Medical Transcription Providers and Invoice Factoring

Posted by on January 20, 2014 in Invoice Factoring | 1 comment

Medical transcription providers often get their accounts receivables tied up in a waiting game.   Many healthcare providers outsource their medical transcription needs to large healthcare documentation companies.    Companies like GMT, Viva Transcription and Medscribe handle large amounts of medical transcriptions and deal with many different healthcare providers.    What happens when one or many of their clients take 30-60 days to pay?    There is a cash crunch and a strain on hiring more transcribers, meeting payroll and overall growth of the company.   Invoice factoring can provide relief when working capital gets tough to come by. For more information contact us today with the form to the right, call 888.400.5931 or chat with us...

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01/30/2012 – Paragon Financial Group Provides $800,000 Factoring Line of Credit to Florida Medical Staffing Company

Posted by on January 30, 2012 in | 0 comments

FOR IMMEDIATE RELEASE Ft. Lauderdale, FL, January 30, 2012: Paragon Financial Group (“Paragon”) today announced that it has provided an $800,000 factoring line of credit to a medical employment and executive search company. The factoring line of credit will provide ongoing working capital to fund payroll and related expenses. Based in Boca Raton, Florida, the Company offers recruiting and staffing services for both permanent and temporary positions for clients in the healthcare and medical industries. They identify, select and place traveling executive nurses, allied health specialists, pharmacists, physicians, and hospital management executives. The nine-year-old Company had a business plan in place to grow, but high payroll expenses caused a cash flow crunch. They needed an influx of working capital, but because of historical losses, traditional financing was not an option. They began researching financing alternatives. “Their accountant had worked with Paragon Financial previously and recommended us,” said Michael Rossi, President of Paragon Financial Group. “After conducting their due diligence, the staffing company chose us. They felt comfortable with our expertise and willingness to help them through the process.” One hurdle Paragon had to overcome was verifying invoices. Many of the Company’s nursing home and hospital clients use Shift Wise, a third party billing program. It lists costs by time sheets, which didn’t always match up perfectly to the invoice numbers Paragon received, making the verification process difficult. “Another problem Shift Wise presented was getting checks made out to Paragon. We knew many payments would go to the Company initially, so we had to develop a comfort level that they would forward those payments to us,” Rossi explains. Paragon smoothed out the bumps in the road and provided a factoring line of credit that quickly gave the Company the crucial cash flow they needed to meet payroll, grow and stabilize the Company’s financial condition. ABOUT PARAGON FINANCIAL GROUP For over seventeen years, Paragon Financial has been a leading source in government contract financing and PO Financing. They provide Letters of Credit, Supplier Guarantees, and are a CCR government registered member.  Paragon is also a factoring company that works with companies dealing with federal, state, and local municipalities.  Paragon provides working capital solutions to a variety of small to larger businesses in a wide range of industries through accounts receivable factoring and purchase order financing...

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Jacksonville Florida Government Supplier

Posted by on October 17, 2011 in Government Supplier, Success Stories | 0 comments

Paragon Financial Group, Inc. is delighted to announce a recent success story of a new PO financing and accounts receivable factoring facility for a Florida Department of Health supplier.  Funds will be used to fulfill purchase orders for child car seats shipped to various children’s hospitals mandated by the State.  

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8/11/2011 – Paragon Financial Group Provides $1 Million in Payroll Funding for Georgia Medical Staffing Company

Posted by on September 11, 2011 in | 0 comments

FOR IMMEDIATE RELEASEMiami, FL, 8/11/2011 – Paragon Financial Group, Inc. has provided payroll funding via a factoring facility to a growing healthcare staffing agency based in Fayetteville, GA.  The company provides temporary nurses to major hospitals throughout Georgia. Healthcare facilities across the United States rely on staffing agencies to provide temporary and long-term nurses as the demand for healthcare remains at an all time high.  For the last ten years, our client had run a successful nurses registry supplying nurses to healthcare facilities.  Unfortunate circumstances resulted in a downsizing of the business.  These changes led to daily operational difficulties and downward spiraling sales.  The client’s initial payroll funding company had made a decision to terminate the factoring facility and called Paragon directly to see if we could replace them. It was a challenge to underwrite a company in a turnaround situation.  However, after extensive communication and due diligence, Paragon was assured the owner was committed to refocusing his efforts necessary to restore the company to its previous level of success. Tom Longo, Senior Vice President of Paragon, notes, “This individual encountered some very extenuating circumstances that seriously impacted his business.  We knew he needed to keep his cash flow moving or else his business would suffer even more than it already had.  After an in depth look into events that led to the company’s current state, and with his renewed commitment, we decided to pay off the old factoring company and offer the payroll funding they needed to ramp back up.” Paragon has provided payroll funding for temporary staffing agencies since 1994.  Through our special invoice factoring program, companies have the opportunity to grow their company and meet payroll on time.  Paragon’s services range from invoice factoring and payroll funding to purchase order financing and accounts receivable management.  We also provide other working capital solutions to a wide variety of small to larger businesses in multiple industries. For additional information, contact: Chris Curtin Paragon Financial Group 954.524.4840 phone 954.524.3533 fax chris@paragonfinancial.net www.paragonfinancial.net # #...

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How To Grow Your Medical Transcription Service With Invoice Financing

Posted by on July 28, 2011 in | 0 comments

Medical transcription is a field that has been growing immensely for the last decade or so. Companies within in the medical transcription service industry, especially experienced ones, are often able to secure lots of business. However, whether a company is just starting out or is quite established, money, particularly cash flow, can become a problem from time-to-time. With little money, it can be very difficult to experience to grow ones business. One very good to remedy to low cash stores is invoice financing. Invoice financing is a very good way for companies, both new and old, to raise capital. It involves them leveraging their existing business for money. Instead of taking out a loan, they are able to earn money from the customers they already have. In order to go forward with this very good, commercial financing option, a business will need to have outstanding invoices from clients with very good credit. Invoice financing, also known as invoice factoring, requires that a company work with a Factor. This Factor will purchase the company’s outstanding invoices at a discounted rate. This rate typically ranges somewhere between 70% and 90%. For example, if a company is owed invoices from their clients that total $100,000, a Factor may be willing to pay $80,000 or 80% of the outstanding amount. After the factor pays for the invoices, they will focus on collecting those invoices. All prior payment arrangements made between a business and their clients will remain the same and the Factor will abide by them. After all monies have been collected, they will be returned to the original owner of the invoices. Subtracted from this amount is the money already paid for the invoices and any applicable fees. Invoice factoring is an excellent financing method for a medical transcription service ready for growth.  It allows them to expand and take on new business without depleting any of their cash stores. Companies can instead utilize their outstanding invoices to raise cash. Rather then waiting the standard 30 to 40 days that they would normally have to in order to get paid, they are able to secure monies upfront and then not even worry about collections. The factor will handle this for them. Invoice financing allows medical transcription companies with customers that have good credit and outstanding invoices to sell those for fast cash, which they can use for...

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