A “medical accounts receivable factoring” is specifically designed for the health care industry. Access for health facilities in these days costs a lot for typical patients. Moreover, as they would have a lower productive capacity after returning to society, an insurance company will usually give coverage for the patient, provided they have their current premiums.The standard scenario in health care industryInstead of cash, patients usually get an insurance card that can be given to health care establishment and the insurance company is the one that will be paying the bill on behalf of he patients. If you have been covered with programs like Medicaid or Medicare, the government takes care of the payment. The receivable/invoices in this scenario is to be paid by the insurance company.All these health-care facilities require a large amount of cash to keep their operations working smoothly. The insurance company surely pays the bill, but only after a long time and a lot of complex paper works; something that health care facilities just do not want to deal with.So, here comes a great alternative!Due to this characteristic billing structure, several companies have started providing services in the area of medical accounts receivable factoring. With the assistance of a factoring company, the health care facility can stay focused at their task of saving lives, and avoid the complicated and lengthy process of payment recovery. Both companies reap benefits from this arrangement.By using accounts receivable factoring, the health facilities can get a quick access to funds, making themselves efficient to take care of their payroll, and purchasing new tools and supplies. Industries and professionals involved also have to pay for the premiums of their medical practice insurance, as this can save them against malpractice lawsuits that are usually lengthy and at a great cost.Why discount rate?While the factoring company gets a repeated business for a multitude of patients and guaranteed payment from insurance companies, the long process involved in claiming the payments is chiefly responsible for the discount rate for health industry. Insurance companies in the health care system are famous for their slow release of medical payment, and can pose a significant liquidity problem for a health care facility.The discount rate for medical factoring is one of the biggest when compared to other industries’ discount rates. A medical facility may only receive somewhere between 65% up to 80% of the face value of a medical bill.Need of specialized factoring companyMedical accounts receivable factoring can be used by facilities such as hospital, clinics, nursing homes, or even medicine professionals like doctors and nurses. All of them can access the receivable factoring. Because of the distinctive nature of the medicine industry, a specialized factoring company is also required. This is because of the ins and outs of health care industry are effectively a whole field that requires a specialized company to understand.
Keeping your employees up to date on the changing regulations in the insurance world can be challenging. Each employee will have a different certificate level and will need specialized continuing education to ensure that they can provide the best service and do the best job for your company. But how do you go about choosing a provider? Are there really differences between corporate providers?The answer to that second question is yes, definitely. Some of the differences may be obvious, as some insurance CE corporate programs provide online training while others have classroom style options. The choice between an online program and an in-person program is a big one, and you may need to make the decision based on what is best for your employees. Some people can learn well with online training courses, others need a teacher or someone who can answer questions, as well as hands on examples that can be discussed.The more subtle differences, such as whether an online course offers interactive time similar to a classroom, may also play an important role in your decision. Carefully research the features of any online insurance CE corporate program. They may all claim to be thorough and comprehensive, but some programs are designed to be cheap and the result is usually diminished services. Exposing yourself to employees who have not been sufficiently trained is a serious concern in the insurance industry.Insurance CE corporate programs can include certain perks that may prove to be invaluable. For example, some programs will provide tracking for which certifications each employee has completed and will alert you when an employee is due for a continuing education course. You may pay a little extra for a program that includes this type of service, but it may be well worth it for your company. The time it takes to keep certifications organized may not feel like much, but the relief of that responsibility can mean more energy and attention for the work you need to do every day to ensure your business is running at its best.While there are many details you should consider when choosing a program, remember that you are in the position of power. If a program seems almost perfect, but you have some concerns, talk to someone who works for the provider about addressing your concerns. Consider researching a little online to see if other businesses have had good or bad experiences with providers you are considering. Ask employees if they have ever done continuing education with the providers you are considering, or if they know of a corporate provider that has a good reputation. First hand experience is one of the best ways to make a choice.Lastly, make sure that your employees know they can talk to you about how the courses are going. If your employees are having a good experience, and know they have some say in who you use, they will make the most of the training. They may even provide you with feedback that will help you choose a provider in the future.