factor, we are constantly monitoring the credit strength of what we call the debtor (the entity making payments on the invoices). Due to the large volume of invoice payments received, we use a number of credit reporting agencies as well as credit insurance companies to help us in making funding decisions. By virtue of being a Millennium client, our clients have access to highly sophisticated credit reports, information that would most likely, be unattainable on their own.  Whenever a client is in receipt of an order from a “new” customer, they simply fax over a copy of the purchase order (or like) to their account executive and within a short period of time, a complete credit history will be provided along with an approved funding limit (or declination) from Millennium. “It is better to have never shipped at all than to have shipped and never been paid”

Factoring is not only a solution for working capital and cash flow needs, but also a way to make solid credit decisions in the future.

Starting January 1^st, 2011 banks will no longer accept payroll and income tax deposits on 8109 coupons. Going forward the IRS will require all federal tax depositors with a federal payroll tax liability of more than $2,500 per quarter to submit federal payroll tax deposits via the EFTPS payment system.  This IRS requirement will cover nearly all businesses. One easy way for a small business to make sure your payroll taxes are remitted properly is to have Millennium Funding do your payroll in addition to factoring your accounts receivable.

Millennium Funding is proud to announce the launch of our new website!