Rancho Cucamonga, CA, May 29, 2016 --(PR.com
)-- HGS Financial Group Inc. a factoring company, has launched a new program for staffing agencies that will overcome cash flow problems and encourage business growth.
“Cash flow is one of the biggest problems facing medical staffing agencies. To assist them we’ve launched a new programs designed to overcome cash flow problems. Before going to market with this program we thoroughly tested it and tracked results with ITH Staffing,” states Sartaj Singh President of HGS Financial Group Inc.
ITH Staffing based in Rancho Cucamonga is a medical staffing agency providing all levels of clinical personnel ranging from physicians, dentists and nurses to therapists, medical assistants, psychologists, and licensed social workers. In conjunction with information technology staffing firm, ITH services 3,000 different healthcare and information technology organizations in all 50 states.
Constance Moonzwe, President of ITH Staffing says, “Our biggest problem was maintaining cash flow. ITH provides staff to facilities such as hospitals and then they pay us. For larger facilities it may take 30,60 or even 90 days before we get paid. In the meantime we still have to meet payroll not only for the medical staff but also our employees. That’s a cash flow problem!”
“Then we learned about factoring from HGS Financial Group Inc. Instead of sending invoices to medical facilities directly we submit them to HGS instead. HGS pays us immediately for the receivables less a small fee and they wait on payment from our client.”
Singh explains, “Factoring is a common financial transaction in all types of business around the globe. It’s an arrangement where a business sells its accounts receivables or invoices to a third party like us (called a factor) at a discount.”
“Factoring is by no means an indication of the company’s financial status it is simply a sound business decision. For staffing agencies like ITH factoring receivables allows them to pay medical staff on time and keep quality personnel on their books.”
“Unlike many factoring companies that are backed by investment banks, we are self funded. Investment banks dictate to the factoring companies how much money may be advanced to each client. Being self funded we can work with clients and help really grow their business,” concludes Singh.
Moonzwe concludes, “At one time cash flow problems prevented us from targeting and signing up bigger clients. We don’t have that situation anymore. With the knowledge we the financial backing of HGS we have the ability to go after them. That’s how our business took off and were able to increase sales by 250% in the last 6 months. We are still on that upward trend.”
For more information on Constance Moonzwe and ITH Staffing please call 877.769.3656 or go to www.ithstaffing.com
For more information on factoring medical receivable for staffing agencies, Sartaj Singh may be reached at HGS Financial Group Inc at 855.688.2710 or visit www.keith650.wix.com/staffingfactoring