PART 2: What should you know before choosing a Medical Lien Funding Company? Do you qualify for MLF? What is the process like? And more…
What should you know before choosing a Medical Lien Funding Company?
Choosing the right Medical Lien Funding company you will be working with is a key factor to the financial success and continuity of your healthcare business. This decision should be made thoroughly, which is why we suggest you consider the following points for some guidelines when evaluating an Invoice Factoring Company:
1. How long has the Medical Lien Funding Company been in business?
The first key factor is, how long has the company been in business? In the industry of Healthcare & Finance, longevity matters, as it equals experience, deep understanding, and professional skills in how to manage an AR portfolio. Always make sure that the company is not new in this business and that it is owned and managed by experienced industry professionals.
At Surgical Capital Solutions Inc., we are a team of healthcare industry veterans, with over 30 years of experience in personal injury claims, healthcare, and legal. With our experience in healthcare – including patient services, operations, and finance – we understand the environment and are sensitive to the goals and challenges of healthcare providers and business leaders.
2. Is the Medical Lien Funding company’s proposal relevant and/or competitive?
The second factor would be, to determine if the offer of such company has the best value. And by value, we are referring to the prices and/or rates offered and also a balanced combination of fair fees for collecting. We have a highly qualified team of professionals in the industry capable of constructing factoring programs specific to the unique needs of each business while ensuring the financial goals of healthcare providers.
3. Does the Medical Lien Funding Company work with businesses/practices like yours?
A good sign when choosing your Medical Lien Funding Company is researching other healthcare businesses like yours that are also working with the same company. Your healthcare business will be best served if you work with a factoring company that knows the complexities, details, and even legal affairs of your industry.
4. Does the Medical Lien Funding Company work with businesses of your size?
Most factoring companies state that they can fund companies of any size, from $10,000 to millions of dollars. But truth is, only a few companies can actually handle a wide range of funding sums. Surgical Capital Solutions Inc. has both the high capacity of funding different amounts, as well as the expertise in the industry to preserve attorney relationships.
5. How quickly can the Medical Lien Funding company start funding you?
A medical lien funding company that has a strong endorsement and lengthy experience in this industry should also be able to meet your cash flow needs ASAP.
At Surgical Capital Solutions Inc. we make decisions promptly and can fund your company on a weekly basis. No brokerage houses. We provide all the capital, directly control, and execute the funding process.
Do I qualify for Medical Lien Funding?
Medical Invoice Factoring qualification requirements differ from other types of business financing (such as bank loans or business lines of credits) because, unlike traditional options that rely on the business/business owner having reputable commercial credit, Medical Lien Funding companies evaluate the solvency of the business paying the invoice (your clients) instead of you. This is the most important requirement when qualifying for factoring, as the transaction is built by leveraging the credit strength of your customers to your advantage.
Another important prerequisite when applying for Medical Lien Funding is that your invoices must be free of liens. Factoring companies will only purchase the financial rights to those invoices which have a first position UCC or are not tied to a UCC lien.(Uniform Commercial code)
The previous points are general requirements to apply for Medical Lien Funding. If you have any more questions about these or any other possible conditions, please contact us.
What is the process of Medical lien Funding like?
Every healthcare Factoring company has its own particular submission process, but in the end, they are all very similar. Typically, you will submit the invoices you wish to finance via an online portal or by email, and once the company receives and evaluates the invoices, they will make a proposal. Once there is an agreement on both parts, the funding company will deposit the funds into your bank account (Frequency and amounts may vary depending on the Factoring Company and agreements). In short, the process comes down to three steps:
1 - Submit your information
The first step to Invoice Factoring is to fill out and submit the financing application, or Medical Lien Funding form. Surgical Capital Solutions Inc. can easily evaluate your application and make you an offer in 24 hours or less when submitting your information in less than 2 minutes here.
2 & 3 - Proposal and Contract sign
Our team analyzes your needs and documentation of the receivables you would like to sell and then makes you an offer. If you agree and sign the proposal, a contract must be signed, then our underwriting team will begin vetting the cases for approval. Once this is complete you will be ready to receive the funding for your receivables on a weekly basis.
Surgical Capital Solutions Inc. Medical Lien Funding Process
For more questions about the Medical Lien Funding process, please contact us here or call us on our toll-free line: 1-844-784-3500.