If you own a medical or dental practice, staying on top of collections is a critical function. It can literally mean the difference between success and failure. Utilizing a medical and dental collections professional may at first appear costly. But in the long run, doing so can yield substantial dividends. I recently interviewed Mr
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My interview with a Medical Collections Expert
How did the financial meltdown REALLY happen? Why was the crash inevitable? A new documentary coming out next month, Generation Zero , featuring more than 40 leading experts, authors, and pundits from across the political spectrum, makes the case that the root of the problem was the mindset of the “Greatest Generation”. Many in this era vowed to not let their children suffer through the same economic hardships that they did during the Great Depression and WWII. This in turn led to the “Me Generation” and ultimately the Clinton/Bush era of trading campaign contributions for government “cover” in the form of guaranteed bailouts of Wall Street’s speculative investments, thus sowing the seeds of economic disaster that would be reaped by coming generations. The teaparty movement has sprung up in large part from the irresponsible handling of our economy by leaders we have entrusted. This documentary will likely result in a further outcry against big government and overspending
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Generation Zero
Is your company unable to extend credit to potential customers because you need the cash NOW? Many businesses, especially in this economy are facing this dilemma and it is very detrimental to both short and long term success. Invoice factoirng helps cash-strapped companies offer credit to their customers because they can receive most of the amounts due within 24 hours of billing.
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Increasing Your Customer Base
A regular reader of this blog sent me an email telling me that he was reading the latest post and suddenly another page loaded. He was taken to a site unaffiliated with Ozarks Capital Funding. I launched the blog and the same thing happened to me. After doing some research, I discovered that some code had been inserted in the administrative section of my WordPress account. With the help of my webmaster, James Gerhold of Mediavelocity, I deleted the code that created the problem and adjusted the settings to shut out any future possible issues of this nature
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Problem solved
We get inquiries all the time from business owners concerned about the cash flow of their companies. Many of them have limited knowledge about invoice factoring and we do our best to educate them. We thoroughly explain the process of becoming a factoring client and assess their situation to determine if they a good candidate for this type of financing. If they appear to qualify, we send out an accounts receivable factoring application and ask for copies of a few other documents such as their articles of incorporation, past two years financial statements, and a current aging report. Then we wait. Surprisingly, we don’t receive a large share of completed applications. If the business is struggling with cash flow, and it has been demonstrated that factoring enhances cash flow, why won’t many owners or financial managers take the next step?
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Pulling the Trigger
We’ve produced a new invoice factoring video that has been placed on youtube and will be distributed on other areas of the internet. Go to : www.youtube.com/watch?v=p4fQeWPSD54 We are proud of how it turned out and kudos are in order for the Producer, James Gerhold of Mediavelocity. James is a real pro who has won several Addy awards in the Springfield, Missouri market. Check out his site: www.mediavelocity.com and view his excellent works. Special thanks to Sarah Bargo, who did a great job with the spot. Need a free, no-obligation factoring quote? Call us at (417) 560-4420
Most factoring contracts last twelve months. When taking on a new client, many factoring companies want to maximize their reserve and set a high fee structure. This is because of the uncertainty a new client brings to the table, especially if they operate in an industry that has been struggling. Normally, the factoring contract renews automatically after the one year term unless either party terminates the relationship in writing at least 30 days in advance. In the event the client decides to renew the contract and the invoice factoring relationship has gone well (few bad debts and timely payments), he or she should consider contacting the factoring company to negotiate better terms. A higher advance rate or a lower fee structure (or both) could be worked out with the factor
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Negotiating a New Factoring Contract
During these difficult financial times, many companies have suffered through tight cash flow. One way they deal with the situation is by stringing out their accounts payable. This in turn negatively effects the working capital position of the vendor. They will then either make late payments to their suppliers or cut down their production.
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Do You Stay On Top of Your Collections?
Many of the larger healthcarel factoring companies that fund physician groups, hospitals, clinics and other providers require at least $100,000 in collectible receivables per month. As anyone in the healthcare industry knows, it doesn’t take long to rack up that level of billings for an average sized provider. But what about the small, one person practice? How can they benefit from the instant infusion of working capital that medical or dental invoice factoring has to offer? Ozarks Capital Funding focuses on factoring services for the lower volume medical and dental practices. We will work with those providers that generate collections from third party payers (insurance companies and governmental agencies like Medicare) of at least $30,000 per month.
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Factoring for Small Medical and Dental Providers
The simple definition of invoice factoring is “ the sale of a company’s accounts receivable from creditworthy customers for immediate cash “. The key word here is creditworthy. Factoring companies must feel confident that the receivables will be paid in a timely manner by the client’s customers consistently. Because of the intense competition in the factoring industry, some factors have strayed from the concept of proper credit decision making. This can eventually have a detrimental impact not only on the client, but will weaken the portfolio as a whole. Other clients who are dependent on funding their working capital needs may be adversely effected by the liberal credit decisions made by the factoring company. Not only that, but a substantial loss because of these loose policies may cause the factoring company to go out of business. As a client, try to understand why most responsible factoring companies use conservative credit policies to guide their actions. Customers who consistently pay their bills late will likely not be “factorable”
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Creditworthiness of the Customer
