PRN Funding's Booth at 2010 NPDA

Last week, PRN Funding traveled to Philadelphia, PA for the 2010 National Private Duty Association’s (NPDA) Conference.

It was the first time that PRN Funding was invited to exhibit at the Conference, and overall, it was a huge success for the private duty factoring agency.

Members of the PRN Funding team had the opportunity to speak with a number of home care agency owners, and explain the benefits of factoring Medicaid and other state agency receivables.

In addition, the private duty invoice funding experts donated a Flip Camcorder as a door prize, and the lucky winner was Antonio Del Valle of
Focus Home Healthcare. PRN Funding also held an in-booth drawing for a iPod Shuffle. The winner was Steve Rakoczy of Liberty In Home Care.

PRN Funding looks forward to exhibiting at the 2011 NPDA show next March in Las Vegas, NV.

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!

By integrating new technology into its Web site, PRN Funding, LLC has made it even easier for healthcare factoring prospects to communicate with the firm over the web.Specifically, users now have the option to Chat Live via Meebo and have their questions about invoice funding answered in real-time by one of PRN Funding’s factoring specialists.

For those who feel more comfortable asking questions over the phone, a new short form was added to the web site, in which users can fill in their name and number, and a factoring specialist will call within 15 minutes. These two new web communication outlets are available on every page of PRN Funding’s Web site during business hours. In addition, the invoice funding firm also added quick-link buttons to various Social Media outlets where the company is active. Social media icons are now conveniently located on the bottom of every page for those users who are interested in communicating with PRN Funding via The Factoring Blog, YouTube, LinkedIn, and Twitter.

Click here to read the official press release: PRN Funding Introduces Real-Time Web Communication.

In an press release issued this week, Spheris announced that it has agreed for MedQuist and CBay, Inc. to purchase Spheris’ assets under Section 363 of the U.S. Bankruptcy code. According to the official Spheris press release, “The company expects its operations to continue as usual during the restructuring process. Spheris India, a subsidiary of the Company, will be part of the prospective transaction but will not file for bankruptcy.”

This news generated some questions from the medical transcription factoring specialists at PRN Funding–Namely, if this agreement goes through from a national perspective, is it beginning of a monopoly in the transcription industry?

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.