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 $6,000,000 medical accounts receivable financing facility with a primary care provider network based in New Jersey (“Company”).
The Company was founded in 2014 and partners with independent primary care practitioners (“PCPs) through a unique, efficient and highly scalable model that helps PCPs become more efficient and generate additional revenue. The Company uses its technology to streamline services and allow the providers to offer the best care at the lowest possible cost. The Company has grown to over 290 providers, 500 PCPs, and serves over 130,000 lives across 20 states.
Alleon was approached by the Company with a request to leverage its medical accounts receivable balance, assist with working capital and refinance existing debt. Alleon was able to structure the transaction as a financing facility made up of medical receivables that are billed to government insurance carriers with an advance rate of 80% on eligible receivables.
“We are impressed with the Company’s ability to grow and integrate practices within its network. We are looking forward to working with management and helping it grow,” 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.