BOCA RATON, Fla., October 27, 2021 (Newswire.com) - Echelon Financial, LLC, a leading specialty finance company focusing on providing liquidity to medical providers, is pleased to announce the closing of its most recent credit facility for financing of medical accounts receivables and letters of protection.
"Echelon has now raised over one-quarter of a billion dollars in capital since our founding in 2012 and this deal's efficiency allows us to pass along to our customers the lowest cost of capital in the industry," said John H. Schweitzer, Echelon's President and Chief Business Development Officer. "Echelon frees doctors, hospitals, surgery centers and other associated medical providers from the waiting game associated with personal injury contingent receivables. Providers get paid now, easily cover their overhead, and build a portfolio of assets that will continue to pay dividends to the practices for years to come. It's a win/win."
In an environment where reimbursements from commercial insurance payors and government programs continue to be reduced, medical providers of all types are turning to contingent sources of revenue associated with personal injury cases.
Commercial and government payment programs may bring patients to providers without much marketing and offer quick and non-contingent payments, but those programs come at the expense of significantly reduced reimbursement. Litigation related medical liens (letters of protection) generally receive higher market-driven reimbursements, but payment relies on the successful outcome of the underlying patient's personal injury matter and the associated delay in payment which may come years later. Financing letters of protection removes both the delay in payment and the contingent nature of payment for medical providers.
Echelon helps medical practices increase revenue and remove risk by bringing forward cash associated with medical liens and letters of protection; thereby allowing providers to comfortably cover overhead and reinvest in their practices.
About Echelon Financial: Echelon has been financing medical receivables since 2012 and continues to be an industry leader driving innovation through its low-cost financing products for medical providers. A fast and easy process, helpful service, and the lowest rates in the industry demonstrate why Echelon is truly Better Than a Bank™️. For additional information, please call (561) 948-6506 or visit www.echelon.us
Media Contact Name: John H. Schweitzer
Phone Number: 561-948-6506
Source: Echelon Financial Holdings, LLC