We are happy to announce the closing of a $1,500,000 accounts receivable line of credit financing facility with with a NJ based specialty pharmacy, HomeCare Rx Inc. (“HomeCare Rx”).
Headquartered in Little Falls, NJ, HomeCare Rx is focused on providing immunoglobulin therapy services to patients in the homecare setting. Today, many chronic conditions require high-tech infusion therapies to help patients lead healthy and productive lives. Providing infusion therapy for patients in their homes is not only more cost effective, but also allows patients the ability to resume normal lifestyles and work activities, as opposed to remaining in hospitals. HomeCare Rx tends to treat patients with multiple sclerosis, chronic inflammation, polymyositis and many others.
Alleon was approached to help HomeCare Rx facilitate its growth and secure a discount with its vendor for quicker payments. Ben Rutkevitz, Head of Business Development at Alleon said, “taking advantage of its supplier’s discount offer was a very prudent move that created a win for all parties involved. The discount allowed HomeCare RX to offset the cost of the line of credit while paying its supplier in a timely fashion. The quick payment to its vendor is critical for HomeCare RX’s growth plan.”
The transaction was structured with a borrowing base made up of medical accounts receivable that are billed to third party insurance carriers.
HomeCare Rx’s president Dhara Patel said, “Alleon provided an exemplary level of service to us and has a detailed understanding as to what is required within the short term funding arena to get transactions completed timely and effectively. Additionally, Alleon’s background, knowledge, respect and promptness are excellent and made the entire process seamless.”
Full press release is available here.