Archive for August, 2007

Illinois hospitals wait for government funding

Friday, August 31st, 2007

There’s another state besides California whose needy hospitals are caught in conflict waiting on the government to release funds.  Mercy Hospital & Medical Center and Norwegian-American Hospital are just two of the hospitals awaiting their share of $1.2 billion in funding caught up on state government infighting.  The longer these facilities wait for government payouts, the further they will have to stretch their payables to their temp nurse staffing, medical transcription and medical supply vendors.

Click here to read the entire article in the Chicago Tribune: With late state, hospitals wait; Needy facilities caught in conflict.  (NOTE: There is a short registration process to access this article online.)

Banks and Collateral

Friday, August 31st, 2007

All too often we have a prospective client interested in using PRN Funding’s factoring services, but their accounts receivable are already pledged as collateral for a line of credit with the company’s bank.  This type of situation throws a wrench in the factoring equation for a number of reasons.  We stumbled upon a blog that explained the details of this kind of situation, so we’ ve posted it for the benefit of our readers.

Click here to read the original post: Banks and Collateral or scroll down to learn more…

When we get an inquiry for invoice factoring we find this situation more times than you can imagine. An early stage company is just getting going and they need some extra cash to start out. Because the owners are unfamiliar with accounts receivable financing they instead go to their local bank and ask for a loan. Being an early stage company they don’t have historical profitability or real assets. What they usually have are personal assets, like home equity, or stocks to put in escrow, or even a well off friend or relative that will sign the loan as a “guarantor”.

Given enough personal credit or liquid equity the bank processes the loan request and gives its approval. Knowing not much is happening at the business, the lender is not making a credit decision based on the value of any business assets. When loan closing happens papers are slid across the table for the borrower to sign. Being happy to get a bank loan, the borrower signs away. But, there’s one particular item that could have significant ramifications to future success and capturing any additional commercial capital.

It’s called the UCC-1 financing statement. (read http://www.ccassociates.com/ucc1.html) Lenders as a normal course of business assign all the tangible assets of the company. What this means is, six months or a year later when the borrower is looking for more operating capital, they find out about a factoring company and ask to have their accounts receivables financed. Well the factor can’t because ownership of the accounts receivable are secured by the bank.

Access to capital has just become more complicated just by signing a form. The options are to pay off the bank, pay down a significant portion of the loan, or get the bank to simply “subordinate” the A/R which effectively releases their ownership of it. Also beware, leasing companies, suppliers that offer credit terms, previous owner financed loans, all of these potentially will secure your receivables as collateral. As the borrower you can negotiate the terms of the UCC. If there are no receivables when you get the loan, tell the bank to leave them out of the financing statement.

When securing commercial credit, ask about the UCC-1. Ask what collateral will be secured. If it’s not what you have agreed on, tell them before going to closing. That way you can still use invoice factoring as an option.

Number of Americans without health insurance in 2006

Tuesday, August 28th, 2007

The breaking news on ModernHealthcare.com for August 28 reads:

The number of people in the U.S. without health insurance coverage rose to 47 million in 2006, or 15.8% of the population, up from 44.8 million, or 15.3%, in 2005, according to the U.S. Census Bureau.


To read the entire article, visit modernhealthcare.com.


This surge in the uninsured continues to affect the healthcare cash crunch, causing the underpaid and slow-paid healthcare institutions to struggle to pay their vendors.

2007 ASA Seminar Preview: Negotiate a Competive Advantage and Grow Your Bottom Line

Monday, August 20th, 2007

PRN Funding, LLC will be exhibiting at the 2007 American Staffing Association (ASA) Conference in San Antonio, Texas in booth 324.  We’re excited to see some of our old friends and greet the many new faces that will be in attendance.  We’re also just as excited to learn about business trends in the overall staffing industry, particularly the medical staffing industry.  We received a brief preview of a seminar that we thought would be of particular interest to our current clients in an email from ASA last week entitled: .

 

Negotiate a Competitive Advantage and Grow Your Bottom Line

 

All of life is a negotiation. Are you a world class negotiator or just so-so?

 

For the most part, staffing industry growth slowed this year. So if the pie isn’t getting bigger, you need to grow your slice of it. Learning how to negotiate on value instead of price will help keep you ahead of the competition.

 

Many workshops at Staffing World 2007, Oct. 9–12 in San Antonio, will help you succeed in the year ahead. One of the most important will be Negotiation Boot Camp: How To Make Better Deals, with Ed Brodow.

 

When your clients are using clever new tactics for negotiating fees, margins, and indemnity clauses, do you have the confidence and diplomatic skills to get what you want while still leaving them with a sense of satisfaction? Register for Staffing World 2007 today and learn these critical skills.


Brodow, chief executive officer of Ed Brodow Seminars, best-selling author, and one of the nation’s most acclaimed and innovative experts on the art of negotiation, will share proven strategies used by successful negotiators for making deals and getting what you want out of life. You’ll learn how to negotiate staffing contracts and communicate more effectively with clients, suppliers, colleagues, and employees.

 

Brodow will discuss negotiating techniques he has developed for clients such as Microsoft, Goldman Sachs, Starbucks, Philip Morris, the Hartford, Johnson & Johnson, Hyatt, Revlon, Kimberly-Clark, and the Department of Defense.

