Archive for December, 2009

PRN Funding’s December Funding’s Bulletin

Wednesday, December 30th, 2009

As many of The Factoring Blog’s readers already know, PRN Funding provides accounts receivable factoring to healthcare vendors such as temporary nurse staffing agencies, medical transcription services and medical billing and coding companies and most recently, private duty home care agencies.  By purchasing these companies’ invoices, PRN Funding provides the cash needed to sustain and grow a health care business.  We are pleased to announce some of our most recent fundings:

A Home Care Agency No Longer Has to Wait for the State to Pay
This Chicago-based home care agency owner had been staffing sitters and home care aides into peoples’ homes since the beginning of the year, getting paid routinely in every two weeks by the state of Illinois. However, as the fourth quarter approached, she watched her receivables age out.

Worried that the lag in her payments would eventually start affecting her ability to meet payroll, the agency owner Googled “home care factoring,” and clicked on the first search result-PRN Funding’s home care factoring page. After ten minutes of perusing the site, the agency owner called 866.776.5407, and was immediately connected to a home care factoring specialist. Two weeks later at the beginning of the fourth quarter, the agency owner presented PRN Funding with the first batch of invoices and had funds deposited directly into her account within hours.

An Ohio Medical Billing Company Gains News Business
Until recently, this Columbus-based medical billing entrepreneur had only been providing billing services for a handful of independent doctors in central Ohio. All it took was for one of those doctors to mention the medical billing vendor’s capabilities to an associate, and the billing company had the opportunity to sign on a medical clinic as a new client. He was ecstatic about the new business opportunity; however, there was one major problem. In order to win the business, he agreed to sign a contract with 45-day payment terms. The medical billing business owner knew he could float payroll for a month, but having to wait those last two weeks to get a check was going to make it very difficult for him to pay his employees on time.

Later that day, while paging through a current billing and coding journal, he came across an ad for a funding company that works specifically with medical billing and coding companies. The entrepreneur visited www.prnfunding.com and determined that medical billing factoring was truly the solution to his forthcoming cash flow problem. He filled out an online application, and within a week, PRN Funding had purchased his first invoice to the medical clinic.

Nurse Staffing Agency Switches Factoring Firms
Unhappy with her current funder because it didn’t know very much about the nurse staffing industry, this nurse staffing agency owner from Tennessee was researching factoring firms when she came across PRN Funding’s web site. She was pleased when she found out that PRN Funding had been factoring nurse staffing invoices for over 10 years, so she called the same day to learn more.

Within the twenty minute conversation, the agency owner found out that PRN Funding was already very familiar with the hospitals where she was currently staffing. Because of their nurse staffing expertise, PRN Funding was also able to advise the agency owner not to sign on with a particular facility because it had a record of paying 60 days beyond term. Floored by PRN Funding’s expertise, the agency owner decided to fill out an application that day.

Eight business days later, PRN Funding had completed the buyout process, communicated the remittance changes to the agency’s clients and purchased the first batch of invoices.
Click here for more information on PRN Funding’s accounts receivable factoring services.

Receivables Exchange Adopts New Trading Platform

Tuesday, December 29th, 2009

The Receivables Exchange, a newcomer to the factoring industry, announced the launch of their new trading platform delivered through the Ariba Network.

The world’s first online marketplace for real-time accounts receivable trading transactions, The Receivables Exchange is best suited for companies who are looking for a one-time factoring transaction instead of an ongoing factoring relationship.

The Receivables Exchange anticipates much more growth now that the the Ariba Network trading platform is integrated into its web site.

Click here for the official press release: The Receivables Exchange, Ariba Deliver Powerful Receivables Financing Tool.

First Comprehensive Treastise on Factoring Law Now Available

Monday, December 21st, 2009

Last week, BNA Books announced a new publication: American Factoring Law, the first comprehensive treatise on factoring law in America. According to the BNA Books’ press release,  the new book offers a practical analysis and extensive annotations of the legal and business issues faced by factors, their clients, account debtors, guarantors, third-party lenders, and taxation authorities.

