Allied Healthcare Agency Success Story
In Need of Additional Credit
For Richard and his wife Maria’s allied health staffing agency, business was good. The couple had started their allied health business six months ago, supplying temporary therapists to local hospitals. Their company’s reputation spread so quickly throughout the area that within months of operation, they were filling positions in hospitals across the county. It didn’t take long for referrals to start coming in from outside of the state.
Due to the recent boom in business, Richard and Maria asked their bank to expand their credit line. Unfortunately for the couple, the bank was unwilling to meet their request. So Richard and Maria started to turn down new clients because they simply did not have enough working capital to pay their employees on a weekly basis since the hospitals they were staffing in took months to pay on the invoices.
Invoice Factoring to the Rescue
Disheartened and still in need of capital, Richard and Maria asked one of their friends for advice. Their friend Dave had been in the allied health temporary staffing business for well over 10 years and well established. He suggested that the couple looks into healthcare factoring for allied staffing. This would help them stabilize their cash flow through their growth period.
Dave suggested that Richard and Maria contact PRN Funding, an accounts receivable factor who specializes in funding vendors who sell to healthcare institutions. Richard and Maria called PRN Funding the next day and spoke with one of our account specialists, who explained the factoring process.
They were happy to hear that PRN Funding would be able to advance the funds on their invoices within days. They would finally be able to start staffing personnel outside of the state, bill their new clients and sell those invoices to PRN to receive funding in time for payday. The two were convinced that PRN Funding was a perfect fit, so they filled out the required documentation and mailed the info in on a Monday. By the following Monday, Richard and Maria had money wired into their bank account.
Reliable Funding to Grow Their Allied Health Staffing Company
With their newly established line of credit, Richard and Maria were advanced cash on their invoices by PRN Funding within two days. While in the past, they would have to wait between 30-60 days to receive payments from their customers. Thanks to healthcare factoring, money was no longer an issue for this developing allied health staffing business.
In fact, the couple decided to open up a second office and hire additional therapists to fill job orders at hospitals around the region. PRN Funding helped Richard and Maria feel less anxious when additional expansion costs started to creep into their business development plan again. They knew that PRN Funding was able to grow with their business as long as they continued to staff their allied health personnel at credible health care institutions.
If you are a healthcare staffing agency in need of funding to support your business, give us a call or fill out an online form.