The issue experienced by the provider was a delay in payments from commercial and government insurance carriers...
Englewood, NJ (PRWEB) October 10, 2013
Alleon Capital Partners, LLC (“Alleon”), a medical factoring and financing company headquartered in Englewood N.J., announces the closing of a $2,000,000 medical accounts receivable financing facility to a radiographic and fluoroscopy services provider based in California. The medical provider is an independent diagnostic testing facility that offers radiologic technologist services as well as fluoroscopy equipment to 50 Ambulatory Surgery Centers (“ASC”) and clinics throughout California, Las Vegas, Salt Lake City and Dallas specializing in pain management and spinal injection procedures.
The provider approached Alleon looking for financing based on its accounts receivable portfolio after experiencing rapid growth. The issue experienced by the provider was a delay in payments from commercial and government insurance carriers due to an initial setup period of three months per clinic. While the provider was finalizing the initial setup cash reserves would be depleted as equipment and staff was necessary to service the clinics. This cash crunch created a need for financing.
The transaction was structured as a credit facility with a Borrowing Base made up of medical accounts receivable that were billed to Medicare, Medicaid, Medi-Cal, and major commercial insurance carriers.
About Alleon: Alleon Capital Partners is a specialty finance company focused on providing capital solutions to medical providers that are unable to secure financing through conventional sources. Alleon works with providers nationwide, as long as they receive payments from Medicare, Medicaid, Commercial Insurances, Private Insurances, HMO/PPOs, Managed Care, No-Fault/PIP carriers, Worker’s Compensation carriers, and Letter of Protection (Personal Injury) cases. To contact Alleon, please call Ben Rutkevitz at 201-340-6346 or email him at benr(at)alleoncapital(dot)com. You can also visit Alleon Capital Partners at http://alleoncapital.com or its blog at http://medicalfinancingreceivables.co/.