Your primary responsibility as a doctor or owner of a practice is to treat your patients and keep them as healthy as possible. However, you may find your time limited if you must follow up on overdue bills to keep your cash flow going in a competitive medical industry. When you work with an account payable organization, they take on the burden of following these invoices and getting the payment that is due to you so that you can redirect your efforts to take care of your clients. Here are a few reasons why you should consider utilizing this type of lending.

Get Your Cash Sooner Than If You Billed Your Patients

Owning a doctor’s office or another type of practice is far different from other businesses. When you bill your patients for your services, the invoices will go first to the insurance company or Medicare to be evaluated before it finally reaches your client. This means you will wait weeks for a final answer and payment than a company outside of the medical industry would. One option to get your money quicker would be to use accounts payable financing. The organization you collaborate with will buy the statements from you for a large majority of their value. They will then work with the carriers and customers to get the total owed to you minus their fee. This method increases your cash flow and allows you to take care of expenses faster.

Free Up Yours and Your Staffs’ Time for Other Tasks

Managing the invoices that you must send to the insurance companies and Medicare can take a great deal of time out of your schedule. You must track each account to ensure that it is paid in full, or you must forward it on to the patient for the remainder. This can reduce the time that you spend with your clients, on other paperwork, or training your staff on new procedures and techniques. When you work with an accounts receivable company that is dedicated to the medical industry, they will take on the responsibility of monitoring the progress of your statements, contacting the parties involved if they have yet to see a payment, and calculating what should be sent to you, and what they should keep as their fee. Once it is completed, they will send you the appropriate paperwork to add to your files so that you can see that it was settled and for which amount.