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Allied Health Staffing Factoring

Need Extra Funding for Your Business?

Does a lack of cash flow prevent you from expanding your allied health staffing business and securing new contracts?  Do your clients take 30, 60, 90 days or longer to pay for your allied health staffing services? Does your allied health staffing agency lack the strict qualifications needed for a bank loan?

If you answered YES to any of these questions, then look no further than PRN Funding’s allied health staffing factoring program!  PRN Funding provides financing for all types of allied health staffing companies, including but not limited to, x-ray technicians, pharmacy techs, speech therapists, respiratory therapists, dialysis technicians and medical lab techs.

It’s simple to apply and easy to qualify for allied health staffing invoice funding. We understand that well-managed, profitable small and mid-sized allied health staffing agencies often experience cash flow difficulties as they grow rapidly or as their clients continue to extend the payment of invoices.  When PRN Funding purchases your allied health staffing accounts receivables-a process known as invoice factoring-your business can continue to grow, without compromising your present obligations to payroll, taxes and other business-related payments.

Don’t take our word for it.  Ask Richard and Maria, who used PRN Funding’s allied health staffing factoring program when their bank refused to extend their line of credit.

What is Allied Health Staffing Factoring?

Allied health staffing factoring is a financial solution tailored specifically for allied health staffing agencies. This innovative approach allows these agencies to receive immediate payment for their outstanding invoices, thereby ensuring a steady cash flow. Often, allied health staffing agencies face significant cash flow challenges due to delayed payments from clients. Invoice factoring addresses this issue by providing the necessary funds to manage business operations efficiently. By converting unpaid invoices into immediate cash, staffing agencies can focus on growth and meeting their financial obligations without the stress of waiting for client payments.

Definition and Benefits of Factoring for Medical Staffing Agencies

Factoring for medical staffing agencies is a strategic financial solution designed to alleviate cash flow issues caused by delayed client payments. This process enables agencies to receive immediate cash flow by selling their outstanding invoices to a factoring company. The immediate funds can be used to cover essential expenses such as payroll, taxes, and other operational costs. This financial flexibility allows medical staffing agencies to concentrate on their core mission—providing high-quality healthcare professionals to their clients—without the distraction of cash flow concerns. By leveraging invoice factoring, medical staffing agencies can maintain a healthy financial status and continue to grow their business.

How Factoring Works

Factoring is a straightforward financial process that involves selling outstanding invoices to a third-party factoring company. This arrangement provides medical staffing agencies with immediate cash flow, which is crucial for maintaining smooth business operations. Here’s how the factoring process typically works:

The Factoring Process for Healthcare Staffing Companies

  1. Invoice Submission: The healthcare staffing company submits its outstanding invoices to the factoring company.
  2. Verification: The factoring company verifies the authenticity of the invoices and assesses the creditworthiness of the clients.
  3. Advance Payment: The factoring company advances a percentage of the invoice value to the healthcare staffing company, providing immediate cash flow.
  4. Collection and Settlement: The factoring company collects payments from the clients and provides the healthcare staffing company with the remaining balance, minus the factoring fee.

This process ensures that healthcare staffing companies have the necessary funds to cover their expenses and continue their operations without financial strain.

Advantages of Working with a Factoring Company

Partnering with a factoring company offers numerous benefits to medical staffing agencies. Some of the key advantages include:

  • Immediate Cash Flow: Receive funds quickly to cover payroll, taxes, and other operational expenses.
  • Financial Stability: Maintain a steady cash flow, even when clients delay payments.
  • Focus on Core Activities: Concentrate on providing high-quality healthcare professionals without the distraction of cash flow issues.
  • Growth Opportunities: Use the immediate funds to invest in business expansion and secure new contracts.

By working with a factoring company, medical staffing agencies can overcome cash flow challenges and achieve long-term financial stability.

Want to Learn More?

Contact us today at 216-504-1000 or complete the form below.

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PRN Funding’s allied health staffing factoring program offers:

  • Quick Access to Cash: Funds can be electronically transferred into your account within hours of verification.
  • Extreme Level of Flexibility: As an allied health staffing agency, you have the freedom to factor when you want, how you want, whom you want and for however long you want.
  • Allied Health Staffing Financing Expertise: PRN Funding has spent the better part of a decade in the heath care services industry, so we are acutely aware of the unique challenges faced by those who staff allied health personnel in various healthcare facilities.

Don’t Allow Slow-Paying Customers to Get in Your Way!

PRN Funding can help! Call us today @ 216-504-1000

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