Gone are the days when a home health care’s agency’s only financing option is a line of credit from a bank. In fact, there are dozens of ways a home health care agency can fund its growing operations. However, one specific option business owners should consider is home health care invoice funding.
In a nutshell, home health care invoice financing is the process whereby an agency sells its accounts receivables to a third party (factoring firm) at a discount. Rather than waiting weeks or months to receive payment from Medicaid, Medicare or other governmental agencies, factoring firms advance cash immediately upon purchasing home health care invoices, which gives business owners the ability to maintain a positive cash flow.
All it takes is three simple steps to set up a home healthcare invoice funding account…
- Contact a Home Health Care Invoice Funding Company
There are thousands of factoring firms to choose from. The trick is to find one that understands the intricacies of the home health care industry. Luckily, a simple Google search for “home health care invoice funding,” can quickly narrow down the playing field. Once you select an invoice funding firm to work with, you can usually complete an online application or call and speak with a home health care funding account representative to have him / her email and / or mail out a complete document package.
Click here to find out the remaining steps on how to qualify for home health care invoice funding.