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Healthcare Factoring Case Study: Medical Transcription Service Owner

Waiting to Add a High Volume Client

Things were going well for Patrick, the owner of a profitable medical transcription service. What’s more, Patrick had an opportunity to expand his medical transcription service by taking on a brand new high volume client. Although this was a huge chance for growth, Patrick was concerned about balancing his cash flow as this new client would take longer than his current clients to pay. He was faced with a choice–turn down the new business or come up with a way to increase his working capital.

In Need of a Capital Solution

Convinced that there was a way to satisfy his customers’ medical transcription needs and fill the cash flow gap simultaneously, Patrick started researching different business financing options. After speaking with some of his medical transcription colleagues and reading about various funding alternatives on the internet, Patrick found his solution–accounts receivable factoring with PRN Funding, LLC.

Medical Transcription Factoring Expertise

Patrick learned that PRN Funding had a specific factoring program dedicated to medical transcription service owners (MTSOs) when he went to its Web site. He completed an online application and received a phone call from PRN’s president, Philip Cohen, the same day. After the initial conversation, Patrick was convinced that PRN Funding was the right choice because of its expertise in medical transcription factoring and its high level of professionalism. In as little as nine days, documents were exchanged, Patrick was advanced cash on his invoices, and he was able to take on the new medical transcription client without having to worry about his company’s cash flow.

Invoice Factoring Teamwork Makes the Business Dreamwork

Factoring his medical transcription accounts receivables has enabled Patrick to consistently meet payroll, while extending credit terms to his clients. Today, Patrick’s business is one of Inc. Magazine’s Top 500 Fastest-Growing Private Companies.

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