American Factoring Law is authored by David B. Tatge (shareholder of Epstein, Becker and Green, P.C.), David Flaxman (General Counsel of Rosenthal & Rosenthal, Inc.) and Jeremy B. Tatge (Customer Service Representative for Brown Brothers Harriman & Co.).

American Factoring Law is available on bnabooks.com for a 10% discount.

Click here to read the entire PRNewswire press release: BNA Books’ Announces “American Factoring Law”.

Medical Transcription Competition Heats Up in 2009

Thursday, December 17th, 2009

As a follow up to the 2008 Medical Transcription Vendor Study,  KLAS  released a new report, “Transcription Services: Steady Demand in a Volatile Market” this month. The study’s overall findings point to a heightened level of competition among medical transcription vendors in 2009.

KLAS’ director of financial and services research and author of the new report, Graham Triggs, said: “Sixty-two percent of respondents in this study have switched MTSOs at least once – suggesting that every vendor is vulnerable if performance starts to wane.”

Transcend was ranked #1 in 2008, but the outsourced transcription vendor dropped to fifth place in 2009. Webmedx and Precyse Solutions took the top two spots, followed by Encompass and TransTech.

Factoring medical transcription invoices presents a great opportunity for MTSOs to gain a competitive edge in the MT industry because they can offer extended payment terms to their customers and still have enough cash on-hand to meet payroll.

Click here to read more on the report: KLAS-Medical transcription market is volatile.

LA Times Puts Temp Agencies Under Fire

Monday, December 14th, 2009

Did anyone see the December 6th article in LA Times entitled: Temp firms a magnet for unfit nurses?

Journalists, Tracy Weber and Charles Ornstein painted temporary nurse staffing agencies in a very bad light in the investigative article. The article focused primarily on nurse staffing firms who have been skimping on background checks and staffing unfit nurses.

During a time when hospitals and nursing homes are scrambling to fill staffing gaps, they’re relying on temp agencies more so than in the past. Now, more than ever, temp agency owners need to be taking the proper steps to screen their employees prior to hiring.

Another option which wasn’t as popular when it first came out is for nurse staffing agencies to become Joint Certified.

Q: What is your agency doing to remain competitive and trustworthy in the marketplace?

Flu Season Presents Opportunities for Medical Temp Agencies

Wednesday, December 9th, 2009

It’s normal this time of year for flu-related absences to pop up in the workplace. Add in the recent H1N1 outbreak , and employers across the nation are sure to suffer even more employee absences. Add in the rush of the holiday season, and the stage is set. Medical facilities especially will need to find ways to fill the staffing gaps.

Supplying allied health professionals and/or temporary nurses to hospitals, nursing homes and medical clinics now is a great way for small medical staffing agencies to get their foot in the door. Savvy business owners will take advantage of this opportunity.

What’s more…Agency owners who utilize nurse staffing factoring can rest easy if their clients take longer to pay during the fourth quarter. Factoring medical staffing invoices gives agency owners cash upfront so they have enough liquid capital to meet payroll and pay taxes.

Click here to learn more about medical staffing invoice factoring.

New CEO for AHIMA

Thursday, December 3rd, 2009

According to AdvanceWeb.com, Alan F. Dowling, PhD was recently appointed as the new CEO of the American Health Information Management Association (AHIMA). He will assume his new role on January 13, 2010.

This statement was release in the official press announcement:

“Dr. Dowling has a deep understanding of the complexity of issues facing our association, our members and our industry, as a whole. His experience in the areas of health information and informatics, as well as healthcare delivery systems, gives him keen insights into what will be vital to the next decade of health information management and technology,” AHIMA board president Vera Rulon said.  “He is the ideal person for the job ahead.”

Click here to read the entire press release: Dr. Alan F. Dowling Names AHIMA’s Next Chief Executive Officer.