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When a staffing service does not have a comprehensive grasp of the industry it works in, then mistakes can happen. A staffing agency has to be careful because it walks in two separate parts of the corporate world and it needs to be an expert on both. First, the staffing agency has to understand the challenges and needs in regards to its place in the staffing world. Secondly, the staffing agency must also be well aware of the needs and changes in the industry that it supplies. Without a comprehensive knowledge of both industries, a staffing agency will be unable to compete and remain profitable.
Nurse staffing agencies are required to understand the intricacies of working within the competitive staffing world, and they also must understand the very details of the nursing world. When a healthcare client comes to a nurse placement agency for help, that agency needs to be able to analyze the client's needs and provide the proper kind of professional staffing. Allowing a nurse that does not meet the explicit needs of the client to fill a client's staffing order could become a problem for the client, the staffing agency and the patients as well.
Registered Nurses Fall Into Many Categories
Placing Registered Nurses (RNs) into temporary or long-term staffing positions is a very complicated and difficult job. For one thing, RNs are not the only kinds of nurses looking for work and that can make the job even more difficult for the staffing agency. RNs are formally educated nurses with years of field experience and all of the training needed to fill a variety of high-profile positions. A licensed practicing nurse (LPN) is often mistaken by people outside the industry for an RN, but they are hardly the same thing. A placement agency trying to find the right match for a client must never mistake a qualified LPN for an RN.
Once the proper status for the nurse has been established, the next step is to find RNs with specific experience in the discipline that the customer requires. For example, not every RN has the kind of surgical experience necessary to assist a qualified surgeon. Lives hang in the balance when a surgeon is working on a patient, and having an RN without surgical experience in the operating room can be a disaster. Just because a healthcare professional went through the process of becoming a registered nurse does not automatically mean that the professional is an able assistant in an operating room.
Finding Healthcare Clients Is Not As Easy As It Seems
In the healthcare world, there may be a shortage of nursing professionals, but that does not automatically mean that every nurse placement firm is successful. The lack of truly qualified RNs means that the placement agencies are all competing to contract the same talent to the same healthcare providers. In order to overcome this serious disadvantage, the proactive staffing company develops effective marketing methods and also pays very close attention to the salary trends for RNs in the area. Finding the clients is one thing, but having RNs under contract to do the work is quite another.
To help their cause and expand their business, many nurse staffing firms are expanding their operations and looking for more organizations that could use their services. Oil exploration companies, school districts and large corporations all have nurses on staff. By utilizing some creative marketing techniques and persistent sales methods, the proactive staffing company can find ways to put good RNs into situations where they are needed which are outside the normal customer options. It is work like this that keeps staffing companies in business, but it is also very expensive work and can be risky if it doesn't pan out.
The Financial Strains On An RN Placement Firm Are Strong
Business for nurse placement firms that work almost exclusively with RNs can move very fast. Without the proper cash flow in place to fund all of the ongoing operations, the placement firm can start to fall behind the competition. As was mentioned, there is also a lot of risk in the ventures that these companies use to find new clients. If those risks do not pan out, then all of the money that was invested in them is lost forever. The roster of clients that a staffing company has always consists of the long-term clients and the clients that utilize the services once in a while. A varied client roster always means a challenging aging report.
When a nurse staffing company checks out its aging report, it will see the past due invoices that can slow cash flow, and that slows down the company's ability to remain productive. The nurse staffing industry does not wait for companies to catch up. Healthcare organizations and other clients that require nursing services have needs that must be filled immediately. The lack of RNs available makes those needs challenging. But the presence of a slowed cash flow can make everything an RN placement firm does difficult. That is why every nurse placement firm needs to understand the power of invoice factoring.
Invoice Factoring Stabilizes Cash Flow And Strengthens The Company's Cash Position
An RN placement firm cannot offer competitive salaries without a strong cash flow. The firm cannot have a strong cash flow without revenue from its outstanding invoices. Invoice factoring takes those outstanding invoices to creditworthy clients and turns them into cash. 1st Commercial Credit is a global invoice factoring leader that has years of experience working with nurse staffing firms. We understand the challenges that go along with trying to create opportunities for RNs, and we have the kind of flexible funding plans you need to take marketing risks and offer the most competitive salaries.