Physicians and their support staff understand the ins and outs of insurance and customer billing, but sometimes it’s difficult to determine when payments will actually be made. First National Bank Alaska’s MedCashManager® eliminates guesswork and the wait. The Web-based program allows you to get cash for your account receivables within two days by selling them to the bank.
You continue to handle your own billing and posting processes, using an online system to send daily transaction reports to the bank. You typically receive money for your invoices from First National in 24 to 48 hours.
The entire process is invisible to your clients. All billing and collecting continues to be done in your business name. Customers remit payments without awareness of the bank’s involvement.
· Durable medical equipment suppliers
· Home medical equipment suppliers
· Home healthcare agencies
· Nursing homes/skilled nursing facilities
· Rehab services
· IV infusion providers
· Ambulance and medical transport facilities
· With the click of a button, you submit claims transaction reports to First National via MedCashManager’s secure Web interface.
· The bank buys the claims at a discount and deposits the cash into your account, typically within 24 hours.
· You continue your billing and posting processes as usual, and as payments come in, they are delivered in your name to a First National lockbox. MedCashManager is designed to be nonintrusive to your daily office operations.
With better cash flow and more time, opportunities for growth will likely follow. You’ll be able to buy new equipment, increase your staff or pursue new investment opportunities.
To learn more about First National’s MedCashManager, call Siri Hill at 777-5690 (1-800-856-4FNB (4362) for communities outside of Anchorage) or visit FNBAlaska.com.
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The articles and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest you consult your attorney, accountant, financial or tax adviser with regard to your individual situation. Entire publication. For publication information, call (907) 777-3409.