1st Commercial Credit Provides Invoice Factoring for Two Medical Device Companies
AUSTIN, Texas, June 22, 2018 /PRNewswire/ -- 1st Commercial Credit provides over $1.2 million in accounts receivable factoring for two Medical Device Companies that were seeking financing due to longer than expected collections from hospitals.
Selling implant devices to hospitals and niche medical centers is a long process. Medical implant distributors receive fulfillment orders that are specific to the patient's needs. They have to stock the items or have to manufacture devices as needed. The hospital waits for the device(s) to arrive and orders an inspection to verify the accuracy of the device item. Once the product is confirmed, the patient is scheduled with a surgery date.
After the patient is successfully fitted and has the device installed, the hospital processes the final documents to the payables department and the supplier is issued a purchase order or an authorization to invoice the device. At this point, the products are invoiced on credit terms averaging 45 to 60 days outstanding.
Find out more about invoice factoring of accounts receivable for medical device companies
1st Commercial Credit, LLC is a factoring company that helps manufacturers in many industries. Providing 15 years of service and over $4 billion in accounts receivable factoring for businesses with cash flow solutions. Please call 1 800 876 6071 for more information about invoice factoring services.
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SOURCE 1st Commercial Credit, LLC
