Supercharge your healthcare staffing firm’s growth with payroll financing
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Healthcare Recruitment Agency Payroll Solutions
Invoice Factoring & Payroll Funding For Medical & Healthcare Industry
The demand for healthcare staffing is only growing – and rapid growth requires working capital to pay your travel nurses, locum tenens and other healthcare workers as you take on more contracts. Payroll financing helps bridge that gap, unlocking funds from your outstanding invoices so you can achieve your growth goals – without the restrictions and limits of a traditional bank.
Travel Nurse Staffing Agency Financing
Put travel nurses to work all over the country with funding and back office services
Locum Tenens Agency Funding
Fund your locum tenens staffing firm and put critically needed doctors to work.
Dental Staffing Agency Funding
Get the funds you need to cover payroll for dental staffing employees.
Back Office Solutions For Medical Staffing
Gain an entire team of payroll, tax, and invoicing experts while you focus on what you do best: sourcing and placing healthcare workers. When you choose the Full Service option, our expert team provides following services:
Managing payroll for a medical staffing firm can be complex. Our team will process your payroll on time, every time via direct deposit or by printing and mailing checks.
Even if your medical staff work across different states, our dedicated in-house tax department is equipped to handle payroll tax administration no matter the complexity.
Our expert team uses billing software designed specifically for healthcare staffing, meaning that your invoices will be done correctly and collected on time from your clients.
Our recruitment software solution, powered by industry-leader Avionte, is custom-designed and easy to implement so you can get valuable insights right away.
Strategic Services For Healthcare Recruitment Firms
When you work with us, you also gain access to expertise in diversity certification, VMS administration and consulting, and M&A consulting – all free of charge and aimed at fueling growth and efficiency for your healthcare staffing agency.
Cash flow challenges, solved.
Partnering with us leaves you free to grow and take on new projects.
Is payroll financing right for your business goals? Let’s solve healthcare staffing challenges together and see what approach is best for your specific needs.
“Advance Partners has been an amazing business partner for my staffing service. It was like someone lifted weights off of me when I made the decision to place my back office operations with them. 13 years later and never once, have I questioned my choice to become a member of their fabulous team!”
~ Maedon Coburn, Owner
Free educational resources for healthcare staffing agencies
This blog explores several challenges for travel nurses and what medical staffing agencies can do to help.
Is it time to grow your healthcare staffing firm? Check out our free guide with tips and best practices learned from hundreds of successful agencies.
Input pricing data in real time to this calculator to determine if potential clients are good bets.
CASE STUDY
How a healthcare agency increased sales and grew 233% with Advance Partners financing
A South Carolina healthcare staffing agency applied for funding on a Thursday and had the necessary funds on Monday.
FREQUENTLY ASKED QUESTIONS
With the increasing demand for healthcare professionals, especially travel nurses, there is a great opportunity to provide staffing solutions to healthcare facilities. To start a successful nurse staffing agency, there are a few key steps to follow:
- Conduct market research – Conduct or outsource research to understand the demand for travel nurses and nurse staffing in your target area.
- Position your firm – Identify the gaps and needs in the market to position your healthcare agency accordingly and create a unique selling proposition.
- Develop a business plan – Develop comprehensive business plan that outlines your agency’s goals, target market, marketing strategies, financial projections, and operational structure.
- Register your business – Requirements vary state to state, but you will most need to obtain an LLC, which is a limited liability company. This is when you’ll establish a name for your nurse staffing company.
- Get insurance – At the minimum, you will need General Liability Insurance which can cover funds for legal services, and Workers Compensation Insurance that covers lost wages and medical expenses for employees injured at work.
- Build relationships – Networking with hospital administrators, nursing directors, and other healthcare professionals can help you establish connections and secure contracts with these facilities. Additionally, reaching out to travel nurse associations and attending industry events can also help in building your network.
- Invest in technology – Invest in robust technology and software solutions that can streamline your recruitment and staffing processes.
- Consider financing options – Healthcare clients often take weeks to pay invoices, so you will need to have money in order to pay your nurses on time. Invoice factoring can help.
By following these steps and staying updated with industry trends, you can successfully start and grow a staffing agency for nurses, catering to the increasing demand for travel nurses and nurse staffing in the healthcare industry.
If you are considering opening a home health agency, there are several steps you need to take to ensure success.
- Understand the regulations: First and foremost, it is important to thoroughly research and understand the regulations and requirements for operating a home health agency in your area. This includes obtaining the necessary licenses and certifications, as well as understanding the specific guidelines for providing home health services.
- Develop a business plan: It is essential to develop a comprehensive business plan that outlines your goals, target market, and financial projections. This will help guide your decision-making process and ensure your agency is on track for success.
- Establish your team: Hiring qualified and experienced staff members is crucial to providing high-quality care to your clients. This includes registered nurses, certified nursing assistants, therapists, and other healthcare professionals who are trained in providing home-based care. It is important to carefully screen and interview potential candidates to ensure they have the necessary skills and qualifications to meet the needs of your clients.
