How to Bypass Slow Healthcare Insurance Payments
Over 30% of all patients will leave medical practices and hospitals without paying anything upfront for treatment.
Reimbursement can take anywhere from weeks to months in these situations—adding to this instability, it is often unknown as to when or how much doctors will get paid.
This is making routine payments such as paying office bills, hiring staff, expanding a practice, and paying for medical equipment a nightmare for healthcare practices in the US.
NBC has been helping primary care physicians, specialized doctors, home care specialists, chiropractors, dentists, and healthcare professionals of all kinds bypass slow payments from healthcare insurance companies, and get the financing they need to grow their practice.
How to Bypass Slow Healthcare Payments
Adopt POS Systems
A red flag may have come to mind when you read the first bolded suggestion, and for good reason.
To be clear—to healthcare practice should ever solely rely on POS system/upfront payments from their customers.
However, giving your patients the option of paying up front, and reducing that 30% of uncollected fees mentioned above by any means has the potential to save your business hundreds of thousands of working capital every year. More than a third of all healthcare professionals have adopted POS systems for their practices over the past decade.
While some medical professionals may feel uncomfortable with this method of payment, the results of the change have been clear: less time is spent billing and waiting for mail payments, and more time is spent treating patients. NBC’s business growth division National Business Services has helped dozens of medical practices across the country eliminate many slow insurance costs by helping healthcare professionals set up and install cutting-edge POS systems, which have shown to greatly increase cash flow, giving the breathing room they need to grow and develop their practice.
Borrow the Capital You Need, Then Pay It Off When You Collect Insurance
It sounds simple, but oftentimes all the practices that NBC helps just need a bridge loan to eliminate the gaps in funding from slow insurance reimbursements.
The easiest, fastest, and most cost-effective method to do this is to seek a lender that offers specialized medical or dental loans with financial benefits exclusive to the practice’s industry. Many of the practices NBC helps lack the capital to grow not because business is doing poorly, but due to the unpredictable speed and frequency of their patients’ insurance payments.
For those who find themselves in a position to grow their practice in any way, or even simply need help paying labor and utility costs, NBC offers specialized financing options for doctors and dental professionals with larger offers, lower rates and longer terms than most other kinds of small business loans.
3 Best Healthcare Practice Financing Options To Bypass Slow Insurance Payments
A reminder from above: each of the options listed below have medical and dental variations that accommodate specifically to fluctuations within the medical, dental and healthcare industries, and come with exclusive benefits.
- Business Line of Credit: One of the most popular options among the healthcare practices served by NBC, business lines of credit contain some of the best features to help eliminate the gaps of cash flow due to uncollected insurance payments. This is because the flexible payment terms of a business line of credit often prove to be the best option for medical business owners to make unexpected purchases as often or as sparingly as needed—no matter how big or small they may be, without having to pay for anything they don’t use.
- Small Business Loans: Fast-acting business loans (funds as soon as 24 hours) with flexible terms. Can be used for both long and short-term funding goals. Terms including fixed or flexible repayment scheduling and large or small loan amounts are tailored on an individual basis to the needs of medical professionals.
- Medical & Dental Equipment Loans: Lease, upgrade or purchase medical or dental equipment in as little as 24 hours after applying. The equipment itself is used as collateral, presenting little to no risk for borrowers.
- Hybridge™ SBA Loan: Many medical professionals who seek to accomplish both long and short-term funding goals find NBC’s Hybridge program to be the best option. With access to bridge capital in as little as 24 hours, medical professionals can get the funds they need to bridge any gaps in capital, and keep their office running smoothly.
Then, once applicants receive access to their expedited SBA loan within 45 days, medical professionals can pay off their initial small business loan, and use their SBA loan’s large amounts, prime rate, and long terms to fund whatever short or long-term goals they wish.
Let NBC Help You Grow
Don’t let slow insurance costs get between you and your dreams of growing and developing your practice. Call (877) 482-3008 to ask a Business Financing Advisor or fill out this 1-page application to get started today!
And for help financing and setting up your POS system, call 1.800.960.9363 or contact the team directly here.