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Today's employers want to get the most out of their employees, which means that they need to make sure that they are hiring reliable candidates in the recruiting and interview process. Most companies have a drug policy which has a zero tolerance for any kind of illegal narcotics. Not only is this policy good for the company, but it also helps to protect employees from themselves. In many cases, the fear of losing a job is enough to cause a person to give up any kind of illicit lifestyle. For the company, they can be sure that their products and services meet their quality standards and they can maintain their corporate brand integrity.
Because of the escalation in drug policies for companies all over the world, there has been a steady increase in the need for a more robust medical testing industry. In the days before medical testing labs, companies would send new employees to their personal doctors or to a local hospital for testing. When that process became inefficient, there was a need for a more refined testing process where the company had more control and the results could be more reliable. The end result was a medical testing industry that has been growing steadily for years and sees no end in sight to its prosperity.
Medical Testing Has Developed Many Other Revenue Streams
Medical testing serves several practical purposes that has allowed it to branch out into areas other than employment testing. While initial employment testing has served to grow the entire industry significantly, the people who run medical testing organizations understood that they would need to find more revenue streams if they were going to survive. To help out with that revenue stream issue, the medical testing labs looked back to their existing list of clients and created ongoing drug testing plans for companies that wanted to do random testing of employees. Random drug testing is part of some union contracts and it is also part of the terms of employment for companies all over the world.
The high profile of sports networks has created another way for medical testing labs to gain more revenue. These days, sports organizations and entertainment groups of all kinds are drug testing employees to make sure that there is nothing illegal going on. In the case of athletes, drug testing could be a way to save them from taking drugs that could harm their bodies in the long term. While it may seem like a good idea to take performance enhancing drugs when an athlete is younger, the effects later in life can be devastating. The use of medical testing services helps to keep that drug use under control and out of sports.
Running A Medical Testing Lab Can Get Very Costly
The one thing about the medical testing industry that most people do not realize is how expensive it is. The cost of an average drug test is around $50 per person. If that does not sound expensive, then try to multiply that by 100 employees being hired and tested at the same time. Now multiply that by another 100 employees who are getting random drug tests for the month. Even though the medical testing lab passes costs on to its customers, there is still the initial cost to the testing lab for all of those materials and the costs can be outrageous.
That $50 covers just a basic drug test that looks for the common kinds of infractions such as illegal drug use or alcohol. There are some drug tests that companies have to give which are more comprehensive and cost more money. The medical testing company also has to worry about paying the personnel to administer these tests and analyze the results. If a testing technician makes a mistake and causes a patient to get sick, then that will cause a series of issues for the testing lab. If the results being reported back to the client are incorrect, then the lab would have to pay for new testing out of its own pocket and that would eat deep into the medical testing lab's profits.
A Medical Testing Company Runs On Cash Flow
If you own a medical testing company, then you are familiar with the growth the industry is experiencing and you are also familiar with how important cash is to running a testing organization. Without cash flow, the medical testing lab cannot keep a fresh supply of materials that it needs to administer accurate tests and get the kinds of results that your clients are looking for. Cash flow is also essential in keeping your critical personnel paid on a regular basis as well. Experienced medical technicians have plenty of choices when it comes to where they can work and they will usually choose the company that pays its employees on time and in full.
The issue for medical testing companies comes with the wide variety of clients they work with and the different ways in which these clients pay invoices. In many cases, the bigger customers of a medical testing group have hundreds of employees being tested in the same month and they can run up a large invoice. When those invoices go unpaid for months at a time, that puts a strain on cash flow. The medical testing company tries to avoid putting pressure on customers to pay because that can cause customers to look for other testing options. These customers eventually do pay, but there needs to be some kind of financing in the meantime.
Factoring Invoices Is The Way For Medical Testing Groups To Pay Their Bills
That pile of invoices that your medical testing company has accumulated should be an asset to your company. 1st Commercial Credit is a company that factors invoices and we will turn those outstanding invoices into assets and use them to give you the cash flow you need. We use your outstanding invoices as collateral for advances that your company can use to meet payroll and pay other outstanding obligations. We will advance you the full face value of your invoices, minus our lending fee, on or before the invoice due dates. It is the most reliable way for your company to establish a cash flow that you can use whenever you need.
Instead of looking at your customers as adversaries, 1st Commercial Credit allows you to see customers for the revenue stream they represent. We are the world's leader in factoring invoices for small to medium sized companies and we have an affiliate network which allows us to advance cash in up to 17 different currencies. No matter where in the world your medical testing company is located, we can help. We can approve invoices in minutes and advance cash in 24 hours or less. We know how quickly you need the cash, which is why we work so hard to get it to you as quickly as possible.