Physical Therapy Company uses Payroll Financing to Bridge Gap Between Insurance Reimbursements and Payroll
Every medical provider knows what it is like. You perform great care to your patients and then you have to wait to be paid from the insurance companies, Medicaid, or Medicare. Sometimes that payment gets delayed longer than expected because of a coding or billing issue. Regardless of when you get paid, your staff need to get paid on time.
Financing Solutions recently provided a short term business funds to a Physical and Occupation Therapy company with a staff of 8 people because there was an unexpected delay in a major payment from Medicare. The owner of the Physical and Occupation Therapy Company knew that keeping his people paid was a critical step in making sure to keep happy and that getting replacement staff if they left, would be extremely challenging. The owner also knew that he didn’t want to give any signals to his employees that there was a financial problem.
The owner called Financing Solutions and within 24 hours, the decision to fund him $20,000 was made with very little paperwork needed to be filled out. The owner made payroll that week and paid back the fund 34 days later when he received the reimbursement check from the insurance company.
It was a very small price to pay for the owner who in 8 years of business, never really had an issue making payroll. The owner didn’t have to worry about losing his staff, he did have to go shopping for a bank to finance him, and he didn’t need to fill out tons of paperwork.
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.