Paragon Financial Group is funding during the COVID-19 crisis.

Illinois Healthcare Technology Company – Accounts Receivable Financing

healthcare factoringEntrepreneur Turns to Paragon for Crucial Funding

Client: A technology and software developer headquartered in Deer Park, Illinois

Industry: Healthcare


The Company, led by a serial entrepreneur with a track record of building successful companies, developed an innovative monitoring device for the Canadian Government Healthcare System. It enables patients newly-released from the hospital to communicate with a registered nurse and get advice via video and chat function so they don’t have to go back to the hospital and be readmitted for minor issues that can be addressed remotely.

The Company was working with Toshiba and Motorola to manufacture parts, and with another company for assembly. But the Canadian government took 120 days to pay, and the Company needed to pay Toshiba and Motorola for parts in a timely manner. They looked into other factoring companies who were unwilling to work with them for two reasons. First, their multi-million dollar exposure with a 100 percent concentration debtor in the government; and second, the fact that the Canadian Health Ministry took so long to pay.

The Deal:

With much experience working with government entities, Paragon Financial had the expertise and patience to help. The challenge: the company already had two equity investor groups who had liens against Company assets. Paragon negotiated with the investor groups to achieve a subordination of the receivables. We provided a $2 million factoring line of credit, and their very first invoice was for $1.4 million! Paragon experts had to dive deep into the Canadian Health Ministry infrastructure to get the proper signoffs. Our diligence paid off when we received written verification from the Deputy Minister of Health, the top person in the department.

The Result:

Our factoring line of credit and our government experience – sealed the deal for the entrepreneur. The Company now has the ability to pay their suppliers and fill the Canadian Health Ministry’s large orders. It also gave them the working capital they needed to grow the business.

About Paragon:

For over 27 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S. They serve small to large-size companies across a wide variety of industries through accounts receivable, invoice factoring, and purchase order financing up to $10 million per month in volume. Paragon is a leading source for receivables financing, government contract financing, payroll funding, and purchase order financing.

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Illinois Healthcare Technology Company – Accounts Receivable Financing

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