Last week, BusinessWeek published an article entitled: Health-Care Bill Surprise: 1099 Nightmare, and we thought the small business owners who read The Factoring Blog should be aware of its contents.

In essence, the article says: Small business owners should be aware of page 737 of the recently-approved healthcare reform bill, as it contains a three-paragraph provision, inserted by Democrats on the Senate Finance Committee to help offset the cost of the bill. In a nutshell, this insertion requires companies to report to the IRS payments of more than $600 a year to any vendor. The intent is noble: to capture $2 billion or more a year in taxes on income that currently goes unreported by contractors and small businesses.

Business advocates fear that the new rule will create a massive paperwork headache for small businesses because come 2012, the new rule will expand 1099-MISC reporting to include payments to companies, and for goods as well as services.

Read more here: Health-Care Bill Surprise: 1099 Nightmare.

Did anyone see Vanessa Best’s article in the July issue of BC Advantage? In the article, How to Jumpstart a Successful Medical Billing Business (page 31-32), Vanessa lists 10 steps to to start a medical billing and consulting business:

1. Choose a business type.
2. Choose the name.
3. Develop a business plan.
4. Learn about your market.
5. Keep abreast of the medical field.
6. Get reasonably priced software from vendors listed with the BBB.
7. Develop your marketing strategy.
8. Launch your marketing campaign.
9. Establish how much your time is worth and set fees for service.
10. Put it in writing!

Although the medical billing invoice funding specialists agree with everything on Vanessa’s list, we thought medical billers and medical billing consultants should add one more thing to the list.

Team up with a medical billing factor. Most medical billing companies and medical billing consultants have to wait weeks to be paid for their billing services. Imagine a world where you sent an invoice to a physician, and you got paid on the same day. PRN Funding’s medical billing factoring program is designed to do just that!

Check out our medical billing factoring web page for more details.

Even though Jacksonville, FL was not one of the more desirable cities for a medical coding conference, the 2010 AAPC Conference ended up being a good one for PRN Funding.

Phil Cohen (PRN Funding’s owner), Vera Pereskokova (Account Manager) and Nikki Flores (Marketing Manager) had the pleasure of speaking with a number of medical coding business owners and medical coding consultants during the show. All of them showed a great interest in PRN Funding’s medical billing factoring services as well as our medical coding invoice funding program.

Congratulations to Lori H. of Compass Coding Services, who was the lucky winner of our iPod Shuffle and $50 iTunes gift card drawing!

Last week, the American Academy of Professional Coders (AAPC) announced that it hired a new Vice President of Practice Management. Daniel Schwebach has more than nine years of experience in the healthcare industry, and his new duties include: developing and and strategically implementing AAPC’s new practice management initiatives.

According to the official press release: “Prior to joining AAPC, Schwebach was a manager with PricewaterhouseCoopers LLP, were he specialized in operational and strategic consulting for ambulatory services.”

Click here to read the entire press release: AAPC Hires VP of Practice Management.

Jacksonville, FL-PRN Funding will be exhibiting in booth #111 at the 2010 AAPC Conference, and the crew is excited to talk to medical coding business owners and medical coding consultants about the benefits of medical coding invoice factoring.

In addition, AAPC Conference attendees are encouraged to stop by booth #111 June 7-9 to enter for a chance to win an iPod Shuffle and $50 iTunes gift card.

Click here to read the official press release: PRN Funding Talks Medical Coding Factoring.

Due to the recent flooding in Nashville, AAPC’s National Conference has been moved to Jacksonville, Florida. The conference dates, times and educational sessions will remain the same. PRN Funding will still be exhibiting in booth #111 at the upcoming medical coding trade show.

For those who registered prior to the move, here is information to help with the transition:

Help for Nashville AAPC Conference Registrants

The American Academy of Professional Coders (AAPC) chose Lori Hendrix, CPC, CPC-H, CIRCC, CPC-I as the 2009 Networker of the Year.

According to the February 15th edition of For the Record Magazine, AAPC’s Networker of the Year Award recognizes an AAPC member “who represents the higher standards of coding set by the organization and who shares the benefits of being a member with fellow coders.”

Hendrix responded to AAPC’s recent membership drive, Drive to 100K, and started referring colleagues to become active AAPC members. As a result of her hard work, she was named Networker of the Year for the second time (her first was in 2003).

Have a question about invoice funding that hasn’t already been addressed on The Factoring Blog? Mosey on over to PRN Funding’s Web site, where healthcare business owners and cash flow factoring professionals can find a wealth of information.

PRN Funding’s president, Phil Cohen, has been busy writing various articles about factoring over the last few months. Have you been keeping up? Check out the Factoring Industry News section of our web site for his most recent contributions.

Choose from article topics like…

1. Comparing Bank Loans to AR Factoring
2. Top Five Reasons to Factor
3. Factoring Fees Defined
4. Ways to Secure Funding in a Bad Economy
5. Benefits of Home Care Factoring

Happy browsing!

Did anyone happen to catch the article: The Disposable Worker in BusinessWeek last month? If not, don’t fret, the invoice factoring specialists from PRN Funding took the time to summarize some of the interesting article’s main points below:

These brutal economic times has prompted more companies to use temporary workforces. Utilizing temporary employees gives these companies the ability to add and let go employees quickly and easily, relieving them of any kind of fixed costs. Their approach has created an era of disposable workers that will cause lasting damage.

“Older people who lose their jobs are often forced into premature retirement, while the careers of younger people are stunted by their early detachment from the working world.” Through their actions, many employers are laying the groundwork for employees to become alienated and dispirited.

Moreover, there’s a new trend in upper management, in which bosses are no longer rewarded fpr the number of people they supervise. Rather, they are rewarded for short-term profit performance obtained with less staff.

In addition, the article explained how offshoring has increased during the recession. Economists believe that most jobs shipped overseas will remain offshore even when things start improving in order to help companies continue to keep costs down.

The article referred to the European temporary market model as a way to improve conditions in the U.S. At least in Europe, part-timers and temporary workers receive government health insurance and are required to receive wages and benefits comparable to permanent employees.

Phil Cohen, president of PRN Funding, LLC, was recently featured as a guest writer for a popular medical billing and coding web site.

He previously wrote a two-part series explaining how medical coding companies can improve their cash flow by factoring their receivables. Mr. Cohen discussed the things to look for when choosing a medical coding factoring company.

This time, Mr. Cohen wrote specifically how medical billing companies can benefit from selling their invoices to a factoring firm. In a nutshell, instead of waiting up to 90 days for reimbursement, medical billing factoring provides business owners immediate cash.

Check out the article here: Medical Billing Companies Can Increase Their Cash Flow Through Factoring.