Archive for April, 2008

Nonprofit Hospitals, Once for the Poor, Strike it Rich

Friday, April 25th, 2008

Did anyone read the article Nonprofit Hospitals, Once for the Poor, Strike it Rich on the front page of The Wall Street Journal’s April 4 edition? 

The article details how nonprofit hospitals are outperforming their for-profit rivals by utilizing tax breaks and being frugal with their required community care, also known as the “free treatment for poor patients that nonprofit hospitals are expected to provide in return for the deferal and state tax breaks they receive.”

Of the 3,400 hospitals in the United States, 2,033 are nonprofit hospitals.  77 percent of those nonprofit hospitals are operating in the black, while only 61 percent of for profit hospitals are profitable, according to data from the American Hospital Directory (AHD).

As to be expected, nonprofit hospitals are facing some scrutiny, and new IRS standards are set for 2009 which will require nonprofit hospitals to break out specifics of their community-benefit contributions.

Nonprofit hospitals are claiming a number of reasons why they are flourishing where their for-profit counterparts are not, namely:

Gradual increases in Medicare reimbursements since the 1990s
Demanding upfront payments from patients
Hiking list prices for procedures and services
Selling patients’ debts to collection companies
Focusing on expensive procedures
Issuing tax-exempt bonds and investing the proceeds in higher-yielding securities


Read the entire article by clicking here: Nonprofit Hospitals, Once for the Poor, Strike it Rich

 

How to Avoid a Loan Scam

Friday, April 25th, 2008

We came across a very interesting article in the BusinessWeek Insider entitled, Why Loan Scams are Increasing, and we thought our readers would be able to benefit from the tips included in the article about how to identify the warning signs of a loan scam.

Here’s one example taken from the article about how small business owners across the U.S. are being scammed:

“The advance fee loan scam targets small business owners looking for money to grow their businesses. Maybe they’re trying to get a construction loan, but they’ve been turned down by traditional lenders. Then a company draws them in and tells them they are going to qualify for a loan worth a couple hundred thousand dollars. They’ll say it’s your lucky day, and all you have to do is send some money to cover administrative costs, or taxes—they use any number of excuses.

Next, they ask for a wire transfer or a cashier’s check to cover these initial loan costs. Once the entrepreneur sends the money, many of the scammers simply disappear: Their phone gets disconnected and there’s no way to get a hold of them. Other times, the scammers manage to string their victim along for a couple of weeks, asking them to send more money to “complete the transaction.” They keep this going until the victim finally catches on, then they disappear.”

As a general precaution, the Better Business Bureau advises business owners to stay clear of any funding company who asks for fees upfront. (Rest assured that PRN Funding does not have any application fees, origination fees or due diligence fees.)

Click here to read the entire article: Why Loan Scams are Increasing.

AHDI-MTIA presents 3rd Annual Advocacy Summit during National Medical Transcription Week

Thursday, April 17th, 2008

AHDI-MTIA is putting on the third annual advocacy summit in Washington D.C. during National Medical Transcription Week this year (May 15-17). This major event has a history of attracting over 100 of the top leaders and movers and shakers of the medical transcription industry. So registering for the event is a surefire way to show your support of the rapidly changing role of the healthcare documentation specialist.

Click here to learn more about the third annual Advocacy Summit.

Click here to register for the Advocacy Summit.

Southern Florida Hospitals Offers Big Incentives to Nurses

Wednesday, April 16th, 2008

The nurse shortage is affecting everyone, and industry experts say that it will only get worse–Unless you are a nurse.

 

 

An article from MiamiHerald.com titled: “Where are the nurses?” describes how hospitals in southern Florida are offering BIG incentives in order to recruit and retain nurses during this shortage:

Baptist Health South Florida has been aggressively recruiting nurses from the Philippines, sponsors 10 students by partnering with the International University of Nursing in St. Kitts, and has paid out $11 million in nursing scholarships since 2002.  They also offer housing at below market prices to lure out-of-state nurses to come work at their facilities.

