2011 will go down in history as the year the big banks stopped lending to small businesses. On the other hand, 2011 will also be remembered as the year alternative lenders came to the forefront of the small business financing industry. Specifically, Credit Unions, Community Development Financial Institutions (CDFIs), Micro Lenders and Accounts Receivable Factoring Firms all said YES to the majority of their small business financing applications while most larger banks repeatedly said NO.

Although a home health care agency owner could be approved for financing by any of the alternative lenders listed above, the best alternative financing option for them is to work with a home health care factor, and here’s why:

Home Health Care Factoring Creates Positive Cash Flow
Some Medicaid waiver programs can take up to a month to reimburse a home health care agency for its pre-approved non-medical in-home services. This lag in payments makes it difficult for new or growing home health care agencies to be able to meet payroll and other financial obligations. However, when home health agency owners sell their Medicaid receivables to a home health care funding firm, funds can be directly deposited into their bank account within hours. Instead of waiting weeks or months, factoring your home health care business gives business owners immediate access to cash…

Click here to continue reading more reasons why home health care agencies should use a factoring.

Las Vegas, NV-PRN Funding, LLC is excited to speak with private duty home care agency owners about factoring at the 7th Annual Private Duty Home Care Leadership Summit & Exposition at the Bellagio in Las Vegas.

Marketing Manager, Nikki Flores will be in booth #303 January 23-25 speaking with private duty home care business owners about how they can turn their receivables into cash immediately through private duty home care invoice factoring.

In addition to learning about invoice funding options, all attendees are invited to stop by booth #303 and enter our drawing to win a $100 Amazon gift card.

Click here to read the official press release: Private Duty Home Care Association Invites Factoring Firm as a First-Time Exhibitor.

Curious about PRN Funding’s healthcare factoring services?

Check out our 2012 Trade Show schedule. We’d love to see you if you’re planning on attending any of the shows below:

The nurse staffing invoice funding experts at PRN Funding recently came across a blog entry by Brooke Stafford (a nursing practitioner student and also writes for Family Nurse Practitioner Degrees) that we wanted to share with our nurse staffing industry readers.

Ms. Stafford wrote about Five Ways the Nursing Shortage is Affecting the Elderly, which we condensed below:

1. Too many patients - Because there are fewer nurses to go around, they often take on more patients than they can effectively handle.
2. More mistakes - If your nurse doesn’t know one patient from the next, it can be easy to confuse treatments, drugs, and more.
3. More falls - While in a health care facility, falling is one of the most common ways seniors injure themselves.
4. Quicker discharge - Ever feel as if you’re being rushed out of a hospital or other health care facility? The nursing shortage might be to blame.
5. Quality drop - This is perhaps the most dangerous way the nursing shortage is affecting the elderly.

The Private Duty Today blog had an interesting post about social medial usage in the private duty home care sector. The private duty home care factoring specialists wanted to share some of the surveys findings with our readers, such as:

When the survey participants were asked How Important is Social Media to Your Future Success?, they responded:

46.8% - Yet to Be Determined
34.2% - Critical
12.7% - Important
6.3% - Not Important

What type of social media marketing as your company used?

88% - Company web site

63% - Facebook
48% eMail Newsletters
36% Twitter
35% Blog

Check out all of the results on Private Duty Today’s Blog Post: Social Media Marketing in Private Duty Home Care.

After hearing countless reports about the worldwide nursing shortage, researchers at RAND Corporation say the trend is reversing. Specifically, the number of women in their early 20s who became registered nurses increased by 62 percent from 2002 to 2009. Combined with the fact that registered nurses today tend to enter training at older ages than a generation ago, these new entering cohorts are projected to become the largest group of nurses ever observed, according to researchers from the RAND Corporation, Vanderbilt University and Dartmouth College.

The study’s lead author and economist, David Auerbach was quoted in the official press announcement: “The spike we’ve seen in young women becoming registered nurses is dramatic. If the trend continues, it will help to ease some of the concerns about future nursing shortages.”

Researchers say there are several reasons that interest in nursing has surged. Several major initiatives were launched to increase interest in nursing careers. Meanwhile, nurse training programs expanded enrollment and created innovative efforts that allows some people to get training on an accelerated schedule.

In addition, the economic downturn and a continued decline in manufacturing jobs has reduced many of the career opportunities that had attracted young people who otherwise might choose nursing.

Click here to read the official announcement: More Young People Are Becoming Nurses; Trend May Help Ease Future Nursing Shortage.

Las Vegas, NV-PRN Funding, LLC has been invited to exhibit at Decision Health’s 14th Annual Private Duty National Conference & Expo at the Caesars Palace Las Vegas Hotel & Casino November 2-4.

Conference attendees will have the opportunity to speak with the company’s President, Phil Cohen, and Marketing Manager, Nikki Flores, during exhibit hours. Non-medical home care agencies are invited to stop by booth #103 to learn how they can turn their Medicaid receivables into cash immediately through home care invoice factoring.

In addition to learning about invoice funding options, all attendees are invited to stop by booth #103 and enter PRN Funding’s drawing to win an Amazon Kindle Fire. The winner will be announced at the Networking Reception on Thursday, November 3^rd from 5:15 – 6:15 p.m. Winners must be present at the reception to claim their prize.

With years of experience in healthcare industry, PRN Funding has a precise understanding of the unique challenges within the private duty and home care industries. PRN Funding offers financial resources to these companies by purchasing their accounts receivable–a process known as ‘factoring’, which provides the cash needed to sustain and grow a healthcare business.

Last week, PRN Funding had the opportunity to exhibit at the National Association for Home Care and Hospice’s 2011 Conference for the first time, and we have a lot of mixed feelings and opinions about it.

From an exhibitor’s point of view, the show was slightly disappointing because out of a projected 1500 conference attendees, we only got to meet 350 of them!

However, those who stopped by had the opportunity to learn more about PRN Funding’s home care factoring services, and they were able to enter PRN’s iPad2 giveaway.

Special congrats goes to Cheryl from Apple Home Health Care who was the lucky winner!

Now we’re gearing up for Decision Health’s 14th Annual Private Duty Conference at the Bellagio Casino in Las Vegas next month!

Question: What did you think about the 2011 NAHC Conference?

PRN Funding’s private duty care invoice funding program offers:

1. More Readily Available Cash: Funds are electronically deposited directly into your bank account within hours of verification that  private duty services have been performed.
2. Flexible Private Duty Invoice Funding Choices: PRN Funding offers all of our private duty nursing clients the freedom to factor when they want, how they want, whom they want and for however long they want.
3. Private Duty Industry Expertise: PRN Funding has spent the better part of a decade in the healthcare services industry, and we have designed our private duty account receivable funding program specifically to meet the unique challenges faced by those who provide nursing and companion services in patients’ homes and bill Medicaid or other state-funded agencies for those services.  

Want to learn more? See our private duty care factoring process to learn how PRN Funding can benefit your business.

Do you own a home healthcare agency? Does waiting to be paid by Medicaid affect your ability to meet payroll and pay taxes on a timely basis? Do you have to wait too long to receive payments from a state agency for your non-medical home care services? Are you thinking of starting up a home care agency but you need to secure ongoing funding before doing so?

If you answered YES to any of the questions above, then PRN Funding’s home care factoring program is the solution to your agency’s funding needs. Through the purchase of your home care accounts receivables–a process known as factoring–your business can grow, without compromising your present obligations to payroll, taxes and vendor invoices.

Want to learn more? Click here to read about the benefits of home care factoring.