Nurse Staffing Agency Financing

How do Nurse Staffing Agencies Get Funding?

Even for the best-run nurse staffing agencies, payroll, rapid growth, and similar challenges are complicated issues. Running a nurse staffing company is no easy task. Try navigating through the high financial pressures with the complexity of scheduling, federal and state staffing requirements and working with staffing models. These include the patient acuity, budget-based, or nurse-patient ratio. Having readily available working capital on hand helps turn these challenges into a profitable venture.

Nurse Staffing Agency Financing

Getting funding for your Nurse Staffing Agency

One of the best ways to strengthen your finances in nurse staffing agencies demand is through invoice factoring. Factoring is a fast, safe, and affordable way for the nursing staffing industry to meet their business needs. Also, factoring loans give nurse staffing agencies the leverage to get payments from their clients immediately compared waiting 30 to 60 days or even more.

Paragon Financial’s non-recourse invoice factoring programs provide A/R management services along with comprehensive credit protection. his all means the life of running a nurse staffing company is a bit less complicated.

Funding Options for Nurse Staffing Companies

Invoice factoring and payroll financing are flexible funding programs that are successful in a wide range of nurse staffing segments.This includes, but is not limited to:

  • General Nurse Practitioners (NP) and Family Nurse Practitioners (FNP)
  • Travel or Traveling Nurses
  • Registered Nurses (RN) and Licensed Practical Nurses (LPN)
  • Home Care Registered Nurses
  • Locum Tenens Physicians
  • Private Duty Nurses
  • Temporary Nurses
  • Certified Nurse Anesthetists (CRNA)
  • Clinical Nurse Specialists (CNS)
  • Pediatric Nurses
  • School Nurses
  • Government and Public Agency Nurses

What is an Example of Factoring Loan for a Nurse Staffing Agency?

Your nursing staffing agency has an outstanding invoice for $100,000 from an excellent quality customer. The problem occurs with your customer is if their payment term is 45 days. It will affect your cash flow, which could impact your payroll. However, since you are a staffing service-based company with a good and creditworthy customer, you can turn to a factor. You will earn a 90% advance rate. Most of your expenses are in the payroll. Additionally, it is vital to make sure you have working capital consistently flowing in to pay your temp nurses and payroll taxes, suta, futa, and workman’s comp premiums.

Once the $100,000 invoice is verified, your nurse staffing company receives a same-day wire transfer of $90,000 into their bank from the factoring company.

There is a fee for the factor. The fee varies depending on the length of time your customer takes to pay. For example, your fee is 1.5% for the first 30 days an invoice is outstanding. In this case, your fee would be $1500. Your customer pays in full within 30 days. After this, you will receive via wire the remaining balance minus the $1500 fee. In this scenario, you will receive $98,500 out of the $100,000 original invoice and got 90% of it upfront for a $1500 fee. There are other minimal fees such as wire transfers.

Why use Paragon Financial for your Nurse Staffing Funding Needs?

Paragon Financial is a factoring company with over two decades of experience in funding the healthcare, nursing, and staffing industries. We understand how to work with your specific needs, bringing nurse staffing agencies the cash flow they deserve to grow and manage their companies smoothly. Nurse staffing companies receive high advance rates along with the extra protection and benefits of non-recourse invoice factoring, accounts receivable management, and credit protection.

Get fast funding for your Nurse Staffing Industry today!

Apply Securely, call 888-400-5931 ext 1 or email us.

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