Archive for June, 2010

Calling MTIA Members – Host Congressional Visits

Tuesday, June 29th, 2010

According to MTIA’s blog, the medical transcription organization is “encouraging its members’ companies to continue efforts initiated during the Advocacy Summit in strengthening and building relationships with members of Congress in local and regional locations over the summer. These meetings, or constituent coffees, provide a rare opportunity to interact directly with elected officials about the industry as well as discuss the important role MTs and MTSOs play in the healthcare community. Meetings can be held in company offices or in client locations to share the work we do in contributing to patient care delivery.

The Dewey Square Group has created Guidelines for Hosting a Regional Congressional Meeting to assist you with scheduling a local visit with your members of Congress.

If you have any further questions or would like assistance in getting started, please contact Andrew Wolf at awolf@ahdionline.org or Miranda Youkhaneh at myoukhaneh@ahdionline.org.”

Healthcare Reform – 1099 Nightmare for Small Businesses

Monday, June 28th, 2010

Last week, BusinessWeek published an article entitled: Health-Care Bill Surprise: 1099 Nightmare, and we thought the small business owners who read The Factoring Blog should be aware of its contents.

In essence, the article says: Small business owners should be aware of page 737 of the recently-approved healthcare reform bill, as it contains a three-paragraph provision, inserted by Democrats on the Senate Finance Committee to help offset the cost of the bill. In a nutshell, this insertion requires companies to report to the IRS payments of more than $600 a year to any vendor. The intent is noble: to capture $2 billion or more a year in taxes on income that currently goes unreported by contractors and small businesses.

Business advocates fear that the new rule will create a massive paperwork headache for small businesses because come 2012, the new rule will expand 1099-MISC reporting to include payments to companies, and for goods as well as services.

Read more here: Health-Care Bill Surprise: 1099 Nightmare.

Lingering Small Business Credit Crunch

Wednesday, June 23rd, 2010

Did anyone see the Wall Street Journal article: A Credit Crunch That Lingers earlier this week?

The reporter, Emily Maltby, wrote that even though the economy us “on the mend,” small business entrepreneurs are still struggling to land credit. She went on to discuss the myriad of explanations:

  1. Most of the government programs created to address the problem have been focusing primarily on Small Business Administration loans, which amount to just 10% of all small business lending.
  2. Some bankers claim that loan volumes are dwindling because the demand is down. These bankers say that business owners aren’t willing to take on more debt during these difficult times.
  3. Other bankers blame federal regulators for insisting that banks to be more prudent with lending.

Entrepreneurs are stuck in the middle of the finger-pointing debate with limited or no access to cash. Many of these small business owners are being forced to curtail their growth and hiring, which in turn, is slowing the nation’s recovery and keeping unemployment high.

The article highlighted Julio Valencia’s business, JTI Landing Systems because his somewhat new business has been turned down four times by larger banks. Exhausting his personal cash and retirement savings, Mr. Valencia struggles with cash flow, though not because of poor money management. Rather, his cash flow problems stem from slower-paying customers.

PRN Funding’s Take: Mr. Valencia and other small business owners who are struggling with poor cash flow should look into accounts receivable factoring as a lucrative alternative financing option.

2010 Small Business Credit Problems

Thursday, June 17th, 2010

The Gallup Organization conducted a survey in November-December 2009 for The National Federation of Independent Business Research Foundation (NFIB) of 751 small business employers (employing people 1-250) to help better understand the small business credit crisis.

Below are some of the survey’s key findings (as reported by The Secured Lender:

    1. 55% of small businesses attempted to borrow in 2009.
    2. 23% of those businesses were not able to have all of their credit needs met (which dropped significantly from earlier in the 2000s when up to 90% of businesses had their credit needs met).
    3. The financial institution extending a line of credit changed the terms/conditions of the line(s) during 2009 for 29% of small businesses.
    4. The most frequent “change” was increased interest rates for small businesses.
    5. The best predictors of success in meeting the credit needs were higher credit scores, customers of banks with less than $100 billion in assets, more properties collateralized for business purposes and fewer second mortgages held.
    6. Most common planned purpose of credit rejected was to fill cash flow needs. (SIDE NOTE: Payroll Funding and Invoice Factoring companies are used every day to fill cash flow needs.)

