Fast AR Funding Provides $200K Selective Factoring Facility to Healthcare Staffing Company

When a UK headquartered temporary healthcare staffing provider decided to open operations in the U.S., it tasked Fast AR Funding to help it keep up with demand. Shortly after setting up in the U.S., the company’s domestic growth outpaced expectations and the company found itself with a cash flow gap to keep up with growing payroll.

The company’s UK parent turned to Fast AR Funding to enable its U.S. operations to become self-sufficient as it planned to expand in other countries as well. Fast AR Funding provided a $200,000 spot factoring solution with a high advance rate to support the company’s growing payroll needs in 2020 and beyond. Within the first six months as a client, Fast AR increased the facility limit to more than $1 million as it saw a huge surge in the demand for nurses across the country.

The nurse staffing company provides temporary placement of qualified healthcare professionals to hospitals, regional medical providers and healthcare VMOs. The demand for travel nurses across the different regions of the country will likely continue during the COVID-19 pandemic as healthcare regions continue to see consistent fluctuations in the number of cases and corresponding medical personnel necessary. Hospitals and healthcare systems continue to react to virus hotspots across the country.

“Fast AR Funding closed our facility in only a few days and has allowed us to keep up with the hospital demand without any hesitation,” the CEO of the UK parent said. “Our biggest surprise with Fast AR Funding is the instantaneous access to decision makers that understand our business and continue to increase our facility as necessary. We are on pace to need more than $2 million in working capital by the end of October.”

In order to ensure its payroll needs were covered, the company sought Fast AR’s expertise in the temporary staffing space. Fast AR provided a selective factoring facility with its online application and technology-enabled approval process. Fast AR Funding provided the first funding within 72 hours, which allowed the client to meet its payroll the same week it completed its application.

Fast AR’s selective factoring facility allows the client to submit any amount of invoices needed for payroll without any minimums or contracts.

“Factoring is a great solution for entrepreneurs in the temporary staffing space,” William Kemp, new customer manager for Fast AR Funding, said. “Despite the ongoing pandemic, it is wonderful to help a great company succeed, grow their business and help support our healthcare community’s response to COVID-19 across the country.”