When your nurse staffing agency bills clients, you know that medical providers (i.e. hospitals, nursing homes, medical clinics, etc.) can take months to compensate you for your staff’s time. When you use nurse staffing accounts receivable factoring to secure funding for your company, you can:
- Rest assured that you can pay bills and employees on time.
- Have the confidence to make the necessary moves toward expansion.
What Is Nurse Staffing Accounts Receivable Factoring?
In nurse staffing accounts receivable factoring, outstanding invoices are converted into cash through a ‘factor’ for a discount. This means that instead of waiting for your clients to pay you for your staffing services, you will be able to use the money your workers have already earned right away.
Most factors offer nurse staffing non-recourse factoring: this allows a factor to be held responsible for unpaid invoices if the staffing agency goes out of business or declares bankruptcy during the time in which the owner’s invoice was factored. Non-recourse factoring does not cover:
- Very late payments where there is no bankruptcy.
- Disputes over invoices.
- General collections issues.
With accounts receivable factoring, you won’t hesitate to accept large staffing requests due to lack of funding.
Who Can Use Nurse Staffing Accounts Receivable Factoring?
Even well-managed nurse staffing agencies encounter cash flow issues. Selling accounts receivables for fast cash is a great option for many types of nurse staffing agencies, both large and small. Your credit rating is not a major factor in the application process.
Factoring firms that specialize in nurse staffing account receivable fatoring have ample experience working with the healthcare services industry – specifically the financial challenges faced by those who place nurses in:
- Nursing homes
- Medical clinics
- Long-term care facilities
Nurse staffing account receivable factoring companies understands that you invest a lot of time and effort recruiting and screening the right nurses for your staffing agency. Managing your finances is an equally important part of a successful agency. A nurse staffing account receivable factoring company works hard to outline terms that work well with your company’s financial needs.
What are the Benefits of Nurse Staffing Accounts Receivable Factoring?
The account managers at PRN Funding are familiar with terminology and processes specific to the nurse staffing industry, so that the process will go smoothly for you. Some additional benefits include:
- An immediate dramatic improvement in cash flow
- The ability to meet payroll and taxes on time
- You can hire new nurses, expand your business, and go in the direction you choose
- Avoid taking action based on a lack of funds
- Funds will be transferred to you within hours of verifying your accounts receivables
- Nurse staffing agencies have the freedom to factor accounts receivables for the time period of their choosing