Medical practices are one of many industries feeling the harsh effects of the “great resignation”, including sudden staffing shortages, particularly in the field of nursing.
Though there are many things medical practices can do to not only hire new staff, but to retain them as well, overcoming staffing shortages often requires an investment of working capital. Merchant cash advances (MCAs) are an ideal source of medical practice funding for those looking to boost cash flow in order to hire and retain qualified staff.
In our latest post for Physician’s Practice, we take a closer look at how merchant cash advances can be used to attract new hires and retain existing staff, including:
- Offering overtime
- Upskilling existing staff
- Hiring new staff
- Offering higher wages and better benefits
- Providing flexibility to new and existing employees
- Investing in technology to help you automate and reduce staffing needs
- Working with a staffing agency
- Offering employee referral bonuses