Medical Transcription and EMRs: Opportunity Lost

Former CEO of the American Association for Medical Transcription (now known as the Association for Healthcare Documentation Integrity), Claudia Tessier wrote a very compelling piece for MRInstitute News concerning the ever changing landscape of medical transcription and electronic health records.

In her post, Medical Transcription and EMRs: Opportunity Lost, Tessier prefaced the article by stating that there are disparities among statistical information for the medical transcription industry because it’s an industry that “has neither routinely nor widely shared statistical information about its operations and finances…”  However, all of the numbers show that nationwide, the industry of medical transcription is huge, and it’s continuing to grow.

Tessier goes on to explain how both the medical transcription industry and EMR (Electronic Health Record) industry failed to acknowledge one another early on, which she feels was a grave error.  She writes “Had the transcription industry been willing and prepared early on to move toward integration with EMR and had the healthcare industry recognized the stimulus that medical transcription could bring to EMR adoption, they could have jointly benefited and advanced.”

She follows up with the question: Can medical transcription still stimulate the EMR market?  Tessier says yes and no–but as a whole, “the transcription industry and EMR vendors should ramp up their cooperation to create uniform integration.”

The remainder of Tessier’s article lists inherent concerns about the medical transcription industry from the point-of-view of healthcare providers, administrators and executives, and then she makes some practical suggestions for how the medical transcription industry could potentially alleviate those problems.

Click here to read the entire article: Medical Transcription and EMRs: Opportunity Lost.

Five Ways for Business Owners to Control Their Cash

A business simply cannot operate without a healthy cash flow, but credit crunches and tight lending regulations from banks can make it difficult for today’s business owner to maintain a steady cash flow.  Elizabeth Wilson of shared five ways for business owners to reduce their vulnerability:

1. Diversify your revenue stream. Staffing temp nurses in only one large nursing home or transcribing for only one big hospital is not ideal because if your only customer starts extending its payments, it will affect your cash flow immensely.  If you spread out your work among a couple of different clients, you will stand a better chance of balancing your cash flow if one of them starts to pay slower.  In other words, don’t put all of your eggs in one basket.

2. Cut back excess spending and protect your cash flow to meet payments. Stay on top of spending and collections patterns to be sure that the amount of cash coming in balances the amount that needs to go out.

3. Cut costs whenever possible. Work to negotiate better terms with the healthcare providers you are servicing.  Oftentimes, doctors offices are willing to make credit card payments as well.

4. Raise capital in innovative ways other than traditional banking. Healthcare vendors can and should take advantage of accounts receivable factoring to help them maintain a positive cash flow.  Selling their invoices to a factor provides cash immediately so business owners can make payroll and meet other financial obligations without having to wait to be paid.

5. If you have excess cash, you should be leveraging it. “If banks are tightening up their credit, use it to borrow what you need as collateral, and have it in capital investments you need to grow the busienss.  Having it in cash is useless unless you have disbursements on an ongoing basis,” founder of BUZGate, Deborah Osgood said. Gets New Look

As an advertiser on the MedicalCodingandBilling Web site, PRN Funding is happy to announce that the site has had a recent overall, offering even more to individuals considering a career in medical coding and/or medical billing.

The MedicalCodingandBilling Blog announced: “It has a brand new “face”, i.e. new template and its layout is much easier to navigate via the navigation panel near the top.”

PRN Funding supports because we offer both medical coding funding and medical billing factoring services.

2008 National Staffing Employee Week

This year the National Staffing Employee Week will be celebrated  September 15-21.  All across America, temporary medical staffing companies will join the rest of the nation’s supplemental staffing agencies in recognizing the contributions of America’s temporary and contract employees.

The American Staffing Association’s Web site offers a number of different ways to celebrate National Staffing Employee Week, including client thank-you stuffers, employee thank-you stuffers and recognition certificates for your temporary healthcare employees.

The ASA site also offers suggestions on how to spread the word in your community and local media outlets.

Click here for more information on the 2008 National Staffing Week or contact:

Reem El-Khatib
Public Relations Coordinator

Prescription for the Health Care Crisis

PRN Funding’s consultant liaison, Nikki Flores, had her article featured in September’s issue of Growing Wealth Magazine.

A Prescription for the Health Care Crisis discusses how the health care industry could benefit greatly from accounts receivable factoring, both on the facility side (hospitals, nursing homes, medical clinics) and on the vendor side (temporary nurse staffing agencies, medical transcription services and medical supply companies).

The article also gave brokers and cash flow consultant some advice on how to locate and market invoice factoring for temporary nurse staffing agencies.

Get your customers to pay you first

Experian is offering the complimentary webinar, Get Your Customers to Pay You First on Thursday, September 18 at 1pm EST.

The hour-long seminar will discuss new services for firms that want to encourage more timely payments and aid in commercial collection efforts. In addition, the webinar will discuss ways to reduce acquisition costs, more effectively prioritize collection efforts, and forge business relationships that improve both customer experience and bottom-line performance.

The Experian Webinar offers the following:

  • Motivate your customers to pay you before other creditors
  • Reward positive payment behavior and speed collection efforts
  • Grow marginal accounts into good accounts
  • Compare the way your customers pay you with the way they pay your competitors

If you are interested in this webinar, click here to register.

Southern Florida hit hardest in RN shortage

The Florida Center for Nursing published a report last month showing that Southern Florida is among the hardest hit when it comes to the national nurse shortage.  Currently, 16 percent of registered nurse jobs are vacant in the Florida-area, and the shortfall is projected to climb rapidly over the next decade.

Research director at the Florida Center for Nursing said these southern Florida facilities will rely heavily on shifting duties to nurses aides and hiring additional temporary nurses to help alleviate the problem.

Read the article: State nursing shortage needs urgent attention, group says in the South Florida for more information. (NOTE: The original article is no longer available online.)

PRN Funding Interviews on YouTube

As an accounts receivable factoring firm with a niche in funding nurse staffing agencies, medical transcription services, medical coding companies and medical billing companies, PRN Funding is heavily invested in internet marketing and web-based advertising.

PRN Funding has utilized ideas and suggestions from The Karcher Group’s (TKG) web design and web marketing services for over nine years to increase its internet reach.  In fact, starting The Factoring Blog was one of TKG’s suggestions, and look how much it’s grown since we first launched it just three months ago!

Check out PRN Funding’s YouTube Interview!

Click here to see TKG’s thoughts on PRN Funding.