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.

One of the most rewarding parts of factoring accounts receivable is helping small businesses with this type of purchase order succeed. Our purchase order funding programs in conjunction with accounts receivable factoring solve these problems for businesses. Many entrepreneurs can’t get bank financing to fill these purchase orders, don’t have or don’t want to use their own capital to use to fill these purchase orders and don’t have access to other sources of business capital willing to finance this type of steep, sudden business growth. We are able to help get letters of credit opened, goods shipped, goods delivered, suppliers paid and invoices collected once these new purchase orders are filled. Our hands on, service oriented involvement in the purchase order to invoice collection process adds a great deal of value that can inspire reorders or other order opportunities for our clients. If your business has recently received a purchase order at the Consumer Electronics Show you need help financing call us today for a personalized explanation of how we can help your business.

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.

Since the federal and state governments collect less tax revenue for 1099 contractors they are cracking down on small businesses that have misclassified 1099 workers. If you are classifying workers as 1099 contractors it is a good idea to make sure the IRS agrees with you by completing and submitting the SS-8 form. It is also a good idea to have your tax accountant review worker status and make sure they are prepared to defend the classification if the need arises.

1. Keeping payer requirements current. Our medical claims factoring process also includes the scrubbing and electronic submittal of medical claims on behalf of the provider. This results in real time notification of rejected claims which we work with the provider to fix and resubmit right away. This process quickly catches changes to payer requirements and we are able to update the providers’ information accordingly.
2. Failure to monitor claims process. Once you factor medical claims we are as concerned if not more so than you these claims will be paid. Our process integrates with the claims lifecycle and allows use to quickly determine why claims are being rejected. Once we determine this we help the provider correct their medical claims billing. We help to drastically reduce the typical 8-14% spent on following up on rejected claims by constantly scrubbing claims and correcting billing mistakes in real time.
3. Resubmitting rejected claims. Our scrubbing process quickly identifies, fixes and re-bills rejected claims to insure timely payment in full of patient medical claims. Medical claims factoring also reduces the amount of time and administrative expense spent researching and rebilling rejected claims.
4. Patient eligibility problems. Our real time tools verify patient claim eligibility and quickly identify any problems.
5. Trend recognition. We constantly monitor claims billing and claims collection trends to ensure claims are paid. We are able to provide medical providers with very detailed analytical insight into their medical claim revenue cycle. Based on those trends we work with a medical provider to optimize the claims billing procedures resulting in quicker payments. We also reduce the amount of time and administrative expense spent working with the claims.

The most important point about factoring medical claims is that all these cost recovery and reductions happen on the back side of the transaction. This means the provider already has the cash in hand for the bulk of their claims. All the benefits of factoring medical claims work to reduce the cost of factoring medical claims. In many cases the factoring of medical claims introduces so much efficiency to the billing process that it results in not only greater revenue quicker but a boost to the provider’s bottom line.