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 United States, closed a $6 million medical accounts receivable financing facility for a primary care provider network based in New Jersey.
The company was founded in 2014 and partners with independent primary care practitioners (PCPs) through a model that helps PCPs generate additional revenue. The company has grown to work with more than 290 providers and 500 PCPs and serves more than 130,000 lives across 20 states.
The company approached Alleon with a request to leverage its medical accounts receivable balance, assist with working capital and refinance existing debt. Alleon structured the transaction as a financing facility made up of medical receivables that are billed to government insurance carriers with an advance rate of 80% on eligible receivables.
“We are impressed with the company’s ability to grow and integrate practices within its network. We are looking forward to working with management and helping it grow,” Ben Rutkevitz, vice president of business development at Alleon Healthcare Capital, said.
