How a Healthcare Business Saved £10,000 and Streamlined Cash Flow with Selective Invoice Finance 

Overview – 

A healthcare staffing business that supplies nurses and care workers had been trading successfully for six years. Like many businesses in the sector, it faced significant cash flow challenges due to the gap between weekly payroll obligations and client payment terms of 30 to 60 days. The business initially turned to invoice finance to bridge this gap but found its existing facility expensive and restrictive, leading them to seek a more cost-effective solution. 

The Problem –  

The company relied on invoice finance to pay its agency staff on a weekly basis while waiting for payments from clients. However, their existing invoice finance provider only funded a limited portion of their invoices. Additionally, they were being charged a minimum fee for underutilizing the facility. This made the arrangement costly and unsuitable for the business’s needs. Looking for a better solution, the owner turned to us. 

The Solution –  

During an initial consultation, our team took the time to understand the company’s challenges and financial requirements. One of our brokers suggested switching to selective invoice finance, a more flexible and cost-effective option. Unlike traditional invoice finance, selective invoice finance allows businesses to choose specific invoices to fund without incurring minimum usage fees. This meant the business could avoid overpaying for unused facility limits. 

The Outcome –  

• The transition process from traditional to selective invoice finance was made simple and efficient and put into place within one week. 
• The Best Finance Group compared rates and terms from several selective invoice finance providers, ensuring the best fit for the business. 
• The business has saved over £10,000, by eliminating minimum fees and selecting which invoices they want to fund, reducing unnecessary costs. 
• The business now has cash flow stability whereby weekly payroll obligations were met seamlessly, ensuring uninterrupted service delivery to clients. 

If you would like to discuss the different invoice finance options available to you, please click the online quote button or call us on 02921 900000.