Healthcare Staffing Agency Overcomes Slow Insurance Payments with Payroll Funding
- Current Client
- Location: Massachusetts
- Business Model: Temporary Staffing
- Industry Vertical: Healthcare
Background/Problem
Home Healthcare Staffing, based in Massachusetts, started over 10 years ago. They focus on in-home nursing and care all over the state. While business was going well, the insurance companies they were billing were extremely slow to pay. While they might get a certain small percentage of their invoice upfront, it often was not enough to cover their payroll liability and they would be left waiting 30-120 days to receive the rest. And often, even then they would face big shortages and disputes on the remainder of the invoices, causing even slower payment. Meanwhile, they had home health aides and nurses to pay weekly.
The Approach
After a referral from a trusted friend, Home Healthcare reached out to Advance Partners in 2019 and got the ball rolling. Advance Partners knew that home healthcare agencies need cash quicker than insurance can provide, and have been funding their invoices ever since.
The Results
Advance’s expertise in healthcare and medical staffing allowed us to help the client quickly and efficiently when a traditional bank loan would have been impossible. Home Healthcare knows they will always have the money on hand necessary to cover payroll no matter how slow the insurance companies pay. They have grown to $1.7 million in billings and, with Advance backing, have recently expanded services to a new state that should bring in an additional $300K.
{To protect their privacy, we have omitted the company name from the above case study. It references a real company who is a happy client with Advance. If you are considering our services and would like to learn more, please contact us.}
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