The Medical Staffing Story – Horner Medical Staffing
Amanda Horner had to stop working on her laptop as the company’s head of marketing department came into her office. He slammed a magazine down onto her desk. He couldn’t stop grinning from ear to ear. Amanda couldn’t help but to quickly flip the pages of the magazine to understand why the marketing head is acting that way. This reputable business guide had published a current listing of the best staffing companies throughout the nation.Quickly flicking to the list, she saw her company, Horner Medical Staffing Solutions posted high in the under $99 million revenue column. Now, she is also grinning and smiling ear to ear just like the marketing head.She didn’t expect using factoring will help her make all of this happen. See Trucking Factoring Reviews.
In those years of the recent recession, Horner Medical Staffing Solutions was barely pulling in any revenue. The problem caused by the recession wasn’t demand. It was actually the supply of quick payment for the services rendered. Although business was available for the staffing firm, the payment from clients had slowed to a snail’s pace and sometimes took as long as 3-4 months with lots of time and manpower allocated to collections. The downsizing brought about by the recession didn’t hurt the company as much as the increase in new medical staffing companies and the difficulty in finding the right people to hold the medical postings due to increased competition.
Cash flow was crucial. Cash flow was really difficult during those hard times. Amanda had to apply for 3 different company credit cards in a span of 6 months just to keep up and pay for basic needs such as website hosting, utilities and bills and other important items that the company can never do without such as toilet paper for the office bathroom. The thing is that these credit cards could not really cater to the needs for larger expenses and incidentals.
To maintain an excellent reputation, Horner company maintained the highest salaries for their employees among all other medical staffing company in the region. To thrive in the medical industry, it is wise to hire only the best medical staffing people, those who knew their worth and payroll requirements. It seemed that the company really revolved around nothing else but payroll in those days. The moment Horner fail to do this, the company will surely fall behind getting the best medical workers.
She knew beforehand how factoring has helped so many other industries but hesitant how it would help the medical staffing industry. Amanda just couldn’t feel sure about factoring at that time so she went with the traditional approach and applied for a loan at a big bank. The loan she applied for was denied. Then she went to smaller neighborhood bank and was denied again! It seemed that the bank didn’t have a good understanding of the medical staffing industry. The banks offered lower rates however they were not approved with the idea of loaning the company the needed cash to stay afloat in business.
In order for Horner to stay afloat, Amanda made the best decision possible for her company. She went on interviewing factoring companies. Many of the representatives that walked in the door were professional but she liked best Jonathan who came in representing his own factoring company. He was neat, good looking and very smart to speak with. He was interested in history and culture of Horner Medical Staffing Solutions. He understood the medical industry and had a clear vision of how the firm’s needs. He was the sort of person whom Amanda could trust to contact clients’ accounts receivable on the firm’s behalf.
Jonathan told her he could utilize his skills in the medical industry to appropriately vet the invoices although he already knew many of her clients from experience and could tell her he had the full confidence that they will be able to work together perfectly. Soon, in less than 72 hours, he would provide her with the upfront payments for her invoices and Horner would have the freedom of a freer cash flow. She had an idea that the factoring company would then get in touch with the medical centers to collect payments for the accounts receivables but she was not worried because she knew that the factoring company will display professionalism. Also Horner Medical Solutions was able to keep some long-time clients’ invoices off the accounts receivable list for factoring. Those long-time paying accounts will only be kept in the accounting books of Horner instead. This type of flexibility was key in Justine’s decision making. Although she was happy to have the factoring company take over the trouble of collections. In the future, by working with a factoring company, Horner was able to cut costs from eliminating now unnecessary office staff positions, since accounting services were provided as well as some tax services.
Signing the factoring company contract has changed the future of the medical staffing firm of Justine. The numbers can tell you that everything is right.Due to the good amount of cash that the company received from the invoices, it had been able to go beyond its 30% margins.
The company was a success when it comes to recruiting pharmacists as well respiratory workers just to fill the void in many different regions especially as the great reputation of the firm popularized as various medical centers from all over the country started to make inquiries. Furthermore, when a strong hurricane affected the region, the need for plenty of different medical workers surfaced. Hospitals were in great need of temporary staff to provide additional care for the victims.The new source of cash flow enabled Horner Medical Staffing Solutions to cater to these needs and fill the needs for those staff immediately. Because the hospitals waited for the emergency federal funds, payment was not made right away to the company but this had never been a problem because of the continued cash flow offered by factoring.
Looking at the magazine cover, Amanda saw companies like CompHealth printed in bold. Yes, Horner does not produce the same amount of revenue like CompHealth yet at this point, but surely, they do have the best network of skilled nurses and medical workers. Amanda can’t help but be proud of the fact that Horner nurses for example are regularly asked to renew contracts in the hospitals where they work. This is true not only for the nurses but even for other medical workers including doctors, therapists and pharmacists. This would surely be impossible if not for the ease, comfort and flexibility offered by factoring. Read Trucking Factoring Reviews online now.