Cash Infusion Helps with Expansion and Lagging Billing Cycles
As a leading Clinical and Forensic psychologist, Dr. Linda Grounds specializes in the forensic psychological evaluations of individuals facing criminal charges in both state and federal court. She also maintains a small but active psychotherapy practice with late adolescents and adults. She has been in private practice in Portland, Oregon for over 25 years and conducts comprehensive psychological evaluations of individuals charged with serious crimes.
In her role as business owner she is not only supervising a team of psychologist residents and doctoral students but is also responsible for managing the case load, invoicing, and follow up required when working with both the state and federal governments. Beyond day-to-day management Linda was also looking to expand with an eye on growing the business both in volume and the variety of cases the business was qualified to take on. Pulled in so many different directions, she was searching for a flexible solution which would provide her the means to grow, in addition to addressing the delays in payment for completed cases.
“ Virtually all work done in criminal cases is funded by the state or federal government, and there is a significant lag time between working on the case and getting paid. ”
Currently the business’ forensic psychology team explores peer-reviewed literature and research on topics relevant to ongoing evaluations, including the most recently released studies. Dr. Grounds was looking to add to the team, bringing on a master level psychological assistant and additionally, invest in newer psychological testing materials. With the added personnel and materials, the business could take on more cases, as well as expand the types of cases the business could work on.
One of the biggest challenges Linda faced was the delay between taking a case on and receiving payment from either the state or federal government once the work was completed. In many cases Dr. Grounds is unable to submit the bill for work until the case had been completed, meaning it could be months between when the expense was realized by the business and when the paid invoice is deposited.
Looking for a way to both expand the business and keep a more consistent volume of working capital on hand, Dr. Grounds began investigating alternative financing as a solution to her business’ challenges.
Common Challenges for Small Businesses
Lag Time Issues in the Billing Cycle: Dr. Ground was experiencing delays which were affecting her ability to move forward with expansion plans. Many clients use funding from Reliant provides as a cushion, allowing them to continue with business as usual or get ahead without the stress of having to chase payment.
Missed Opportunities: The business was ready to take on new challenges and could identify opportunities it was missing out on due to a lack of capital on hand to invest. With Reliant Funding, when an opportunity presents itself you are often less than 48 hours away from having the cash your business needs.
Hiring the Right Employees: Dr. Ground wanted to expand her team with highly trained and qualified specialist, which meant investing in the hiring process and salary. Reliant Funding empowers business owners to use the cash where it makes the most sense – hiring, recruiting, training, it’s your business you know best.
“ Without question it was the way that Jeff dealt with me, fully explaining what my options looked like, his responsiveness to my questions and his ability to build a relationship with me. ”
Why Reliant Funding?
While Linda received many offers from different companies, for her, the most crucial aspect of choosing to work with Reliant Funding was the interaction she had with her account representative.
“ I don’t respond well to marketing gambits, I respond well to relationships, and my rep made it clear that he was about relationship building and was just completely reliable in his communication. ”
Every business has unique needs, and Reliant Funding products and services are customizable for all small business owners. Getting the funds from Reliant allowed Linda to have a buffer of funds in the bank when account receivables were delayed. The buffer allowed her to move forward and hire a new assistant to do some of the work which doesn’t require her time. Additionally, she was also able to purchase advanced psychological test instruments to be more competitive in the space. As a result, she has the potential to increase her revenue.
Since 2008, Reliant Funding has been helping American business owners access the capital they need to build and grow their businesses. Over the past ten years, we’ve been privileged enough to work with over 10,000 companies and have funded over one billion dollars. We know your business is unique, which is why we’ve developed the fastest, simplest and most flexible business funding solution available in the market today. Learn more about how we accomplish each below or apply now and see for yourself.
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