Receive the Funding You Need to Grow Your Healthcare Agency Today
Invoice factoring for healthcare staffing agencies is the perfect funding solution for those that have slow paying customers and need to boost their working capital. Rather than waiting up to 60 days for payments, factor your healthcare staffing invoices for immediate cash. Factoring your unpaid invoices is a debt free financing method so unlike other lending sources, you don’t have to worry about racking up additional debt. You can even use the extra money from factoring to pay down any existing debt you may have. Invoice factoring has many benefits, some including:
- Immediate cash advances
- High advance rates
- Low fees
- High approval rates
- Simple application process
- No long term contracts
- Startups welcome
What is Healthcare Staffing Agency Factoring?
Healthcare staffing agency factoring is a financial solution tailored specifically for healthcare staffing agencies, including nurse staffing agencies, medical staffing agencies, and other healthcare staffing services providers. This process involves selling outstanding invoices to a third-party financing company, which then provides immediate payment to the staffing agency. By leveraging this financial solution, healthcare staffing agencies can effectively overcome cash flow shortages, manage payroll funding, and maintain a stable financial position. This ensures that agencies can continue to operate smoothly without the stress of waiting for client payments.
Benefits of Factoring for Healthcare Staffing Agencies
Factoring offers numerous benefits to healthcare staffing agencies, making it an attractive financial solution. Firstly, it significantly improves cash flow by providing immediate payment on outstanding invoices. This enables staffing agencies to meet payroll, pay taxes, and cover operational expenses without delay. Secondly, with a stable cash flow, agencies can pursue business growth by taking on new clients, expanding their services, and investing in growth initiatives. Additionally, factoring reduces financial stress by eliminating the need to wait for client payments, allowing agencies to focus on their core operations. Lastly, factoring provides enhanced financial flexibility, enabling staffing agencies to manage their finances effectively, make strategic decisions, and respond to changing market conditions with ease.
Want to Learn More?
Contact us today at 216-504-1000 or complete the form below.
How Factoring Works for Healthcare Staffing Agencies
The healthcare staffing factoring process is quick, easy and gets your agency the funding you need within 24 hours. Here’s how the process works:
- Serve your customers as usual.
- After your service has been completed, submit the invoices you wish to factor to PRN Funding.
- PRN Funding will verify the invoices and notify your customers to send the payment directly to us.
- PRN Funding will then advance the cash to your company, usually between 80 and 90 percent of the original invoice amount. The remaining percentage is held in a reserve account until the payment is received from your customers.
- Your customers make their payments to PRN Funding.
- Once we receive the payments, we will release the reserve amount minus a small factoring fee.
The Importance of Cash Flow in Healthcare Staffing
Cash flow is critical for healthcare staffing agencies, as it enables them to meet several essential financial obligations. Firstly, it ensures that agencies can pay their healthcare professionals, including nurses, allied professionals, and advanced practitioners, on time. Secondly, it allows agencies to manage operational expenses such as office overhead, marketing, and technology costs. Additionally, a stable cash flow enables staffing agencies to invest in growth initiatives, such as expanding their services, hiring new staff, and developing new business relationships. Lastly, it allows agencies to respond quickly to changes in the market, including shifts in demand, regulatory changes, and competitor activity. By maintaining a stable cash flow, healthcare staffing agencies can ensure their financial stability, support their business growth, and provide high-quality healthcare staffing services to their clients.
Don’t Allow Slow-Paying Customers to Get in Your Way!
PRN Funding can help! Call us today @ 216-504-1000
Contact Us