Alleon Healthcare Capital closed a $500,000 medical accounts receivable factoring facility for a management service organization in California.
The company provides enhanced care management and community support under CalAIM’s new program for Medi-Cal recipients. The goal of this program is to transition qualified patients from hospitals, nursing facilities and long-term care centers to either an assisted living community or a patient’s home, thus lowering insurance costs.
The company approached Alleon with a request to leverage its medical accounts receivable to accommodate its growth. Alleon structured the transaction as a factoring facility made up of medical receivables that are billed to commercial and government insurance carriers with an advance rate of 80% on eligible receivables.
“We are thrilled to partner with the company, an organization that exemplifies excellence in providing high-quality and personalized products to the senior company,” Ben Rutkevitz, vice president of business development at Alleon Healthcare Capital, said. “This factoring facility represents a significant milestone in our commitment to supporting healthcare providers by offering tailored financial solutions within the sector.”
