Alleon Healthcare Capital, a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring and cash flow solutions to medical providers in the U.S., recently closed a medical accounts receivable factoring facility with a molecular reference laboratory in Missouri.
The company was established in early 2020 to provide testing services to nursing homes, clinics and education institutions for their patients and employees. The company also provides COVID-19 tests to patients in the Missouri area and its revenue has been steadily increasing. Due to a delay in payments from insurance carriers, the company sought accounts receivable funding from Alleon to pay for staff and reagents and to continue its growth.
The financing facility was made up of medical receivables that are billed to commercial and government insurance carriers as well as private companies, with an advance rate of up to 80%.
“Alleon was able to set up this factoring facility in one week to ensure the company can meet its growing working capital needs,” Ben Rutkevitz, vice president of business development at Alleon Healthcare Capital, said. “Alleon is excited to assist a provider such as this which is providing essential testing at a critical time in the pandemic.”