 

Brodow is one of many top-notch experts who will be impressing Staffing World attendees. He is a nationally recognized television personality, and has appeared on PBS, Fox News, Inside Edition, Fortune Business Report (New York), and KRON-TV4 (San Francisco). His two-hour PBS negotiating special garnered rave reviews and his ideas have been showcased in the Washington Post, Los Angeles Times, Wall Street Journal, Entrepreneur, Men’s Health, Cosmopolitan, Professional Speaker, Smart Money, Readers Digest, and Selling Power. “Ed Brodow is the king of negotiators,” says Harvey Pitt, former chairman of the U.S. Securities and Exchange Commission.

 

Q: Will you be attending the 2007 ASA Conference in San Antonio? 

 

2007 AHDI Reno, NV Conference

Monday, August 20th, 2007

We’re back from the AHDI 29th Annual Conference that was held at the Grand Sierra Resort in Reno, NV! Held from August 15-17, the trade show proved to be a busy one for PRN Funding. We were able to connect with many medical transcription service owners (MTSOs) who were interested in learning more about PRN Funding’s accounts receivable factoring services.

Q: Did you attend the AHDI conference? What did you learn? Will you be attending next year in Orlando, FL?

AAPC Announces Two Conferences for 2008

Wednesday, August 8th, 2007

The August 8 edition of the BC Advantage e-newsletter reported that The American Academy of Professional Coders (AAPC) will host its 16th Annual Conference in two locations next year, one in Anaheim, CA and the other in Orlando, FL to accommodate the demand from its members and medical professionals nationwide.

 

Although both conferences are sure to pull a lot of attendees, PRN Funding will exhibit at the 2008 AAPC Orlando event.

 

Click here to read the entire press release: AAPC Hosts 16th Annual National Conference in Anaheim and Orlando in 2008.

 

Q: Will you be attending one of the AAPC meetings in 2008?

Californias Late State Budget will cause some hospitals to struggle

Tuesday, August 7th, 2007

After reading an article on SFGate.com on July 31 detailing how California’s late budget is affecting some of the state’s healthcare providers, we thought that it would be a good idea to share some excerpts with our readers written below.

Please click here to read the entire article: State budget struggle hobbles some hospitals. (NOTE: If you are not registered with SFGate.com, there’s a short form to complete before viewing the article.)

“Doctors Medial Center of San Pablo, already struggling with bankruptcy, got more bad news Monday when state officials announced that the hospital likely will not receive its Medi-Cal reimbursement payment this week because of the state’s late budget. The payment is part of an expected $227 million statewide reimbursement the state owes to hospitals, clinics, nursing homes and other institutions that provide care for an estimated 7 million elderly, disabled, low-income children enrolled in Medi-Cal..A total of $1.1 billion in payments, including Medi-Cal reimbursements, have not been made since July 1, according to the state controller’s office.”

In a nutshell, this article explains how even slower government payments will affect the cash flow of some California healthcare institutions. Certainly without a solid stream of cash coming into these facilities, they will be forced to start extending the terms with some of their vendors.

National Nurses in Business Association 2007 Conference

Tuesday, August 7th, 2007

NNBA 18th Annual Conference Details: October 20-21, Charlotte, NC

Four simultaneous pre-conference workshops: Oct. 19, Charlotte, NC


Early registration: Must be received one month before the conference (Sept.19).


$199 NNBA member


$300 Non-member


$99 Bring-a-friend: Each NNBA member attending may bring one friend for $99.


Note: Pre-conference sessions are not included in general registration


See pre-conference workshops


Caution: Membership is verified. Non-member purchases at the member price will not be processed until additional payment is received. (click here to purchase membership for $99 )

Late registration: Received within one month of conference Non-member $350 NNBA member $249 Bring-a-friend $149: Each NNBA member attending may bring one friend for $149.


October 19, 2007, four pre-conference seminars


See the four pre-conference workshops


October 20 and 21, 2007, two-day annual conference


Click here to see the conference agenda and speaker schedule


Special events:


* Nurses in Business Hall of Fame Induction Ceremony


* Evening networking reception Saturday October 20, 2007


Reserve your hotel room NOW. Group rate ends Sept. 18.


The group rate is $89 for Thursday, Friday, and Saturday (October 18, 19, and 20).


The rooms are limited and on a first come, first serve basis. When the rooms run out, the non-group rate can be as high as $230 depending on the demand.


Click here to reserve your room at the Sheraton Airport Hotel

3315 Scott Futrell Drive

Charlotte, North Carolina 28208

Phone: (800) 325-3535 or (704) 392-1200

Continuing education: The conference is approved for 12 hours of nursing continuing education. To receive the continuing education credit, there is an additional $15 charge that you will pay directly to the CE provider. Pick up a request form at the conference. The provider (recognized nationally) will mail you a certificate, maintain your records for five years, and replace certificates at no cost to you.


Provider approved by the California Board of Registered Nursing, BRN Provider number CEP-3285, for stated contact hours credit. CE credit is accepted in all states and for many national certifications; call 1-800-743-4006 for CE information.


Refunds: Full refund less $30 processing fee if notified SEVEN DAYS BEFORE the conference. No refunds or credits given after the conference.

Changes: Schedule and speakers subject to change. The NNBA reserves the right to cancel this conference. In the event of cancellation, all registration fees will be refunded in full. Please check with NNBA prior to booking your flights in case of changes.


Money back guarantee – If you are not satisfied, notify us at first break and we will refund your registration fee, no questions asked.