Due to the changing landscape of healthcare and a workforce muddling through the trenches of a major recession, nurse staffing agencies are finding it increasingly difficult to collect client payments in time to pay the basic bills and stay afloat, or to have the funds needed to expand. If you’re a nurse staffing agency in today’s debt-inflated economy, you can’t afford a crimp in your cash flow. Taking advantage of invoice factoring will get you the cash you need consistently and quickly.
What is Invoice Factoring?
Invoice factoring is a way to get the cash you need immediately, based on work you’ve already completed. A specialist purchases your open invoices, paying up to 97% of each invoice in cash. As a result, you’ll reliably have the cash you need for payroll and expenditures, and won’t have to worry about coming up short if your clients are taking their time with payments.
Invoice Factoring vs. a Bank Loan
Invoice factoring services are more than a bank loan. Unlike banks loans, which require weeks or even months to process, and involve detailed paperwork and reviews of your financial statements and personal credit history, factoring your invoices will get you cash quickly. Invoice factoring services don’t depend on your credit and they help collect invoices. Instead, invoices for nurse staffing services act as the guarantee of payment that is reliable, albeit not always timely.
Because your invoices are for the work you’ve already accomplished, you don’t have to wait for payment if you factor your invoices. You can turn your profit around immediately and invest in growth opportunities, instead of waiting for late payments or stunting your growth with a lack of available working capital. You’ll also be assured of invoice payment by receiving cash as you complete your weekly invoicing, which gives you peace of mind.
Accelerated Cash Flow for Today’s Nurse Staffing Agencies
Available cash is one of the most important aspects of keeping your agency operational. 80% of business failures are a result of a lack of liquid assets to maintain expenses. While nurse staffing agencies generally have reliable clients, patients are delaying hospital payment as the economy hits them hard.
Third party agencies like Medicare and Medicaid grow backlogged as their patient numbers inflate. All of this adds up to delayed payments for your services, and severed cash flow. Invoice factoring will keep the cash flowing in these tough times, keeping you operational and able to expand and grow. Protect your nurse staffing agency and provide yourself with peace of mind by contacting Bay View Funding today.
If you need a committed invoice factoring company, Bay View Funding is your solution. Bay View Funding specializes in invoice factoring, helping businesses of all sizes, including nurse staffing agencies, to grow and prosper. Bay View Funding is strongly committed to providing businesses with convenient invoice factoring to solve their cash flow challenges. Visit Bay View Funding at www.bayviewfunding.com to increase your cash flow now.
Heather Preston. Invoice Factoring
- Bay View Funding has provided businesses with invoice factoring to solve their cash flow needs since 1985.