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[What led you to start Nursing By Demand?]
I decided to start Nursing By Demand because I worked in long-term care as a nurse, and
I saw the quality of staff that was there. There was a nursing shortage also, so I knew
we could do some good and really help in that profession.
[What led you to look for alternative financing?]
I decided to look for alternative financing because starting a new business is extremely
expensive, and I did not want to take on a business loan and have large debt; starting
out a new company I didn’t want to be in debt.
I did not know about factoring before going to PRN; I actually contacted several different
companies and learned a lot along the way. PRN was a great fit, though – they gave
me the most information.
[Why did you choose PRN Funding?]
PRN was definitely different, and I knew that from the first time I contacted them. I was
able to speak with Ryan Elliott, and Phil, and they gave me just an unbelievable amount
of information – not just about factoring, but also about the business I was getting
ready to go into. That’s another thing that I love about PRN too, is Phil, I – Phil
is the president of the company, and I feel like he’s a friend. I can pretty much call
him for anything, and he gives me business advice, accounting advice, anything that I
need.
[How has factoring with PRN Funding helped Nursing By Demand?]
It really helped us to grow; I went from having one nurse, which was me, all the way to having
219 nurses. I was able to take the monies from doing the funding and pay my payroll.
I have clients who, it takes them a little while to pay, so it really has been what’s
kept me in business.
Payroll is a huge burden in what we do; it’s our largest expense, it consumes definitely
the most revenue. And then on top of the payroll are the payroll taxes, of course. With PRN
I know that as soon as I send them in our funding request – and it’s very easy,
we email it in, so it’s pretty simple – as soon as I send it in, usually we have the
funds within 24 hours, sometimes less than that. I think PRN promises 48 hours, but it’s
never taken 48 hours.
We’ve been able to expand our office staff, so we actually have schedulers around the
clock and we have recruiters, and we just have the funds to put the people that we need
in the places that they need to be. Also, the ever-increasing demand for payroll taxes,
we’re able to meet those. In healthcare staffing, typically you grow pretty fast so
your deposits – your federal deposits – they happen weekly, and there would be pretty much
no way that we could make that if we didn’t have PRN funding our invoices.
[How does PRN Funding help with Nursing By Demand’s collections?]
A lot of our clients pay in batches, so they’ll have 20 invoices that go straight in numeric
order, and Ryan will notice if there’s one missing so that could be a potential problem,
so he gives us a heads-up on that, and it definitely helps us be able to plan where
we’re going on revenue.
[Have you ever thought about switching factoring companies?]
Factoring business is a booming business. We get flooded with advertisements, we get
phone calls from large companies to try and get our business. It would be very tempting
– they have lower rates, or they say that they have lower rates or different terms,
but you just won’t get the same attention that you get from PRN Funding.
[Would you recommend PRN?]
I would recommend PRN to other healthcare companies and I do – anybody that I can
get ahold of that asks me how we do it. I honestly believe that we wouldn’t be in
business if it wasn’t for PRN. I know whenever 216 comes up on my phone it’s either Ryan
or Phil... We’ll always use PRN Funding, I’m sure.