- Consider operational aspects: This includes finding suitable office space, purchasing necessary equipment and supplies, and establishing relationships with healthcare providers and insurance companies.
- Develop a website: It is also important to develop a marketing strategy to attract clients and establish your agency as a trusted provider of home health services. This may include creating a website, attending healthcare conferences and events, and networking with other professionals in the industry.
By following these steps and investing time and effort into building a strong foundation for your home health agency, you can position yourself for success in this growing industry.
Opening a dental temp agency requires careful planning and consideration. Here are some steps to take for starting your business:
First and foremost, you’ll need to conduct thorough research on the regulations and requirements for starting a dental temp agency in your state. This includes obtaining the necessary licenses and certifications, and registering your business with the state.
Once you have a clear understanding of the legal aspects, you can start developing a business plan. This should include details on your target market, services offered, and financial projections.
Additionally, it’s important to focus on dental temp staffing. Hiring qualified and compassionate dental healthcare professionals is crucial for the success of your agency.
You should also consider financing, as many dental providers take weeks to pay invoices, while dental temps often are paid weekly. Invoice factoring is a route that many healthcare agencies take for financing.
Starting a medical staffing agency can be a lucrative and rewarding business venture. Here are some steps to take to ensure success:
- Thoroughly research the industry and understand the specific needs of healthcare facilities in your area.
- Create a business plan that outlines your goals, target market, and financial projections.
- Obtain the necessary licenses and certifications required to operate a medical staffing agency.
- Build relationships with healthcare professionals and facilities as it will help you secure contracts and placements for your staff.
- Invest in technology and software systems to streamline operations and manage employee scheduling and payroll will contribute to the success of your medical staffing agency.
By following these steps and staying committed to providing high-quality services, you can establish a thriving medical staffing agency.
If you are interested in starting a travel nurse agency, there are several steps you need to take to get started. To successfully launch your own travel nurse agency, there are several key steps you need to follow.
First, conduct thorough market research to identify the demand for travel nurses in your area. This will help you determine the potential success of your agency.
Next, develop a solid business plan that outlines your objectives, target market, and financial projections. It is also important to establish partnerships with healthcare facilities and build a network of qualified travel nurses.
Finally, obtain the necessary licenses and certifications to legally operate your travel nurse agency.
With careful planning and dedication, you can successfully start your own travel nurse agency and help meet the growing demand for healthcare professionals.
While the exact earnings of medical staffing agencies may vary, the U.S. healthcare staffing market was valued at $20.5 billion in 2022 and is projected to grow. This indicates that medical staffing agencies have the potential to generate significant revenue within this thriving industry. Medical staffing agency income is determined by a number of factors. A medical staffing agency makes a profit by charging a markup that could be anywhere between 25% and 100% of the employee’s wages, depending on the job. There are three main ways a medical staffing agency makes money:
- Sell contract or direct placement services
- Get paid fees on placement referrals
- Sell workforce solutions, training services or technology<
Healthcare staffing agencies play a vital role in the healthcare industry by connecting healthcare facilities with qualified professionals. When it comes to their earnings, staffing agencies typically charge a percentage of the hired employee’s wages which typically range from 25% to 100% of the employee’s wages. This means that if a healthcare professional is hired through a staffing agency and their annual salary is $100,000, the agency may earn anywhere from $25,000 to $100,000 in fees. The exact percentage charged often depends on factors such as the job position and the specific agency.
Healthcare staffing agencies also make their profit by providing value-added services to both healthcare facilities and professionals. These services may include candidate sourcing, screening, and placement, as well as handling administrative tasks such as payroll and benefits management. By taking care of these time-consuming processes, healthcare staffing agencies enable healthcare facilities to focus on delivering quality patient care while ensuring that healthcare professionals are matched with suitable job opportunities.
Overall, healthcare staffing agencies have the potential to earn significant profits by providing valuable services to both healthcare facilities and professionals. As the demand for healthcare professionals continues to rise, healthcare staffing agencies are likely to play an increasingly important role and potentially see their earnings grow.
The travel nursing bill rate refers to the hourly rate that medical staffing agencies charge healthcare providers for the services of a travel nurse. This rate is determined by factors such as the nurse’s qualifications and experience, the location and duration of the assignment, and any additional expenses incurred by the agency. It is important to note that the bill rate is typically higher than the pay rate offered to the travel nurse. This is because staffing agencies have overhead costs such as payroll, operations, and malpractice insurance. By charging a higher bill rate, agencies are able to cover these costs and make a profit.
When starting a health staffing agency, it is essential to have a well-designed business plan. A business plan serves as a roadmap for the company and outlines its goals and growth plans for the future. It provides a snapshot of the staffing agency as it stands today and lays out the strategies to achieve success in the next five years.
A comprehensive business plan should include sections such as:
- Executive summary
- Company overview
- Industry analysis
- Customer analysis
- Competitive analysis
- Marketing plan
- Operations plan
- Management team
- Financial plan
These sections provide a clear understanding of the agency’s concept, target market, competition, marketing strategies, operational procedures, team structure, and financial projections.
Download a free Business Plan template.
