A glance at the Paperwork

A standard bill rate is a good idea to start with as it provides a threshold from where you can begin reducing your rates during a negotiation, if necessary.

Equally important is to determine well ahead of time what the accounts receivables’ payment schedule would be. Cashflow is a huge problem in the healthcare staffing agency and when figuring out how each of the clients would be paying is crucial for your payroll. There might be times when you will have to secure funding through a factoring company to get rid of any payroll issues, particularly when dealing with clients that pay over and above Net 60.

When covering night and swing shifts, your billing rate is ought to be higher. This should be a standard part of your contract because everyone in the healthcare staffing industry charges more to provide coverage for swing and night shifts as compared to day shifts.

Weekend night shifts are also charged higher than the weekend day shifts.

For a start-up healthcare staffing agency, managing paperwork and the invoices is relatively easy. If you are running a one-person operation with a single contract, then there is no need to get your hands on a sophisticated piece of software. However, with growth come heaps of documentation and the effective management becomes much harder if done manually.

If you have plans to expand your start up into something bigger, then you will have to consider purchasing industry specific software to meet your organization’s needs.

In agencies with two or more contracts and numerous employees, the amount of paperwork involved requires a full-time employee to look after the documentation.

Paperwork can be divided into two distinct categories: Clients & Candidates. Each of the categories is itself quite diverse, with its own sets of needs and assessments.

The clients, for instance, have to be billed while the candidates have to be paid on time. In order to balance each category properly, one has to use software that can deliver accounts payable, accounts receivable, payroll distribution, and benefits information.

Before you venture into starting your own healthcare staffing agency, you need to know that you cannot skip paperwork in anyway whatsoever. You need to learn how to handle and properly organize everything.