Bank finance articles and tips

One of the most frustrating aspects of owning a medical staffing business is that healthcare providers oftentimes insist on extending payments beyond 45 days. In fact, it's not uncommon for a large medical facility to cut checks 60 days or later after services have been rendered. Naturally, a consistent history of 'staff now and get paid later' can wreak havoc for any new or growing staffing company. In effect, it causes the agency to be invoice rich and cash poor, which means that a healthcare staffing agency has a lot of outstanding receivables and little cash in the bank to show for it.

But what happens after that? When nurse staffing agencies choose to work with a factor that understands their business model, the daily funding procedures are just as easy as the approval process.

The day-to-day nurse staffing payroll funding process works like this:

Staff Nurses & Send out Invoices

The beginning of the nurse staffing payroll funding process is not so different from your normal staffing procedures. You staff your nurses at a medical facility, collect your employees' timesheets, and issue invoices to the facility. The only change at this stage of the process is the remittance address. Most nurse staffing payroll funding firms ask that their remittance information be printed directly on the invoice.