Mercy Hospital started offering nurses who are first-time homebuyers help with their down payments, providing employees between $5000-10,000 in assistance.  In addition, Mercy subsidizes a whopping 80 percent of a Metro or Tri-Rail pass for its employees.  
Memorial Hospital in the South Broward Hospital District offers a concierge services.  Employees can use the services to set up car washes, oil changes and repairs, dry cleaning, gift wrap, travel reservations, purchase gift cards or send someone to their house to wait for a repair man. 

Tenet’sWest Boca Medical Center offers sign-on bonuses which start at $2,000 and retention bonuses from $3,000 to $10,000 as well as bonus incentive programs.

Click here to read more about what southern Florida hospitals are offering their nurses.

Q: Does your nurse staffing agency offer any incentives for the nurse to stay with you rather than to work at the facility directly?

Locum Tenens Helps Avoid Career Burnout

Wednesday, April 9th, 2008

VISTA Staffing Solutions came out with a survey in January 2008 which gathered physicians’ opinions about the option of locum tenens.  Here are some of the surveys results:

70% of the respondents “agreed” or “strongly agreed” with the following statement, “Locum tenens can extend careers in medicine.”

53% “agreed” or “strongly agreed” that locum tenens can help doctors avoid burnout by giving them a feasible way to work part-time, make a transition or secure locum tenens coverage for their own practices.

82% of the respondents said that locum tenens is an attractive option for doctors who are considering semi-retirement.

58% of the surveyed doctors indicated that locum tenens would be a good option for physicians seeking to make a professional transition.

47% said working as a locum tenens after completing his/her residency training was also an attractive option.

Physicians aged 30-39 shared a strong preference to work partial or single days schedules, while doctors aged 40-49 preferred one-to-four week assignments, and physicians aged 50-59 agreed with the 40-49 age range in addition to an increasing interest in one-to-three month assignments.

Click here to read the press release: Locum Tenens Practice Option May Extend Careers in Medicine, Help Physicians Avoid Burnout.

Important for Nurses to Review The Nurse Practice Act

Tuesday, April 8th, 2008

Here’s an interesting post we found on indonesiannursing.com about The Nurse Practice Act, commonly referred to as “The Act.”

In it the author, Kevin Erickon, defines The Act as “a set of laws that govern specific aspects of the nursing profession..[it] claims to protect the public from an unsafe nurse by ensuring minimum levels of performance.”  It’s important for all nurses to stay up-to-date with the The Nurse Practice Act in their respective states so that they can be knowledgeable of the legal obligations associated with The Act.  Mr. Erickson goes on to say that most public libraries carry a copy of the stat statute book, but it’s important to make sure that you have the most updated version and/or any new amendments.

Where The Nurse Practice Act gets a little tricky is when it comes to travel nurses.  Because a nurse is bound by the Act of the state in which she is licensed as well as the state in which he/she is employed.  So it is very possible for a travel nurse to be disciplined in multiple states if an incident were to occur.

Click here to read the entire post: The Nurse Practice Act – A Closer Look

 

PRN Funding Heads to 2008 MTIA Conference

Tuesday, April 8th, 2008

Will you be attending the 2008 MTIA Conference this year? PRN Funding will be exhibiting in booth 305. If you are a medical transcription service owner, we encourage to stop by and introduce yourself.

PRN Funding’s president, Phil Cohen and account manager, Joanna Schafer, will be staffing the booth this year. They would be happy to discuss how factoring your accounts receivable with PRN Funding can help you grow your medical transcription service. We hope to see you there!

For more information, view our press release here: PRN Funding Prepares for 19th Annual MTIA Conference.

MTStars moves to new domain, GoMDT.com

Monday, April 7th, 2008

PRN Funding has been a strong supporter of MTStars.com, and we’ve followed them all the way to their brand new web site, www.GoMDT.com.

We encourage our readers to check out the new and improved site. Surf the forums, post an open position, browse some of the products available at the online store, or read up on the latest medical transcription industry news. You can even enter goMDT’s Spring Fling Giveaway and have a chance to win prizes, including a PRN Funding stadium blanket.