Trying to run a home healthcare agency in the state of Pennsylvania can be challenging. Between dealing with the PA Government, Medicaid, and various insurance providers, like UPMC, sometimes you’re stuck waiting around to get paid.
Maintaining financial stability can be particularly challenging under these circumstances.
What is Invoice Factoring?
In it’s most basic form, invoice factoring, also known as accounts receivable factoring, is the process of selling your outstanding invoices for a cash advance to be able to pay bills, cover payroll, and improve your cash flow management.
Home healthcare agencies often use invoice factoring to cover payroll, especially when working with Pennsylvania insurers. Organization’s like UPMC can take over a week to pay a home healthcare agency for their services. This can obviously become a problem if the home healthcare agency needs the cash in order to make their payroll by a certain date.
Why Medical Providers Should Factor Their UPMC Invoices?
In it’s most basic form, invoice factoring, also known as accounts receivable factoring, is the process of selling your outstanding invoices for a cash advance to be able to pay bills, cover payroll, and improve your cash flow. This financial flexibility allows providers to adapt to changing financial needs without the constraints of traditional financing.
Home healthcare agencies often use invoice factoring to cover payroll, especially when working with Pennsylvania insurers. Organization’s like UPMC sometimes take over a week to pay a home healthcare agency for their services. This can obviously become a problem if the home healthcare agency needs the cash in order to make their payroll by a certain date.
Why Factor with PRN Funding?
We understand the difficulties that come along with running a home healthcare agency in the state of Pennsylvania. It can be a nightmare trying to do business with all the Commonwealth and insurance providers that use your healthcare services. That said, invoice factoring can be the solution. And, the best part is, approval is simple.
For starters, you have the ability to get approved with poor or no credit. During the approval process PRN Funding is mostly interested in the credit history of UPMC. Along with that, invoice factoring adds no debt to you or your business. UPMC will be responsible for repaying us for the advance you receive. The cash advance you receive can be used to grow your business, make payroll, or cover some bills that have been hanging over your head. This can significantly improve the financial health of your home healthcare agency.
With over a two decades of experience in the factoring industry, PRN Funding has the expertise and experience you need to make sure you have the capital to keep your home healthcare agency moving forward.
Benefits of Invoice Factoring for UPMC Providers
Invoice factoring offers a multitude of benefits for UPMC providers, making it an attractive financial solution. Firstly, it significantly improves cash flow by providing immediate access to cash. This allows providers to cover operating costs, payroll, and other expenses without waiting for slow-paying customers to settle their outstanding invoices.
Moreover, outsourcing invoice collection to a factoring company reduces financial stress, enabling UPMC providers to focus on delivering life-changing medicine to their patients. With increased working capital, providers can invest in their business, expand their services, and seize new opportunities without the burden of traditional financing.
Another key advantage is that invoice factoring is not a loan. This means UPMC providers do not accumulate debt or have to worry about loan repayments. The flexibility and scalability of invoice factoring allow providers to factor as many or as few invoices as needed, making it a versatile financing solution tailored to their specific needs.
Want to Learn More?
Contact us today at 216-504-1000 or complete the form below.
How Invoice Factoring Works for UPMC Invoices
The process of invoice factoring for UPMC invoices is straightforward and efficient. It begins with a simple application process where UPMC providers submit basic business information. Once the application is received, the factoring company verifies the outstanding invoices to ensure they are valid and collectible.
Upon verification, the factoring company advances a percentage of the invoice value to the UPMC provider, typically within 24 hours. This immediate cash infusion helps cover essential business expenses. The factoring company then takes over the collection of payments from the customers. Once the payments are collected, the balance is remitted to the UPMC provider, minus a small factoring fee.
Throughout this process, the factoring company provides ongoing support and assistance, helping UPMC providers manage their cash flow and grow their business effectively.
About UPMC
Based in Pittsburgh, PA, UPMC is a top of the line healthcare provider and insurer. consisting of over 90,000 employees, 40 hospitals, and 700 doctors’ offices and outpatient sites, UPMC is the largest non-governmental employer in the state of Pennsylvania.
Don’t Allow Slow-Paying Customers to Get in Your Way!
PRN Funding can help! Call us today @ 216-504-1000
Contact Us