Alleon Healthcare Capital (“Alleon”), a specialty finance company focused on providing medical accounts receivable factoring, medical accounts receivable financing, and cash flow solutions to medical providers in the U.S., recently closed a $1,500,000 medical accounts receivable financing facility with Comprehensive Wellness Services, Inc. and its affiliates (“Comprehensive” or “Company”).
Comprehensive promotes preventive health programs and provides coordinated home health care services to seniors to help them age with grace and dignity in their homes. It provides skilled nursing care, psychiatric nursing, skilled therapies (such as physical, occupational, speech and respiratory), and staffing of social workers and home health aides.
The Company approached Alleon to finance its accounts receivable to help with its working capital needs and growth objectives. Alleon was able to structure the transaction as a financing facility made up of medical receivables that are billed to Medicare with an advance rate of up to 75% on eligible receivables.
When asked about the transaction process Greg Koscs, VP of Financial Services at Comprehensive, said “Alleon was very professional in their processes. They made every effort to fully understand our business and the timing of our cash needs.”
“We’re happy to provide financing for a medical provider like this client, who is administering a valuable service to the elderly in its community. From a financial standpoint, home healthcare companies provide cost effective alternatives to lengthy, more expensive institutional care,” said Ben Rutkevitz, V.P. of Business Development at Alleon.
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