Cash flow is a vital component to sustaining a company’s financial success, and Xynergy Capital Group is not only aware of that, but also knows how to help maintain it: by providing accounts receivable funding.
Carlos Herrera of Xynergy explained how the process works for a physician or health care entity: "Let’s say you’re a doctor, and you provide a service for your patient and then send a bill to the insurance company. Well sometimes the insurance company takes a long time to pay, and in the meantime you have to run your office, you have payroll and taxes to pay, etc., and you’re waiting for the reimbursement. So what we do is, after the claim has been submitted to the insurance company, we purchase it and advance the money to the doctors so that they have access to their money faster."
Herrera said Xynergy’s health care clients can be any size, from physician practices to medical clinics to hospitals. "The process is basically the same because they are providing a service to patients and they’re submitting to insurance companies. So the process doesn’t change that much, it’s just that, depending on size, the account gets bigger."
He added that Xynergy’s contracts with clients generally run for one year, and Xynergy can arrange the schedule according to clients’ requests. "A lot of our clients prefer once a week, so they’ll send a week’s worth of billing to us and that gives them a regular cash flow schedule. Sometimes they do it more often. We are very flexible about their needs."
Herrera pointed out that health care providers themselves have insurance to pay, such as malpractice, liability, etc., along with equipment rentals, payroll, and other expenses; and with insurance companies taking longer to pay – and the reimbursements often getting smaller – it’s becoming more difficult for some of them to continue. "So I believe Xynergy might help sustain them because they have a good cash flow that will assist them in keeping on time with their expenses."
