Where did the name Aquina come from?
Saint Thomas Aquinas was a Catholic priest and Doctor of the Church. He was a philosopher who believed money was invented principally for the effecting of exchanges. This directly relates to the purpose of our business in that we help enable these exchanges between Patient, Provider and Payer.
Where did the name Curae come from?
Curae means to care or take care. In today’s healthcare system, the growing burden of patient deductible liability has never been worse. This has caused stress on both patients and providers in that patients are often not getting the care they need due to the inability to pay. Our solutions were created with this in mind and with the goal being to provide care for the broadest spectrum of consumer credits.
Where did the name Praxis come from?
Praxis is an established custom or practice. The act of implementing something or carrying it into effect. With this product, practices will be able to finance their day-to-day needs as well as to further their growth opportunities.
Where did the name Via come from?
Via means path or way. Delays in claims reimbursements, and the unknown timing of these payments, are often a primary financial strain on practices. Through this product we are able to create a simple, effective way to accelerate payment to the practice and normalize the cash flow cycle.
How do I get the claims data to Aquina? Can you pull these automatically from my PMS/EHR?
We will work with you when you are on-boarded to automate the claims data to Aquina. This is done through a secure file transfer service that is HIPAA compliant. We have integrated solutions coming soon with some of the biggest PMS/EHR platforms including Athena, Greenway, and Kareo.
Does this service replace my third party billing company or internal billing team?
No, you continue to be responsible for booking your claims and handling any denials. Aquina is simply advancing you the funds at the time you submit the claims. Nothing changes on your current process.
How is Aquina able to offer this service for such a low fee? It seems too good to be true.
We can offer this service for a processing fee as low as 1-2%, or a fixed monthly subscription, because over time we have established a large book of clients just like you. While some claims may get paid slower than expected, this is often offset by other claims which are paid on time or faster. Our pricing reflects a diversified book of business from customers that typically stay with us for years.
What happens if a claim is denied or I am paid less than 50% of the claim amount by the payer?
The 50% we fund you at the time you book the claim is an advance against the eventual repayment. If you are not going to be paid at least that amount, you will need to reimburse Aquina for any difference. As long as you continue to utilize this solution, we will typically net the owed amount against the advance on the next batch of claims submitted or claims that are paid.
What makes Aquina different from any other alternative finance company?
With most of our solutions, your payment is based on a percentage of amount of money you receive from your government and insurance payers. If you have a slow week then we take a small payment and vice versa. Our motto is “We get paid when you get paid.”
How does Praxis work?
It’s simple. You submit your application along six months of bank statements. We evaluate your business to determine how much capital you are eligible for. Once you are approved for a set amount and execute the documentation, we wire the funds to your business bank account. The whole process can be completed in 1-3 business days. You then make payments to us via ACH, typically on a weekly basis and based on your collections. We get paid when you get paid.
How much working capital can I get if I am approved?
Most clients get funded between 75-150% of their average monthly revenue. Individual situations may vary.
What are the rates and fees on your deals?
The rate charged on our facilities can vary widely from client to client based on their situation. Rates can run from as low as 8% up to 20% or more, typically on a simple interest basis. Most transactions have a closing fee as a percentage of the deal size, and a low monthly processing fee. For certain larger transactions, a one-time due diligence fee might be required. All costs are clearly outlined in any proposals made by Aquina.
What type of practices do you work with?
We work with practices across a wide range of specialties, from doctors to dentists to home health agencies to mental health groups and many more. If you are caring for patients anywhere in the United States, you fit within our customer set. Generally, we are looking for clients that have been in business for at least two years and have monthly business revenue of at least $25,000. The primary owner cannot have an open bankruptcy, and the business cannot be in the middle of an active billing investigation.
What is the impact on my personal credit?
We do not run a credit check on the owner at the time of application. We evaluate your business and issue a proposal based on your business performance. If you agree to a financing proposal, we then run a credit and background check on the owner as part of the due diligence process.
Will I have to change any of my billing practices to work with Aquina?
No, you do not need to change any aspect of your billing procedures. You continue to submit your claims and work your normal process with your payers and patients.
We already offer a patient finance program. Why would we need to add another choice?
Many of the patient finance programs in the marketplace focus on serving patients with prime credit scores of 700 and above. Our program is designed to help those patients too, but we can also work with patients with less than perfect credit scores. We have an extensive history working with subprime borrowers and have created our program with them in mind.
If you extend credit to one of our patients and they default, are we on the hook for recourse?
No. Your practice is not on the hook for defaults by your patients. We take that risk. Your only exposure is if a patient disputes a charge, much like when you accept a credit card for payment, or if your team incorrectly sells the program to patients.
How does a patient apply and how much time does the process take?
A patient can apply with your staff on our website, or you can send them a link to apply themselves online. The application takes only a minute or two, and credit decisions are communicated within seconds. If approved, your team can run a transaction right away, and your practice is paid within two business days.
What rate does my patient pay? And how is my practice charged for this?
We offer a number of programs, many of which have promotional payment periods for the patients up to 18 months. The typical Annual Percentage Rate (APR) is 16.99% to 29.99%. Rates are clearly communicated to the patient when an offer is extended.