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The Mystery Of Medical Transcription

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Merchant Services – ACH Payments

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What Is Money Factoring?

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Building a Team of Experts

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The Best Software for Doctor’s Offices

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Private Practice vs Hospital

The Mystery Of Medical Transcription

In-House Human Resources vs Outsourced

What is HIPAA Compliance?

Long-Term Care Insurance

HIPAA & OIG Compliance Plans

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Capital Funding Needs: Pre-Opening, Opening

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Medical Office Structure, Layout And Design

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HITECH Act of 2009

College Savings Accounts

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How To Choose A Medical Collection Company

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What Is A Marketing Mix?

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Build Or Buy: In-House Medical Coding Vs. Outsourcing

HMOs vs PPOs

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Types of Commercial Loans for Buying a Commercial Condo

What Is A Commercial Condo?

Determining Location Options

The Medical Coding Company That Could

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Purchasing a Commercial Condo

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The Mystery Of Medical Coding

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Overhead Business Expenses

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In-House Doctor Credentialing VS. Outsourcing

The Medical Coding Company That Could

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Must-Have Medical Doctors Insurance

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What Is Money Factoring?

How can your medical practice stay afloat when it takes 30, 60, even 120 days for your customers to pay?

The truth is that until you’re running an established practice, it’s very difficult to maintain a positive cash flow.

One way around this problem is a process called money factoring.

Money factoring allows you to maintain a consistent cash flow in your business, regardless of how long it takes a customer to pay.

Here’s how it works:

First, you’ll partner with a factor, or a company that offers cash advances based on unpaid invoices or your accounts receivable.

Instead of evaluating the creditworthiness of your business, the factor will look at the credit worthiness of the patients that owe you money.

Depending on their credit, the factor will then advance you up to 90% of the outstanding invoice total. Instead of waiting weeks or months to get paid, you can get paid in a matter of days.

Factors charge a factoring fee for their services. These fees usually end up being more expensive than a loan from a traditional bank, but for new medical practices or those struggling to make ends meet, factoring is still an effective way to stay in business.

To learn more about doctor credentialing, insurance, coding, outsourcing, and everything you need to establish a successful healthcare practice, follow all of Sherlock Doc’s adventures on the DoctorsBusinessNetwork.com or Doctors Business Channel on YouTube!.

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