Starting a 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 ins and outs of the medical staffing industry and was confident that this would be a great business opportunity for her. She built excellent relationships with talented nurses who were ready to work for her and had saved enough money to get her staffing business off the ground.
Jill already had a number of potential clients interested in her temporary nursing services, including two large local hospitals and some of the nursing homes in the surrounding areas. She was excited about her new business, but she remained worried about finances. How would she be able to finance her nurse staffing firm during the introductory phase of her business?
Finding a Cash Flow Solution for Her Startup Staffing Agency
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 hospitals. In order to cover her weekly payroll, she needed the cash flow immediately and there was no room to wait for payment. Jill was 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?
That’s where invoice factoring can help. Factoring provides a stable source of working capital to both brand-new and established companies in the healthcare staffing industry.
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.
Healthcare Staffing 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.