What is Payroll Funding?
Understanding the Basics of Payroll Funding
Payroll funding, also known as payroll financing, is a financial solution that enables staffing companies to sell their invoices to get instant cash to fulfill their payroll needs. This type of alternative financing helps businesses manage their cash flow and meet their financial obligations, particularly in the healthcare industry where staffing agencies often face cash flow gaps due to delayed payments from clients.
In essence, payroll funding provides the capital needed to pay employees or temporary staff before the client pays the company. This is especially crucial for healthcare staffing agencies, medical staffing agencies, and other staffing companies that rely on timely payments to retain skilled and talented staff. By bridging the gap between invoicing and payment, payroll funding ensures that your staffing business can meet payroll requirements every week, keeping your operations smooth and your staff satisfied.
Grow Your Staffing Agency with Payroll Funding
Payroll Financing Services
PRN Funding offers quick and flexible payroll funding for the healthcare staffing industry. Turn your healthcare staffing receivables into immediate working capital with payroll financing, also known as accounts receivable factoring.
The payroll funding process is designed to be simple and straightforward, allowing healthcare staffing companies to access cash flow without extensive documentation.
Hospitals, doctors’ offices, and other medical facilities rely on temporary healthcare staffing companies to maintain sufficient staffing levels to properly care for their patients. Unfortunately, when these facilities take as long as 120 days to pay for your services it can keep you from making payroll or covering other operating expenses.
End the waiting game and turn your receivables into working capital today!
Payroll factoring for healthcare staffing agencies closes the cash flow gap. PRN Funding will advance you cash on your open invoices and assume the burden of collecting from your customers, freeing you to focus on running your staffing business.
Unlike a loan, there is no debt to repay and your access to working capital grows with your sales. Even if you have a rough financial history or are just starting up your healthcare staffing agency, you can use payroll funding for healthcare staffing agencies to get ahead.
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Contact us today at 216-504-1000 or complete the form below.
How Does Payroll Funding Work for Healthcare Staffing?
Submit your invoices for completed shifts, along with time sheets or other verification, to PRN Funding. We will review your invoices for accuracy and advance you a percentage of their value within 24 hours. This process benefits a staffing company by ensuring timely payments to employees and easing payroll stress. We will then work with your customers to collect payment directly while you continue doing what you do best – providing staff and reaching out to potential new customers.
When PRN Funding collects payment, you will receive the remainder of your invoice value minus a small factoring fee.
Want to know more about healthcare staffing payroll funding? Use our step-by-step guide to see how PRN Funding can assist your healthcare staffing agency.
What Kind of Invoices Qualify for Factoring?
To qualify for PRN Funding’s staffing payroll funding program, the following conditions must apply to your invoices.
Work must be completed. Invoices that are pre-billing shifts are not eligible for payroll financing.
Billed amounts must be accurate. Shift lengths and billing amounts must match supporting documents and hold up to verification from the customer. This also applies to payouts for hired-in healthcare staff.
Your customers must be approved. PRN Funding works with staffing companies that are billing healthcare facilities and certain state agencies for their services. Because we collect directly from your customers, we conduct credit and background checks to verify each facility’s creditworthiness before approving their account for funding.
If you are billing Medicare or third-party insurance, medical receivables factoring may be the best option for your company. Is healthcare factoring an option for your company? Click here for more information.
Guaranteed relief from slow-paying clients
Are you ready to break out from your cash flow issues and take your medical staffing agency to the next level? With payroll financing you will receive:
- Cash within hours of invoice verification
- Flexible funding – choose which invoices to factor, when and how often, and for as long as you need.
- Industry expertise – PRN Funding has more than a decade of experience working specifically in the healthcare industry. We are comfortable navigating the requirements facing healthcare staffing agencies and have crafted a healthcare staffing payroll funding program to meet your unique needs and challenges.
Don’t let slow payments dictate your staffing agency’s future. Contact PRN Funding today and get back on track with a competitive healthcare staffing payroll funding program!
Choosing the Right Payroll Funding Partner
Key Factors to Consider When Selecting a Provider
When selecting a payroll funding company, staffing businesses should consider several key factors to ensure they partner with a reliable and flexible provider. Here are some essential factors to consider:
- Experience in the Staffing Industry: Look for a payroll funding company with extensive experience in the staffing industry, particularly in healthcare staffing. This expertise will help them understand the unique challenges and needs of your business.
- Flexible Funding Solutions: Choose a provider that offers flexible funding solutions tailored to your business needs. This may include invoice factoring, payroll financing, or other forms of alternative financing.
- Workers Compensation Insurance: Consider a payroll funding company that offers workers compensation insurance as part of their services. This can help reduce administrative burdens and costs associated with managing workers compensation claims.
- Customer Support: Ensure the payroll funding company provides excellent customer support, including a dedicated account manager and a 24/7 support team. This ensures that any issues or questions can be promptly addressed.
- Reputation and Reviews: Research the payroll funding company’s reputation and read reviews from other staffing businesses to ensure they have a proven track record of delivering reliable and efficient services.
By considering these factors, you can select a payroll funding company that will support your staffing business’s growth and financial stability.
The factoring approval process is fast and easy! Fill out our simple online application and we will contact you right away to begin the process. A typical healthcare staffing financing program can be set up and initial funding scheduled in as little as 1-3 business days.
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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