Accounts Receivable Advance
Factor Fee : 2.0%-2.5% of ECV for every 30 days the claim is outstanding.
Factoring is a financial transaction in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.
In "advance" factoring, the business owner sells his receivables in the form of invoice to the factor, who makes an advance of 70-80% of the purchase price of the receivable amount. The factor collects the full amount from the customer in due course and pays the balance amount due to the business owner after deducting his commission and other charges.
- Current AR aging report by Payer (outstanding claims)
- Current AR aging report by procedure (outstanding claims)
- Collection history report for the last 12 months broken down by procedure showing Date of Service, Date of Bill, Amount Billed, Insurance Carrier, Payment made by Insurance, Payment made by Patient, Write Off/Adjustment, Balance.
*Payment subject to MedBanker underwriting requirements & approval, as determined in MedBanker's sole discretion.
**A/R factoring is offered by ExpressCHEX LLC and is not available to medical service providers in every state. Please contact us for a complete list of eligible states.