Constance Moonzwe, President of ITH Staffing states “Our biggest problem was maintaining cash flow. Some of our larger clients take 30,60 or even 90 days to pay us. In the meantime we still have to meet payroll not only for the medical staff but also our own employees. That’s a cash flow problem!”
ITH Staffing based in Rancho Cucamonga is a medical staffing agency providing all levels of clinical personnel ranging from physicians, dentists and nurses to therapists, medical assistants, psychologists, and licensed social workers. In conjunction with information technology staffing firm, ITH services 3,000 different healthcare and information technology organizations in all 50 states.
“Cash flow problems continued until we learned about factoring medical receivables from HGS Financial Group Inc. Now, instead of sending invoices to the medical facilities directly we submit them to HGS and they us less a small fee. We get paid immediately, the same day and HGS then wait on payment from our client.”
“Factoring receivables allows us to pay medical staff on time and keep quality personnel on our books.”
Factoring is widely used form of financial transaction where a business sells its accounts receivables to a third party called a factor at a discount. It is not uncommon for a business to factor receivable assets to meet present and immediate cash needs. Factoring is commonly referred to as accounts receivable factoring, invoice factoring, and sometimes accounts receivable financing.
Sartaj Singh President of HGS Financial Group Inc states “Cash flow is one of the biggest problems facing many industries including medical staffing agencies and we are able to assist our clients through these times.”
“Many factoring companies are backed by investment banks. The investment banks then dictate to factoring companies how much money may be advanced to the staffing agency for each medical facility. We are self-funded meaning we use their own money and therefore make our own decisions.”
“Using our own money allows us to work personally with our clients and make decisions immediately. Staffing agencies are not left waiting for a banker to determine how much they will loan out. We can really really our clients grow the business.”
Moonzwe continues “At one point I felt factoring indicated a sign of financial instability. Then I realized that it is a common transaction in all types of businesses around the globe.”
“At one time cash flow problems prevented us from targeting and signing up bigger clients. We don’t have that situation anymore. With the knowledge of having the financial backing of HGS it has allowed us to confidently go after the bigger accounts. That’s how our business took off and were able to increase sales by 250% in the last 6 months. We are still on that upward trend,” concludes Moonzwe.
For more information on factoring medical receivable for staffing agencies, Sartaj Singh may be reached at HGS Financial Group Inc at 855.688.2710 or visit http://factoringcompany.wix.com/staffingagencies
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