ProMED is a commercial lender with a singular focus on the healthcare industry serving medical practices and healthcare related businesses of all kinds. We understand the financial challenges healthcare providers face, their working capital needs, cash-flow obsticles, and costs of doing business.
Our target borrows are typcially in need of $25,000 to $500,000. As an alternative to banks, we act with speed and simplicity, able to close and fund transactions in as little as 5 days. Many of our borrowers have less than perfect personal and business credit - we finance all tiers inlcuding the most challenged. Our loan products are short-term (3-12 months) and designed to help with short-term needs that fuel growth. Nearly half of all of our borrowers return for multiple rounds of funding as we assist in their continued growth. We look at actual revenues and accounts receivable associated with medical claim reimbursements owed to the healthcare provider from Medicare, Medicaid, BlueCross/BlueShield, all forms of commerical insurance, and self-pay patients payments. We know that these revenues are paid to the medical provider via electronic payment methods and some by physical checks that accompany EOBs delivered to the office manager. So we analyse the monthly cashflow and make a cashflow-based loans that enable our borrowers to bridge the timing of when funds come in, and the daily costs of running a medical business. We do not charge an application fee or a due diligence fee. A Quote for financing can be made to the applicant within 24 hours of completing our one-page application. Transactions are referred to us by Practice Managers, CPAs/Book-Keepers, Billing & Coding vendors, Revenue Cycle Managers, Commercial Finance Professionals, Attorneys, and of course, medical business owners. We are Referral Agent friendly and treat all of our clients and business partners with the highest levels of professionalism, courtesy, and respect.
Company Growth (employees)
ProMED Healthcare Financing was founded in 2007 and is headquartered in Hauppauge, US