Archive for September, 2011

Ongoing Nurse Staffing Payroll Funding Process

Tuesday, September 27th, 2011

Most factoring firms can establish a new account in as little as three business days. But what happens after that? When nurse staffing agencies choose to work with a factor that understands their business model, the daily funding procedures are just as easy as the approval process.

The day-to-day nurse staffing payroll funding process works like this:

Staff Nurses & Send out Invoices
The beginning of the nurse staffing payroll funding process is not so different from your normal staffing procedures. You staff your nurses at a medical facility, collect your employees’ time sheets, and issue invoices to the facility. The only change at this stage of the process is the remittance address. Most nurse staffing payroll funding firms ask that their remittance information be printed directly on the invoice.

Send Information to the Funder
After you send your invoices and timesheets to your customer, those invoices are officially eligible for sale. So the next step is to send a copy of those invoices and their corresponding timesheets to your payroll funder. Typically, nurse staffing agencies send these items to a payroll funder via fax or email.

Click here to read more about the Ongoing Nursing Staffing Payroll Funding Process.

Retired Nurses Help Ease Staffing Crunch

Thursday, September 22nd, 2011

We’ve been blogging for years about the nurse shortage and how medical staffing agencies have various opportunities to capitalize on the staffing crisis. There was an interesting article on Health Leaders Media’s website that profiled MidMichigan Health, a nonprofit system based in Midland, MI, that started bringing back retired nurses to cover gaps in shifts.

Here is an excerpt from the article:

The health system found it had a cadre of retired nurses who didn’t want to entirely stop working, so it utilized the available talent to fill gaps in schedules, work on special projects, and generally improve the staffing situation across the whole system.

“We had a lot of retirees that took a retirement package we offered as a cost saving measure,” says Tonia VanWieren, BSN, RN, director maternity unit/pediatrics, nursing office/shift administrator, MyTimeSelect/system staffing. “Then they wanted to come back to work because of the economy and different things in their lives.”

Click here to read the entire article: Retired Nurses Ease a Staffing Crunch, Bolster Budget

NAHC Welcomes Invoice Factoring Firm as a First-Time Exhibitor: PRN Funding to Give Away an iPad2

Wednesday, September 21st, 2011

PRN Funding, LLC is set to exhibit at the National Association for Home Care & Hospice’s 30th Annual Convention at the Mandalay Bay Resort and Casino next month. This is the first time the home care factoring firm will be exhibiting, and it’s excited to speak with private duty home care agency owners about the benefits of accounts receivable financing.

President, Phil Cohen, Marketing Manager, Nikki Flores, and Office Manager, Stephanie Chmielecki, will be in booth #1054 October 2-4 speaking with home care business owners about how they can turn their Medicaid receivables into cash immediately through private duty care invoice factoring.

In addition to learning about invoice funding options, all attendees are invited to stop by booth #1054 and enter PRN Funding’s drawing to win an iPad2. There are two ways to enter PRN Funding’s iPad2 raffle: (1) Bring the postcard that was mailed prior to the conference directly to the booth or (2) Fill out an entry form. On the last day of the conference, PRN Funding will announce the winner.

With years of experience in healthcare industry, PRN Funding has a precise understanding of the unique challenges within the private duty and home care industries. PRN Funding offers financial resources to these companies by purchasing their accounts receivable–a process known as ‘factoring’, which provides the cash needed to sustain and grow a healthcare business.

How Can Medical Staffing Payroll Factoring Help My Agency?

Tuesday, September 20th, 2011

Do you have a profitable medical staffing agency that is sometimes short on cash? Or are you thinking of starting a medical staffing agency and worried that you won’t have enough money to make payroll? If you answered yes to either of these questions, then you are not alone. Every medical staffing agency owner goes through cash flow challenges. Some find ways to overcome their cash flow problems, and some do not. If you want to be one of the medical staffing business owners that succeed, then you should keep view this video:

One of the most frustrating aspects of owning a medical staffing business is that healthcare providers oftentimes insist on extending payments beyond 45 days. In fact, it’s not uncommon for a large medical facility to cut checks 60 days or later after services have been rendered. Naturally, a consistent history of ‘staff now and get paid later’ can wreak havoc for any new or growing medical staffing company. In effect, it causes the agency to be invoice rich and cash poor, which means that a medical staffing agency has a lot of outstanding receivables and little cash in the bank to show for it.

