Clerical Staffing Agency
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It is not uncommon for doctors to be less interested in the business side of their practice than the medical side. That is why doctors who are weak in business try to hire a strong support staff to take care of business issues. A doctor who is not strong in business dealings is probably going to have a difficult time hiring a reliable staff that can take care of financial and regulatory needs. The end result is a staff that the doctor likes as a group of people, but it is not able to keep the business side of the practice in order. The doctor may be a great physician, but his lack of business sense could put his practice in deep trouble.
Doctors that are unfamiliar with how to recruit and hire qualified medical secretaries have been utilizing the services of staffing agencies for many years. It is a smart decision because the doctor knows that he will get a qualified staff in exchange for the fee that he pays the agency. If the doctor does no like the staff that he has, then he can talk to the agency about bringing in new people. Many doctors have agreements in place with medical secretary staffing agencies that allow the doctor to offer permanent employment to agency personnel that he wants to have on his personal staff.
Rising Regulatory Demands Also Increase Secretary Staffing Needs
The HIPAA laws have been in effect for some time, but many private medical practices are just starting the process of transition paper records to digital. If a doctor has a couple hundred patients, then he has volumes of paper records regarding the medical history of those patients on file somewhere in his office. According to the HIPAA laws, every one of those records has to be transferred to digital immediately and then stored for several years. The records need to be on an active archive, which means that they have to remain accessible to the doctor and to the authorities.
Transitioning to the new HIPAA laws brings up a lot of long-term expenses for doctors all over the country. Doctors now have to invest in a new digital records storage system that will be used for all future documents, and doctors will also have to invest in a service to create all of the new digital documents that will be used. Doctors will also have to invest in some kind of secure digital storage system that meets HIPAA requirements. The most pressing immediate expense is the considerable amount of time required by medical secretaries to input the historical data into the new system and make everything digital. It takes time, and it all must be done by hand.
Medical Secretary Staffing Agencies Have A Sudden Need For Operating Cash
Cash flow is essential to any business, but it is especially important to a medical secretary staffing agency that has clients who need its services immediately. The HIPAA transition will be with us for a very long time, and that means that staffing agencies need to recruit and hire new staff just to keep up with the demand. The problem is that medical professionals rely a lot on insurance companies and government agencies for their funding. That means that the staffing invoices generated to medical clients often go 30 days or more past due. This puts a huge strain on cash flow and creates financial problems for even the most prestigious medical secretary staffing agency.
The demand for the services of medical secretary staffing agencies all over the world is going to grow as the population continues to increase. The HIPAA transition is a burden on the staffing industry, but it is something that is only one part of a much larger issue. If you want your medical secretary staffing company to survive for the long-term, then you need to find a financial partner that can use those past due invoices to create a reliable cash flow. You need an invoice factoring company, and 1st Commercial Credit is the premier factoring company in the world for small to medium sized businesses.
Invoice Factoring Allows Your Medical Secretary Staffing Company To Meet The HIPAA Rush
The HIPAA transition is a short-term need that is significant for medical secretary staffing agencies. Once you begin to utilize invoice factoring services from 1st Commercial Credit to meet ongoing financial needs during the HIPAA transition, you will instantly see the value of the service in the long run. We will use those outstanding invoices as collateral against cash advances to your business. We will advance you the face value of your invoices, minus our lending fee, on or before the invoice due date. If the invoices are past due, then we can advance cash to you within 24 hours of receiving an approved invoice to creditworthy clients.
A reliable cash flow will allow you to meet all of your payroll needs. When you utilize invoice factoring, your business line of credit will follow the path of your invoiced sales. As your outstanding invoices increase, so will your available cash flow. This is how you will be able to meet the rising demands of more customer need at a time when your competition may be finding it difficult to recruit quality talent. 1st Commercial Credit has a simple online application process and billions of dollars in resources available. In just a few business days, you will have a financial partner that will consistently turn your invoiced sales into the cash flow you need to meet all of your financial needs. Give your medical secretary staffing agency the financial edge it needs to grow and utilize the invoice factoring services from 1st Commercial Credit.