Healthcare Factoring Case Study: Temporary Medical Staffing Company

Starting the Temporary Medical Staffing Company...

After years of working as a temporary nurse, Jill decided that she wanted to start her own temporary healthcare staffing business. She knew the medical staffing industry very well and felt that this would be a great business opportunity for her. She had excellent relationships with plenty of nurses who were ready to work for her and had saved enough money to launch her healthcare staffing company. Jill also had identified a number of potential clients waiting for her temporary nursing services, including two large local hospitals and some of the nursing homes in the surrounding areas. She was very excited about the prospects she had found, but she was also a little worried about how she would be able to finance her nurse staffing company during the introductory phase of her business.

Payroll v. Invoicing...

With the number of new clients that had committed, her temporary nurses would be in high demand. She would be invoicing and paying on a weekly basis, which would be great for the business. But Jill was well aware of how long it would take for her clients to pay their bills. It could be months before she would receive payment from the nursing hospitals. She needed the money immediately to be able to make the weekly payroll. Jill was very nervous that the delay in payments would prevent her from paying her nurses and other expenses on time. How was she going to get the money that she needed to ensure that her new medical staffing business was successful?

Invoice Factoring Helps Grow the Business...

Jill called PRN Funding, LLC and explained her situation to one of the highly skilled account specialists. Jill was advised that factoring her accounts receivable with PRN Funding would provide her business with the cash she needed to pay her employees and bills on time. PRN was eager to work with her business from day one and had a track record of working with start-up medical staffing services. In fact, PRN Funding's expertise in the healthcare staffing sector made them comfortable funding some invoices that wouldn't be paid for weeks or even months. Jill was able to invoice her clients weekly, and then submit the invoices that she wanted to factor to PRN Funding. PRN Funding allowed Jill the freedom to factor the clients that she wanted at any time, with no minimum amounts to factor and no minimum monthly fees. The invoices were purchased and funded within hours of verification. PRN Funding factored Jill's healthcare staffing business invoices and provided a fast cash advance, which enabled Jill to continue staffing her nurses without the fear of running out of cash to pay her employees.

Factoring Solved the Cash Flow Problem...

All it took was one phone call to PRN Funding and Jill felt secure in paying her employees and managing her daily business operations. Establishing a relationship with PRN Funding helped Jill to get her healthcare staffing business off to a great start, without ever running into financial difficulty. She was able to focus on signing new clients and recruiting additional nurses to satisfy her booming business.

Would you like to learn more about how PRN Funding can help your healthcare business? Apply for healthcare factoring now!