Home healthcare agencies rely on invoice factoring to steady their cash flow. When waiting on unpaid invoices is getting in the way of keeping up with expenses like payroll, taxes and insurance, factoring companies can provide cash in hours. Unlike a bank loan, the money received by factoring isn’t a debt, it’s just your money provided to you sooner. The amount you can access also grows with your business. It’s no wonder invoice factoring has become a staple of the healthcare industry.
Solve Cash Flow Problems for Home Health Agencies
The single greatest issue facing home health care companies is intermittent cash flow. Many users of home health care rely on state agencies like Medicare and Medicaid to pay their bills, and waiting on government agencies for payments can cause companies to miss deadlines like payroll and taxes.
An increase in cash can help a home health care company meet payroll and taxes, pay vendors and outstanding bills, and invest in growth opportunities. Cash is desperately needed, but generating that most liquid of assets can be a problem.
Traditional lending institutions such as banks charge high-interest rates, require a credit check on your company, and months can go by before you see any cash. Large banks are also known to turn down small businesses such as home health care companies. This is why Factoring can be a great financial decision for your company. Invoice factoring companies are less restricted than traditional banks, so there is more opportunity for your business to get approved for a cash advance.
Factoring, or the selling of medical accounts receivable for cashless a discount, is the solution to cash flow problems for home health care agencies.
The Factor Finders team is dedicated to choosing the right factor for your business in order to maximize your cash flow that would otherwise be tied up in accounts receivable.
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Benefits of Invoice Factoring
- Cash within 3-5 days of approval
- All billing handled by the factor
- Credit approval depends on your customers, not your company
- Bad debt risk is eliminated by non-recourse funding
- Unlimited capital potential: More sales, more capital
- No liability on the balance sheet
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Call us @ (216) 292-5660 to get started
Receivables Factoring Can Help Home Healthcare Companies
Home health care companies provide temporary or long term assistance for those living at home who need constant medical attention. Users of home healthcare might include the elderly, people with disabilities, patients recovering in recovery, and people with chronic illnesses. Without home health care, these members of society would be in dire situations.
With an aging population and an increasing need for alternatives to traditional hospital care, Factor Finders realizes that agencies that provide home health care services are more needed than ever.
Home health care factoring can solve your cash flow problems, and Factor Finders is who you want to find you the best fit for your company’s needs. For more information, give us a call at (216) 292-5660. We have a variety of funding solutions that can help both start-up home care agencies and long-established home healthcare businesses.
Contact Factor Finders to find out how factoring can help your business.