Case Study 7 – factoring for medical reports
Factoring for Medical Reports
Factoring and invoice discounting enquiries continue to increase and some of them have been more unusual than normal including the following:-
We were approached by a company supplying medical reports to solicitors in support of accident claims etc. They had a tight cash flow as the solicitors didn’t want to pay their accounts until the cases had been heard in court and that could take up to 18 months.
Normally factoring companies will only finance an invoice for four months or in exceptional cases 6 months but we were able to source a facility with one of the major names that incorporated the benefit of 12 months credit and this will give the company sufficient funding to allow them to expand sales significantly.
Two months later we were able to repeat the exercise for another company in the same area of business