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Allied Health Agency

Healthcare Factoring Case Study: An Ohio Allied Health Agency Improves Its Cash Flow

The owner of this Cleveland-based allied health agency noticed that her biggest client had slowly increased its payment terms to 45 days in response to the weakened economy. It wasn’t a problem for her to float payroll when they were paying within 30 days, but it was getting more difficult to stretch her dollars out those last two weeks. More than once, she had to ask her therapists to hold off on cashing their pay checks until after funds cleared her account. She knew that her employees were bound to move onto another employer if she didn’t come up with a way to make payroll at the end of the month.

At a loss for what to do, the allied health agency owner called a friend who also owned a temporary staffing agency to bounce ideas off of him. Upon hearing her situation, the other business owner suggested she sell her invoices to PRN Funding, a factoring firm that specializes in buying allied health staffing receivables. The healthcare staffing business owner called PRN Funding the same day, and explained her situation to one of the allied health factoring experts. At the end of the month, the allied health agency owner had sold her invoices and had plenty of working capital to pay her employees on time.

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