Med-Express provides emergency and non-emergency medical transportation for a major metropolitan area. "We're a small service provider in a large market trying to compete with a national service provider. We have plenty of opportunity to take on more routes and patients but lack consistent cash flow for the daily necessities... fuel, insurance and payroll."
Med-Express was formed in 2004 and has operated break-even since inception. In 2010, the owners defaulted on their mortgage and the associated HELOC they used to support the business' inconsistent cash flow. "Like many, we had purchased more home than we really could afford and when the ARM adjusted, we simply could not afford to make the payment or refinance. When we could not access our home equity line, we had a real emergency.
We have a friendly competitor that utilizes Gateway Commercial Finance for their daily cash needs so we gave them a call. Gateway moved quickly to ensure we had the necessary support for our day-to-day needs so we could get back to doing what we do best...saving lives!"
Dealing with the competition is just part of doing business. But in some cases, your company can be stretched to its very limits just to keep up with demand. In the medical transportation industry, there is always plenty of business to go around, but that does not always mean that your medical transportation company will be ready to accept the challenge. If you want to keep up with the competition and take on the business that will allow your company to grow, then you need cash flow.
Success Can Tease As Much As It Can Reward
Medical transportation businesses have a series of ongoing operational costs that make good cash flow essential. From vehicle fuel to the necessary supplies to make a delivery safe and successful, there are daily costs in the medical transportation industry that you won't find anywhere else.
When your business is out there competing with other medical transportation companies, you need to make sure that you can always deliver for your customers. You need that strong cash flow to keep your vehicles on the road and keep your company ahead of the competition. But when the competition seems to have more financial resources than you do, then that promise of success can become just another source of frustration.
Medical Factoring Is Your Secret Weapon
Your company's issue is not a lack of invoiced sales; it is a lack of cash flow. Anyone who has been in the medical transportation business long enough knows that those two financial issues are related, but they are not the same. Customers who lavish large purchase orders on your company can also be the same customers whose lingering payments cause your cash bottleneck.
The answer to your problems is invoice financing. An commercial factoring company will give you cash for those creditworthy invoices and allow your business to track down the same business that your competition has been keeping from you. A good invoice factoring company will level the playing field for you and make sure that your company can be just as successful as any other medical transportation company in the area.
Start Factoring Receivables Today And Watch Your Business Grow
The challenge for your medical transportation company is to provide the daily operating cash you need to take on new clients with confidence and grow your business. Medical transportation factoring will solve your cash flow issuesfor you and allow you to take on that business which has been there for the taking all along.
A strong cash flow is critical in the medical transportation business because it allows you to maintain a reliable level of service. In your industry, a company's reputation can open or close the doors to success. When you work with a medical transportation factoring company to repair your cash flow issues, then your dependability goes up and your great reputation starts to open all of those doors to success that you never thought possible in the past.