An Entrepreneurial Mindset
David had aspirations of entrepreneurship ever since he graduated college. Due to the ever-increasing demand for health care, he spotted an opportunity to start his own medical billing company. As word quickly spread about the company’s unparalleled customer service, David’s start-up medical billing company began getting more calls and business soared. As a result, David needed to hire more medical billing specialists to handle the new demand. Because his customers took about 45 days to pay him for his medical billing services, David realized that he would not have enough readily available cash on hand to pay his employees on time. As a result, David began researching financing options. Unfortunately, because David’s company was relatively new, the bank he initially approached turned him down.
Medical Billing Factoring Becomes an Option
David didn’t know what to do. He called his friend Steve, who is a broker for alternative financing companies. Steve informed David about accounts receivable factoring, which would help him stabilize his cash flow through the company’s growth period. Steve referred David to PRN Funding, LLC, who has a dedicated medical billing factoring program. David filled out an online application and within a half-hour, he received a call from Phil Cohen, the President of PRN Funding. David was pleased to hear that PRN Funding would be able to advance him funds on his invoices within hours of verification. He would finally be able to expand his medical billing business without having to worry about making payroll. David was convinced that PRN Funding was the right choice, so he filled out the required documentation and mailed everything in right away. Within days of sending the paperwork, David had money wired into his bank account.
Factoring Receivables Helps Business Grow
With his newly established line of credit in place, cash flow was no longer an issue for David’s developing medical billing business. PRN Funding helped David feel less anxious about taking on new customers because he knew that PRN Funding would be able to factor his receivables at any time. Since signing with PRN Funding, David has been able to take on larger clients, enabling him to grow his business even more.