The Health and Care Sector

Are you running a business in the Health and Care sector with a significant amount of money tied up in your debtor ledger through unpaid local authority invoices? Is the problem becoming greater and holding you back the faster your business grows?

What is invoice finance for the health and care sector?

Invoice finance for the health and care sector can be massively beneficial for businesses, especially if you are frequently waiting a long time for payment of social services invoices. It can lessen the pressure on your cash flow and alleviate problems by releasing cash tied up in your ledger, so you can finance staff wages, high tech equipment, medical supplies and most importantly, the care of your patients.

To obtain cash quickly and confidentially whilst also upholding control of your own debtor ledger, invoice discounting may be a better financing solution for your business. This can be particularly useful for businesses who are keen to maintain customer service levels and their client relationships.

We know this sector is complex and each business has very different needs. Where a dentist may need to finance top of the range technical equipment, vets need to buy expensive drugs while care homes depend on high levels of cash to care for their patients and fund any shortfalls, whilst they wait for monthly payments. Domiciliary care businesses face similar issues.

As a result, we work closely with you to understand your business model, your needs and to make the financing process as painless as possible, placing you with a factoring company which understands you. A secure credit facility will allow you to fulfil contracts, perform your caring duties and invest in the tech and equipment, required to provide the best service possible.

How can invoice finance for the health and care sector benefit my business?

• Cash tied up in your ledger is released within 24 hours so you can meet operating costs. You will also be able to continue providing high-quality care for your patients, so those relying on your services will not lose out.
• You can outsource the management of your ledger to your financing company, giving you the opportunity to focus on your patients and grow your business. However, if you would like to maintain control of your ledger, then invoice discounting will be a better option for you.
• Your factoring company’s security will come from the value of your ledger, lessening the chance of a charge being put over your home. This differs from traditional bank borrowing, where you are often required to provide a personal guarantee for up to 100% of the overdraft, supported by a mortgage over your home.
• Your invoice finance facility will grow with your business so there is no need to regularly renegotiate and you can invest easier.
• Many factoring companies offer bad debt protection by way of credit insurance which you can add onto your facility providing you with peace of mind. There is the option for confidentiality with your factoring facility if this is important to you.

Why choose us?

Our years of experience have taught us that not all businesses are straightforward, but regardless we understand that a stable credit facility and cash when you need it is important to all businesses.

We will work with you to understand your business and its needs, so we can put you in contact with a financing company that will not only be the right fit for you but can offer you the best deal on the market.

To discuss your credit needs confidentially, contact us now to chat to one of our experienced and knowledgeable advisers.