Healthcare Factoring B2B
If you are a crucial part of the medical and healthcare supply chain, then you rely on your customers— clinics, hospitals, and surgery centers—to pay their invoices on time. Your cash flow will dry up fast if the medical practices you supply to are waiting 90 to 120 days to pay their invoices.
Great Funds Factoring understands how cash flow issues are one of the primary reasons that these crucial medical suppliers and healthcare industry servicers go under.
The financial stress of not having enough capital to cover operating expenses, payroll, and insurance costs is enough to drive any medical supplier crazy.
Healthcare factoring is a solution.
Through the healthcare industry factoring services offered by Great Funds Factoring, you can get near-instant access to the money locked away in unpaid invoices. Medical invoice factoring is a cost-effective solution for keeping your healthcare business in operation.
A Factoring Company That Knows Healthcare Factoring
Great Funds Factoring knows that there are two main types of healthcare-related factoring.
- Medical Invoice Factoring
- Healthcare Invoice Factoring
Medical Invoice Factoring
This factoring service helps medical and health providers who rely on insurance claims, government programs, and customer payments to get paid. This includes a broad spectrum of businesses and medical practices, from dentists to ambulance service providers.
Great Funds Factoring does not factor medical bills for doctors, hospitals, and other clients. Instead, we offer healthcare factoring services to businesses that sell their products and services directly to other businesses.
This service is called healthcare factoring.
Healthcare Invoice Factoring
This factoring service helps businesses that supply goods and services to medical providers, hospitals, and clinics. Healthcare factoring is intended to finance the companies and suppliers that doctors, hospitals, PT centers, and other medical facilities order products, supplies, and equipment from.
How Does Healthcare Factoring Work?
Healthcare factoring is not a bank loan. Factoring works differently than a bank loan and is often much quicker in dispersing funds than traditional bank loans.
- After your business fills out a credit application and gets approved, you upload digital copies of your invoices to Great Funds Factoring.
- We send you your money minus a factoring fee and small reserve via ACH, often overnight. The reserve gets returned to you once your customers pay.
- Near-instant cash flow improvements!
Medical Receivables Factoring Helps Your Healthcare Business Grow
Learn more about our Great Funds Factoring process:
At Great Funds Factoring, we understand that there are many financial challenges that even the most successful businesses face.
We believe that good communication is key to developing a strong working relationship with our clients and will strive to be personally available to answer questions about receivable factoring.
During the discovery process, we aim to get a better understanding of your business needs, gain your trust, and determine if open account receivable factoring is a fit for you.
After you submit your credit application, Great Funds Factoring, LLC will review your credit application along with other documents required such as bank statements, master customer list, and financial statements.
When due diligence is completed, Great Funds Factoring works on the approval process. Usually, the entire process, both underwriting and approval review, takes one to two business days.
Once approved, we send you the proposal and all documents needed to set up your account.
As you send invoices to your customers, we verify them and advance your funds immediately to your account while holding a small amount in reserve until your customer pays their invoice.
Recourse vs. Non-Recourse Invoice Healthcare Factoring Services
Great Funds Factoring offers recourse factoring services but doesn’t offer non-recourse factoring services. Non-recourse factoring requires more in-depth credit vetting and comes with a higher factoring fee.
This is because, with non-recourse factoring, the factoring company assumes all the risks if a customer doesn’t pay.
With recourse factoring, our client assumes the risk if their customer doesn’t pay. However, the factoring fee and credit vetting are less because the factoring company assumes no risk.
Types of Businesses That Healthcare Factoring Helps
Let us help move your business forward
Great Funds Factoring LLC
Contact Great Funds Factoring and Get Paid Fast
Great Funds Factoring helps your business unlock its capital fast, efficiently, and securely. You can’t afford to be a second behind in the tech industry. Great Funds Factoring helps get your business ahead.
Call Great Funds Factoring at 910-My-Money, (910-696-6639) or use our online contact portal.
If you are ready to get started, fill out our online credit application and unlock the power of your customers’ unpaid invoices today.