ENGLEWOOD, N.J., Oct. 14, 2015 /PRNewswire/ -- Alleon Healthcare Capital ("Alleon"), a specialty finance company focused on providing medical receivables financing, medical receivables factoring, and cash flow solutions to medical providers in the U.S., recently closed three new medical receivables financing facilities totaling $2,250,000.
The facilities were to three Home Healthcare providers. These providers operate in different states and within different home healthcare specialties. One is a pediatric home healthcare provider in Texas. The second is a skilled nursing home healthcare provider in Indiana. And the third is a specialty care home healthcare provider in Maine focused on people with disabilities.
Ben Rutkevitz, who heads Alleon's origination department said, "We've noticed an increase in demand from home healthcare providers, both skilled and non-skilled. The reason for this is that home healthcare is labor intensive and requires an outlay of cash for fixed expenses so any delay in payments from insurance carriers creates a cash crunch. Additionally, any growing provider needs a working capital line secured by accounts receivable to facilitate the growth."
All three financing facilities were structured with the provider's accounts receivable as the main collateral. The facilities now allow these providers to receive payments within 24 hours of claim submission and drastically help with revenue cycle management.
About Alleon: Alleon Healthcare Capital, a division of Alleon Capital Partners LLC, is a specialty finance company focused on providing cash flow solutions for healthcare providers in the U.S. 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.
SOURCE Alleon Healthcare Capital