Alleon Healthcare Capital closed a $750,000 medical accounts receivable financing facility with a pharmacy in Pennsylvania.
The company is a 20-year old multi-state licensed, independently owned pharmacy provider. In 2015, the company created the my-medPak Medication Management Program. This program provides a simple and safe solution to help manage a patient’s medications at no additional cost. The Company sorts and delivers patient medications in customized medPaks with a care team that provides the added support to ensure patients adherence to their medication protocol.
The company approached Alleon seeking financing for its health insurance accounts receivable to restructure its debt and enable its growth plan. The three to four-week delay from date of service to receiving payment was hampering the Company’s ability to onboard new patients. The company’s average patient requires seven or more medications so the upfront cost to the company per new patient is high considering the payment delay.
The financing facility was made up of medical receivables that are billed to commercial insurance carriers with an advance rate of up to 80%.
“We are excited to work with the company which is providing an important service to its patients. Our financing facility will help the company positively impact more patients and at the same time increase its profits,” said Ben Rutkevitz, VP of Business Development at Alleon.