      How to Jumpstart a Successful Medical Billing Business

      Tuesday, June 15th, 2010

      Did anyone see Vanessa Best’s article in the July issue of BC Advantage? In the article, How to Jumpstart a Successful Medical Billing Business (page 31-32), Vanessa lists 10 steps to start a medical billing and consulting business:

      1. Choose a business type.
      2. Choose the name.
      3. Develop a business plan.
      4. Learn about your market.
      5. Keep abreast of the medical field.
      6. Get reasonably priced software from vendors listed with the BBB.
      7. Develop your marketing strategy.
      8. Launch your marketing campaign.
      9. Establish how much your time is worth and set fees for service.
      10. Put it in writing!

      Although the medical billing account receivable specialists agree with everything on Vanessa’s list, we thought medical billers and medical billing consultants should add one more thing to the list.

      Team up with a medical billing accounts receivable factor. Most medical billing companies and medical billing consultants have to wait weeks to be paid for their billing services. Imagine a world where you sent an invoice to a physician, and you got paid on the same day. PRN Funding’s medical billing account receivable program is designed to do just that!

      Check out our medical billing factoring web page for more details.

      2010 AAPC Conference Wrap-Up

      Thursday, June 10th, 2010

      Even though Jacksonville, FL was not one of the more desirable cities for a medical coding conference, the 2010 AAPC Conference ended up being a good one for PRN Funding.

      Phil Cohen (PRN Funding’s owner), Vera Pereskokova (Account Manager) and Nikki Flores (Marketing Manager) had the pleasure of speaking with a number of medical coding business owners and medical coding consultants during the show. All of them showed a great interest in PRN Funding’s medical billing factoring services as well as our medical coding invoice funding program.

      Congratulations to Lori H. of Compass Coding Services, who was the lucky winner of our iPod Shuffle and $50 iTunes gift card drawing!

      AAPC Adds New VP of Practice Management

      Friday, June 4th, 2010

      Last week, the American Academy of Professional Coders (AAPC) announced that it hired a new Vice President of Practice Management. Daniel Schwebach has more than nine years of experience in the healthcare industry, and his new duties include: developing and and strategically implementing AAPC’s new practice management initiatives.

      According to the official press release: “Prior to joining AAPC, Schwebach was a manager with PricewaterhouseCoopers LLP, were he specialized in operational and strategic consulting for ambulatory services.”

      Click here to read the entire press release: AAPC Hires VP of Practice Management.

      MTSOs Gain New Compliance Program

      Thursday, June 3rd, 2010

      Review of Systems-expanded (ROSe) recently announced that it has added an advanced-level program to its compliance training offering specifically designed for medical transcription service organizations (MTSOs).

      Developed by lead ROSe instructor, Brenda J. Hurley, CMT, ADHI-FL, the Advanced Compliance Course Training consists of four classes surround topics such as security risk assessments, policy development for reducing potential risks, and tips for business associate agreements.

      According to For the Record Magazine, the new course “offers MTSOs the ability to provide instruction to their medical transcription staff regarding the new compliance requirements and new security and privacy risks they will encounter in their daily work activities.

      There is special pricing available through June 30th. For more info, visit www.rosemtschool.com.

      PRN Funding to Exhibit at 2010 AAPC Show

      Tuesday, June 1st, 2010

      Jacksonville, FL-PRN Funding will be exhibiting in booth #111 at the 2010 AAPC Conference, and the crew is excited to talk to medical coding business owners and medical coding consultants about the benefits of medical coding invoice factoring.

      In addition, AAPC Conference attendees are encouraged to stop by booth #111 June 7-9 to enter for a chance to win an iPod Shuffle and $50 iTunes gift card.

      Click here to read the official press release: PRN Funding Talks Medical Coding Factoring.