Established, But Wanting to Grow
Paula’s medical transcription business was five years old and was doing well. Her medical transcription service provided transcription on a regular basis for a number of community hospitals, clinics and physician offices. Things were running smoothly, but Paula was not satisfied. She really wanted to see her medical transcription service grow. She had a number of ideas on how she could expand her business and she knew of some definite growth opportunities in the healthcare industry. Her first plan was to attend a trade show for health information managers that would hopefully land her some new and bigger clients.
Medical Transcription in Demand
The trade show turned out to be a huge success. Paula had a list of hospitals that were in need of a reliable and professional medical transcription service. Paula was eager to begin servicing these new large clients, but in order to meet the demands of these hospitals her business would need a major overhaul. She would have to increase the size of the dictation system, have interfaces built and recruit and train new transcriptionists. She was going to incur large start-up costs in order to prepare for the new clients, and she was also going to see a tremendous increase in her on-going expenses, especially payroll. In the meantime, it would be many weeks before any of the new clients would pay for her company’s medical transcription services.
Supplying the Demand
Paula wondered how she would get the money that she needed in order to accommodate the new clients and expand her medical transcription business. She first asked her bank for the working capital that she needed, but she could not meet their requirements. The bank instead recommended that she call an accounts receivable factor to provide her with the instant cash relief that she needed. Paula searched the Internet and found PRN Funding, LLC, an accounts receivable factoring company that specializes in serving businesses in the healthcare staffing industry. PRN Funding looked like a perfect match for Paula’s medical transcription business and she was hoping that they would have the solution for her cash flow problems.
Financing a Growing Business Without Adding More Debt
Paula immediately completed an online factoring application and electronically submitted it to PRN Funding via the Internet. She received a phone call later that same day from one of PRN Funding’s account specialists, who walked her through the factoring process. She learned how factoring her accounts receivable would provide her with the working capital she needed to expand her medical transcription service.
Factoring Helps an Established Business Grow
Paula was thrilled to learn that she could factor as few as one or as many as all of her clients and that there were no minimum amounts to factor. With no binding term contracts, she could factor as long as she needed without having to commit to a specific length of time. All she had to do was invoice her clients as usual and then submit the invoices to PRN Funding. PRN Funding would verify and purchase the invoices and provide Paula’s business with a cash advance within hours. PRN Funding provided the answer that Paula needed to expand her medical transcription business and to service the new clients. By factoring her invoices, Paula was able to grow her transcription business to a whole new level.SEE HOW FACTORING CAN HELP YOUR BUSINESS GROW