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Lending and Finance Options for Companies in Medical Receivables

Financing Options for Companies in the Medical Industry

Businesses that provide medical services, as well as healthcare workers who operate independently, often must wait weeks or even months to get paid. When you’re running tis type of business, you’re basically depending on your clients to pay you on time. This can result in cash flow problems. An effective solution to this situation is medical receivables factoring.

Invoice factoring allows you to sell your accounts receivable for immediate cash.  You no longer need to wait 30 – 60, or sometimes 90 days for your customers to pay.

What Is Medical Receivables Factoring?

With medical receivables factoring, your business sells unpaid invoices to a third-party factoring company such as Riviera Finance. There are several key benefits to factoring.

  • Get working capital in as little as 24 hours. Rather than waiting for your clients to pay their invoices, you get paid immediately by the factoring company.
  • Pay your business expenses promptly. Whether you have to make payroll, invest in more equipment, or pay bills to keep your office running, factoring allows you to have a steady cash flow.
  • Grow your business faster. With better cash flow, you can invest in your business. With factoring, you do this without giving up equity.

Types of Businesses That Can Benefit From Medical Factoring

Factoring works for many types of businesses in the medical sector, such as:

  • Home medical care services
  • Medical coding companies
  • Medical equipment providers
  • Medical staffing companies
  • Medical freight services

Maintaining healthy cash flow is one of the biggest challenges of any business. Let’s look at how you can boost your cash flow with telecom factoring.

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Our Process

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Complete form & become a Riviera client

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You deliver your products or services

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Send your invoices to Riviera Finance

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Get Paid

Riviera verifies & pays you within 24 hours

Factoring vs Other Types of Funding

There are many ways to fund your business. However, factoring has some key advantages over other common financing options. For example, it’s common to apply for a line of credit from a bank. To qualify for credit, you’ll need to show the bank your assets, which include cash as well as equipment. Smaller and newer businesses often have trouble getting enough credit to meet their needs.

ACH and MCA loans are another option you might consider. Automated clearing house (ACH) and merchant cash advance (MCA) loans are usually easy to qualify for. The downside is that interest rates and lender fees are very high. This can lead to a downward spiral of debt that makes it hard to run a profitable business.

Learn More About Factoring

How Do You Start Factoring Medical Receivables?

There are a few steps involved if you want to factor your medical invoices.

  • Get approved for factoring. This is generally easier than other types of financing such as bank loans. The main qualification is that you need clients who pay you via invoice and have a good commercial credit rating.
  • Submit your invoices to the factoring company. You can choose to submit some or all of your invoices.
  • You receive an immediate advance of up to 90% of the invoice’s value.
  • Your customer pays the factoring company.
  • When the invoice is paid, you receive the remainder of the unpaid invoice, with the factoring fee deducted.

Benefits of Invoice Factoring

Riviera Finance works with a variety of companies in the US and Canada to help them maintain cash flow and meet weekly financial demands.

Immediate Cash

Our process is built around immediate response to client needs, and the best cash turn around in the industry.

Quick Credit Checks

Receive Credit Checks on Your Customers

Low Risk

Competitive Rates and No Hidden Fees

Financial Freedom

No Debt is Created

Bad Debt Protection

Riviera takes on all the credit risk!

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Complete the form for a Free Consultation.

benefits of medical receivables factoring

Requirements For Medical Factoring

The main requirements to qualify for medical factoring are as follows.

  • Personal and business ownership identification.
  • Employer identification number (EIN).
  • Corporate paperwork such as articles of incorporation, articles of organization, or other forms appropriate to the type of business entity you have.
  • Accounts Receivable Aging Report. This contains your outstanding invoices, including the amount and date due for each.

Any business that provides a service in the medical sector should consider medical receivables factoring to improve cash flow and achieve greater financial security.

Why Work with Riviera Finance for Medical Recevables?

Riviera Finance is a leader in invoice factoring with more than 50 years of experience working with companies like yours. Our professional, experienced team combined with our online tools makes managing your cash flow and accounts receivable simple.  Here are some of the services we offer to help you grow your business while enhancing your cash flow.

  • Dedicated team with direct numbers and emails to personally manage your account
  • 24/7 access to ROAM -Riviera Online Account Management system where you can access all of your account information
  • Automated invoice uploader tool
  • Invoice payments processed and posted
  • Detailed management reports customized to your needs
  • Real-time alerts for important issues such as payment issues, returns and disputes
  • Flexibility to choose what invoices and when to factor with no monthly minimums

Factoring for medical receivable providers can make a big difference in helping your business improve cash flow, meet expenses, and continue growing. To learn more about how you can benefit from medical receivable factoring, contact Riviera Finance today.

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What Our Customers Are Saying

The personnel I deal with on a regular basis at Riviera are very friendly and extremely helpful. If I call with a question or concern, they are prompt in assisting me.

Marjie EllisonDallas, TX

For financing it can't get much easier. Our company has been growing for several years and the growth rates could not have been achieved without the additional financing that Riviera has provided.

Stan ShawPhoenix, AZ

Riviera helps keep a consistent cash flow and help us manage our receivables. They also help keep us from doing business with customers whose credit level is substandard.

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Not only am I happy that I have a steady flow of cash when I need it but I am treated very well by the people who work there.

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Riviera is the backbone of my business by me knowing I always have a little something tucked away and that I can stand on my own two feet. Not only are they there to help, but they have become friends and family.

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