Phillipsburg Hospital Plans to Reopen After Bankruptcy

2 years ago, Phillipsburg Hospital was forced to close due to growing financial problems. Last week, the Moshannon Valley Economic Development Partnership announced its plans to study what would be needed to reopen the hospital and develop a strategy for it.

Moshannon would like to create a partnership and take a "leadership role" in developing a plan that would work with elected leaders, health care experts, and other professionals in the community. They intend to hire an outside consultant to study the area's demographics to determine the best approach for offering health care.

The partnership would also look for expertise from its board members as well as options including various funding sources to ensure the hospital's financial health.

A vital component of the hospital's new financial strategy should include Medical Accounts Receivable (MAR) funding. MAR funding is a proven successful tool for generating debt-free working capital which can be used to capitalize on growth opportunities and to ensure financial survival.

Choosing the Right Funder

An increasing number of healthcare providers and suppliers have discovered that Medical Accounts Receivable (MAR) Funding is a viable solution to combat the demands on cash flow.

However, when selecting the right funder for your company, it is important to find the answers to the following questions to ensure you are making the best choice:

Flexibility:
Are you required to sell all of your claims or can you choose which claims you want to fund? The funder you select should have a flexible program that allows you to stay in control.

Funding Procedure:
How long will it take to process and fund your claims? A seasoned funder knows the importance of having a rapid turnaround time so that funding is available to you as you need it, when you need it.

Hidden Fees:
Are there any miscellaneous fees you may be charged along the way? Some funding sources will charge audit fees, report fees, and due diligence fees which are not disclosed in the contract.

Service:
Does the funder offer any value added services? Will there be one-on-one attention to your account as needed? It is important to choose a funder who has a commitment to client satisfaction and who knows and understands the pressures and demands of the healthcare business.