Medical Transcription Service Organization

July 13, 2022
Phil Cohen
medical transcription

Healthcare Factoring Case Study: An MTSO Doubles Its Transcription Business by Factoring

This MTSO discovered quickly that in the business world, an opportunity to double one’s business can be both a blessing and curse. It’s a good thing because it obviously means that business is good. However, growing one’s business quickly can also be detrimental to a company’s cash flow. In order for this MTSO to take on new clients, he would have to hire additional transcriptionists and purchase new equipment for them. In a nutshell, the medical transcription service owner needed to ‘spend money in order to make money.’

Before signing on the new clients, this Virginia-based transcription owner scoured the web for ideas on how to improve his cash flow. Using Bing’s search engine, he searched for “medical transcription funding,” and found one of PRN Funding’s Client Success Stories highlighting a medical transcription service owner who utilized factoring to improve his cash flow.

Convinced that he could be the next medical transcription factoring success story, the MTSO filled out an online application. A complete set of documents was sent to him overnight, and he had everything signed and sent back to PRN Funding by the next day.

It didn’t take much longer before PRN Funding was able to approve the MTSO’s new clients and factor the very first invoice. Approving the new clients allowed the business owner to literally double his business within a week.

About the Author

Phil is the owner of PRN Funding and sister company Factor Finders. He has been an authority in the factoring industry for over 20 years, serving on the board of directors for several factoring associations.

Learn more about Phil Cohen