Fortunately, there is an easy way for staffing agency owners to turn their receivables into cash – medical staffing payroll factoring. It’s is one of the most used and least talked about ways to finance a business. In essence, medical staffing payroll factoring is a financing tool that allows medical staffing agency owners to convert their invoices into cash immediately. Specifically, a medical staffing payroll factor purchases an agency’s invoices at a discount and offers an advance payment to the agency. When the invoices come due, the medical staffing payroll factor collects directly from the agency’s clients (account debtors), takes its fees and releases the balance back to the agency. Utilizing medical staffing payroll factoring can transform an invoice rich agency into a cash rich…

Click here to keep reading How Can Medical Staffing Payroll Factoring Help My Agency?

Fraud Allegations Surrounding Medical Billing Company: JJ&R to Pay Millions

Thursday, September 15th, 2011

The medical billing factoring and medical coding invoice funding specialists at PRN Funding came across an interesting article that we believe is important to share with our Medical Billing and Medical Coding readers. We summarized the article below. You can read the article in its entirety on HealthLeadersMedia.com, Ca Medical Biller to Pay $4.6M to Settle Fraud Allegations.

Federal prosecutors alleged that Janzen, Johnston & Rockwell Emergency Medicine Management Services Inc. inflated claims that it had coded on behalf of emergency room physicians in Louisiana and California, and as a result of the fraud allegations, JJ&R agreed to pay the federal government $4.6 million.

From approximately 2000 through 2007, JJ&R used a coding formula that tended to generate claims for a marginally higher level of evaluation and management service than physicians had actually provided. In addition, JJ&R allegedly often failed to comply with Medicare’s coding rules governing claims for teaching physicians, resulting in claims that were not properly payable.

NYSE Primed for Receivables Market

Tuesday, September 13th, 2011

The New York Stock Exchange announced some of its plans to get involved with accounts receivable factoring industry earlier this week.

Specifically, the NYSE hired Paul DeDomenico, previously chief executive of GE Capital’s working capital solutions group to head up the exchange group’s corporate receivables program. In addition, the NYSE took a minority stake in The Receivables Exchange.

The two moves, which come amid a fierce political debate over bank lending to small-and-midsize businesses, could provide an advantage to the NYSE in its battle with competitors over share listings, by allowing the Big Board operator to offer a broader suite of services to companies that choose to list with it. And the moves provide an entry point to a market in receivables estimated by the companies at $17 trillion in size domestically.

Click here for the entire article: NYSE Euronext Bulks Up In Market for Receivables.

Small Business Owners: Pawn Shop is Alternative to Bank

Tuesday, September 6th, 2011

CnnMoney.com posted a very interesting article last month, which described how business owners are starting to turn to pawn shops for fast cash when they are unable to qualify for a bank loan.

The pawing process is similar to a bank loan, in that an entrepreneur brings in an item of value (i.e. gold or jewelry) to a pawn shop and gets a loan based on the value of the item. Also like a bank loan, the business owner is charged interest. Once the loan is repaid, the business owner can take the item back. But if the owner cannot pay the pawn shop back, the store keeps the item, and tries to recover the loaned amount by selling the item.

According to a salesman at a pawn shop in Florida, the number one reason business owners are turning to pawn shops is to meet payroll. The loans come with a hefty price–one shop charges 6% per month–But for business owners that don’t have enough liquid capital to pay their employees, it’s worth the price.

Another alternative financing solution which is eve more affordable than pawning is accounts receivable factoring, in which a business owner can sell his/her invoices to a factor and receive cash the same day he/she invoices.

Read the entire article: Pawning Rolexes to Make Payroll.