According to its web site, AHDI and MTIA recently announced that the first set of documents for its compliance and ethical best practices program is now available for sale. This  first set of documents includes  sample HIPAA policies and procedures and a sample business associate agreement,pursuant to the new HIPAA regulations, which will be customizable for your business.

The entire manual (with a list price of $4000) will include the following:

* Best Practices Checklist
* Statement of Ethical Best Practices
* AHDI Code of Ethics
* MTIA Code of Ethics
* Best Practices in Operations
* Best Practices in Billing
* Best Practices in Compensation
* Best Practices in Marketing and Solicitation
* Employee vs. Independent Contractor Guidelines
* Exempt vs. Non-Exempt Guidelines
* Production Location Transparency Guidelines
* Sample Non-Solicitation & Non-Compete Agreement
* Best Practices in Legal and Regulatory Compliance
* Sample HIPAA Policies and Procedures
* Sample Business Associate Agreement
* Guidelines for Establishing a HIPAA-Compliant Home-Based Office
* U.S. 50-State Data Privacy Survey

Click here to learn more about the Healthcare Documentation Ethical Best Practices Manual.

The world leading software provider, SAP, recently published an Executive Insight entitled: Managing Cash Flow in Times of Crisis - Solutions for Improving Cash and Liquidity Management. The factoring specialists at PRN Funding wanted to share some of the more pertinent parts of the paper with The Factoring Blog’s readership. For your convenience, we’ve included a summary below:

In all, the article stressed three main points in order to maintain a healthy bottom line during difficult credit times:

1. Ensure healthy cash flows.
   SAC advised business owners to check their customers’ credit prior to doing business, and then to continually monitor the credit throughout the relationship. Moreover, SAC also explained how important it is for business owners to stay on top of outstanding invoices, making it a priority to follow-up on disputes and general collections.

   The healthcare factoring specialists at PRN Funding provide extensive debtor credit reviews as part of our services. In addition, each of our clients is assigned to one account manager who handles the collections process and follows-up on aging invoices.

2. Gain greater viability into the sources and uses of your cash.
   SAP recommended that business owners wrap their arms around the “entire financial value chain.” In a nutshell, SAP recommended that owners have a firm grasp on the inflows and outflows of their company’s cash. Make note of certain times when receivables start to age  a little more or when business orders jump. The preparation will help you forecast for the future.

   The account managers at PRN Funding actively monitor the strength of their clients’ business operations, holding upper-level management meetings monthly to discuss trends. Any information that is uncovered during those meetings is also brought to the client’s attention.

3. Increase control over cash on hand.
   SAP’s advice at this level is for business owners to gain real-time visibility. SAP stressed how important it is to be able to monitor cash flow levels on a daily basis.

   PRN Funding’s factoring specialists helps in this area as well, providing secure access to real-time reporting system via our company’s web site. PRN Funding’s healthcare factoring clients have the ability to log-in and run reports 24/7/365.

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.

There was an interesting article that appeared in yesterday’s Wall Street Journal entitled: Asset-Based Lending Grows in Popularity. The reporter shared statistics that demonstrated how much more small businesses have been leaning on asset-based lending and invoice factoring in the down economy.

The reporter wrote: “Many small businesses that seek asset-based loans are distressed companies, or have spotty of short track records. Lenders tend to specialize in specific industries or lines of business, with an understanding of the particular collateral at stake.”

This is especially true of PRN Funding’s factoring services, as we only factor healthcare vendors who sell goods or provide services to healthcare facilities. PRN prides itself in understanding the various industries we serve: medical staffing, medical transcription, medical coding, private duty home care, etc.

Since Health Decision’s Annual Private Duty National Conference and Expo in Las Vegas was such an exciting show for PRN Funding, the private duty factoring firm announces that it will also be exhibiting at the National Private Duty Association’s 2010 Conference in March.

President, Phil Cohen, and Marketing Manager, Nikki Flores, will be talking with home care business owners in the exhibit hall at the Sheraton Philadelphia City Center Hotel March 10-11. In addition to discussing the benefits of home care factoring, business owners are invited to stop by the booth and enter for a chance to win a Flip Mino camcorder or an iPod Shuffle.

Click here to read the official press release about PRN Funding Exhibiting at NPDA.

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.

According to a post that appeared on Staffing Industry Analysts North American Daily News, “Symbio Solutions, which operates a healthcare vendor management system, filed for Chapter 11 bankruptcy protection last week.”

Proceeds from the sale will go to 100-plus creditors, however, creditors that are entitled to receive funds may not get 100% of what is owed.

Plans call for an auction of the company later this month, and for the sale to close in February, Shifflette said.

Interesting enough, the post reported that Symbio first  ran into payment difficulties last summer after an issue rose with its former factoring company, Sun Capital.

Click here to read the entire post: VMS files bankruptcy, plans sale.

According to data taken from the National Bankruptcy Research Center and printed in the Wall Street Journal, personal bankruptcy filings hit 1.41 million in 2009, which was a 32% increase since 2008.

Analysts blame  job losses and the crumbling housing market. In the past, people who earned $40,000-$80,000 were the ones filing for bankruptcy, but the poor economy has pushed people earning as much as $300,000 annually to file.

The article even highlighted an entrepreneur, who had to file bankruptcy when his contracting business started going down hill. Unfortunately, for business owners whose personal credit is less-than-perfect, securing a credit line via a bank has become extremely difficult in these times.

However, factoring firms are still able to look past a personal bankruptcy  because a factor is mainly concerned with the creditworthiness of a business owner’s customers. It’s important for business owners to keep invoice factoring in mind if and when their traditional lenders cut back.

Click here to read the entire WSJ article: Personal Bankruptcy Filing Rise Fast.

Advance for Health Information Professionals published their annual HIM professionals’ salary survey results in the December Issue (pages 12-15). For the convenience of The Factoring Blog’s HIM readership, we’ve included some of the more pertinent findings below:

• 90% of respondents are full-time HIM professionals (up from 88% in 2008)
• 64% of those who responded to the survey are employed as a HIM director, coder, MT or cancer registrar
• Only 19% of respondents indicated that they were working more than 45 hours/week
• 46% said their salary had NOT increased from 2008
• 8% said their salary actually DECREASED from 2008