Those of us that call ourselves medical factoring companies may in fact be quite different from one anther. Throughout the years certain niches have been serviced by finance companies all of which are called medical factoring but each focuses on dissimilar asset classes. This discussion is designed to identify these different asset classes within the framework of Medical Factoring, and to provide the broker with a clear understanding of how to find the right financial institution for each. Medical Factoring Wears Many Hats First we can begin with an easily understandable type of medical practice called “dentistry.” Dentists bill the typically recognizable insurance carriers that are associated with healthcare plans and payments. … [Read more...]
Archives for February 2013
Home Health Care Labor Law: Dated or Needed?
A change in labor law has implications for factoring companies and brokers that deal with home care or staffing companies. Once in a while, you come across an article or a news story that really and truly surprises you. The recent NPR article “Home Care Aides Await Decision on New Labor Rules” was one such. It might not sound all that attention grabbing or newsworthy on the surface, but when you have been working with home care agencies for years like … [Read more...]
Friction In The Factoring Industry
Have you ever heard the old saying, “Be careful what you wish for or you might just get it”? It usually refers to the downside of a casually expressed desire. This phrase definitely holds true for anyone who has funded invoices in the factoring industry. We spend so much time on sales and marketing and then it finally happens – we land a new prospect and they complete our application. We hope the prospect will have prefect credit, stellar account debtors, strong financial statements and be free and clear of any liens or judgments. More importantly, we want the deal to glide through the … [Read more...]
How to Optimize and Increase Your Factoring Brokerage Revenues
Most factoring brokers are consummate sales professionals who spend their time talking to small business owners and trying to generate leads. Brokerages come in all varieties. Some brokers focus on a single leads source, such as referrals, and work that source for all their leads. Other brokers run more complex businesses that focus on many sales channels at the same time. An example of the … [Read more...]