Payroll Financing Helps 20 Year Veteran Physician Make Payroll
It doesn’t happen very often but every once in a while the doctor would walk over to his staff and tell them that their pay would be delayed because the insurance companies hadn’t paid what was owed yet. It was never a good conversation and it always ruined moral. The Doctor knew that many of his employees lived paycheck to paycheck and there was also this misperception amongst his staff that that doctors make a ton of money.
The Physicians at this practice looked into getting a fund for working capital from a bank but it seemed like a lot of work and fees for a payroll problem that maybe happens only once every few years. There were also not many other options that other business have like account receivables factoring.
A new type of funding came to the physicians attention called payroll financing or payroll funding ( www.payrollfinancingsolutions.com ) which allows owners to take out a quick, short term fund to help cover payroll. It really was a perfect solution for this practice. Payroll financing or payroll funding allowed the doctor to borrow money for a short period of time so his staff could be paid and as soon as the insurance company paid what was owed, the doctor would pay off the fund. The fund costs were insignificant compared to the benefit of improved moral.
The Doctor didn’t have to worry about a working capital fun dfrom a bank nor did he have to search out other options like factoring of accounts receivables. The doctor also didn’t need to put his personal asserts on the line. At the end of the day the physicians at this practice new that it was the right thing to do.
Financing Solutions (www.payrollfinancingsolutions.com) provides fast business funds of $5,000-$100,000 to good small businesses with sales of $500,000-$7 million that can be used for working capital.