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Alleon Healthcare Capital Provides a $750,000 Medical Accounts Receivable Financing Facility to a Pennsylvania-Based Pharmacy
By Alleon Healthcare Capital
Alleon Healthcare Capital ("Alleon"), 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 $750,000 medical accounts receivable financing facility with a pharmacy in Pennsylvania (“Company”).
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 in order 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 7 or more medications so the upfront cost to the Company per new patient is high considering the payment delay.
Having the cash in advance will give the Company the freedom to
1. Take advantage of early pay discounts with wholesalers.
2. Accept new business to continue growth.
The financing facility was made up of medical receivables that are billed to commercial insurance carriers with an advance rate of up to 80%.
“Alleon Capital's process is streamlined and works in unison with our weekly needs. Alleon is extremely knowledgeable on the ins and outs of the pharmacy industry. It is nice to have a partner like that who understands the intricacies of processing pharmacy claims and managing third party payor contracts on a regular basis,” said Jeffrey Liberati, owner of Company.
“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, V.P. of Business Development at Alleon.
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.
CONTACT INFORMATIONBen Rutkevitz
VP of Business Development
+1 (201) 340-6346