Archive for December, 2011

Meet the Founder of PRN Funding

Thursday, December 29th, 2011

Philip Cohen is the founder and President of PRN Funding, LLC. PRN Funding is an extraordinarily focused niche player in healthcare funding. With years of experience in the healthcare industry, PRN Funding exclusively factors the accounts receivable of temporary nurse staffing agencies, medical transcription services, medical coding companies, medical staffing companies, private duty care agencies and any other type of business who sells goods or provides services to healthcare institutions.

Prior to founding PRN Funding, Mr. Cohen spent a decade responsible for corporate joint ventures, strategic alliances and growth initiatives in the medical transcription industry. As Vice President of Corporate Development for Medical Records Corporation, he initiated and finalized numerous acquisitions, including six medical transcription service companies.

Mr. Cohen coordinated Medical Records Corporation’s merger with Medifax/SecrePhone, which resulted in The MRC Group. Upon merger completion, he assumed the role of Senior Vice President/General Manager. In addition to his corporate development responsibilities, Mr. Cohen guided the successful launch and ongoing operation of PowerScribe, the leading product in the integration of speech recognition and medical transcription.

Click here to continue reading Philip Cohen’s Biography.

Accounts Receivable Factoring: Funding Solution for Medical Coding Companies

Monday, December 26th, 2011

Even though there are signs that the economy is on the rebound, it’s still tough for small businesses to find financing. Banks remain steadfast on their lending criteria and credit card companies continue to raise interest rates and decrease credit limits. So how can medical coding companies weather the economic downswing if traditional funding sources don’t let up on their credit restrictions? The answer is simple – medical coding factoring.

Factoring, also known as invoice funding, is the process of converting a company’s receivables into cash by selling outstanding invoices to a ‘factor’ for a discount. Invoice funding is particularly useful to medical coding companies because many of their customers expect prompt delivery of coding services, while extending their payment terms. Selling its invoices to a factoring firm allows a medical coding company to increase their cash flow without acquiring debt.

Medical Coding Invoice Funding Provides Immediate Access to Working Capital
Medical coding companies provide coding on a daily basis; however, they typically don’t receive payment for those services until weeks after the work has been completed. Waiting to be paid makes it harder for these businesses to meet their financial obligations in a timely manner. Selling medical coding invoices to a factoring firm is a speedy solution to fill the cash flow gap. For starters, the factoring application process is quick and easy. In most cases, a factoring firm only needs to review a current invoice aging report and an executed application to get the process started. Once approved, medical coding companies can receive cash within hours of selling invoices.

Medical Coding Factoring Helps Build Business Credit
One of the best things about factoring is that it’s not the same as a small business loan. Because of this, there is no debt, and there are no monthly payments to ‘muddy up’ the company’s balance sheet…

Click here to read more about medical coding invoice funding as a financing solution.

Elderly Patients Hit Hardest By Nurse Shortage

Tuesday, December 20th, 2011

The nurse staffing invoice funding experts at PRN Funding recently came across a blog entry by Brooke Stafford (a nursing practitioner student and also writes for Family Nurse Practitioner Degrees) that we wanted to share with our nurse staffing industry readers.

Ms. Stafford wrote about Five Ways the Nursing Shortage is Affecting the Elderly, which we condensed below:

  1. Too many patients – Because there are fewer nurses to go around, they often take on more patients than they can effectively handle.
  2. More mistakes – If your nurse doesn’t know one patient from the next, it can be easy to confuse treatments, drugs, and more.
  3. More falls – While in a health care facility, falling is one of the most common ways seniors injure themselves.
  4. Quicker discharge – Ever feel as if you’re being rushed out of a hospital or other health care facility? The nursing shortage might be to blame.
  5. Quality drop – This is perhaps the most dangerous way the nursing shortage is affecting the elderly.

Private Duty Today Posts About Social Media Usage

Tuesday, December 13th, 2011

The Private Duty Today blog had an interesting post about social medial usage in the private duty home care sector. The private duty home care factoring specialists wanted to share some of the surveys findings with our readers, such as:

When the survey participants were asked How Important is Social Media to Your Future Success?, they responded:

46.8% – Yet to Be Determined
34.2% – Critical
12.7% – Important
6.3% – Not Important

What type of social media marketing as your company used?

88% – Company web site

63% – Facebook
48% eMail Newsletters
36% Twitter
35% Blog

Check out all of the results on Private Duty Today’s Blog Post: Social Media Marketing in Private Duty Home Care.

An Uncertain Future for Medical Transcription?

Wednesday, December 7th, 2011

The medical transcription factoring specialists at PRN Funding came across a piece of research that we believe is important to share with our Medical Transcription Industry readers.

While the medical transcription invoice funding experts at PRN Funding don’t necessarily agree with all of the conclusions of the cover story, it is thought provoking and definitely an issue that all MTSOs are addressing in the present and in the near future.

Click here to read the article: An Uncertain Future.

As an aside, the results of the study referenced in the article are a “must read” for every MTSO.  AHDI provided a good synopsis of Speech Recognition Errors here: Speech Recognition  Error Rate 800% Greater Than Transcribed Dictation.

Nurse Shortage Declines – Study Reveals More Entering the Profession

Wednesday, December 7th, 2011

After hearing countless reports about the worldwide nursing shortage, researchers at RAND Corporation say the trend is reversing. Specifically, the number of women in their early 20s who became registered nurses increased by 62 percent from 2002 to 2009. Combined with the fact that registered nurses today tend to enter training at older ages than a generation ago, these new entering cohorts are projected to become the largest group of nurses ever observed, according to researchers from the RAND Corporation, Vanderbilt University and Dartmouth College.

The study’s lead author and economist, David Auerbach was quoted in the official press announcement: “The spike we’ve seen in young women becoming registered nurses is dramatic. If the trend continues, it will help to ease some of the concerns about future nursing shortages.”

Researchers say there are several reasons that interest in nursing has surged. Several major initiatives were launched to increase interest in nursing careers. Meanwhile, nurse training programs expanded enrollment and created innovative efforts that allows some people to get training on an accelerated schedule.

In addition, the economic downturn and a continued decline in manufacturing jobs has reduced many of the career opportunities that had attracted young people who otherwise might choose nursing.

Click here to read the official announcement: More Young People Are Becoming Nurses; Trend May Help Ease Future Nursing Shortage.

Special Holiday Offer for Factoring Brokers

Thursday, December 1st, 2011

Invoice Factoring Brokers–Did you hear about this great promotion that PRN Funding is running for the month of December? The healthcare factoring firm is giving away leads for free! Check out the details of this factoring broker promo below:

We know it’s hard to find prospective factoring leads, so in the spirit of the holidays, PRN Funding is giving away leads–Absolutely FREE!

Send Nikki Flores (nflores@prnfunding.com) an email with your city and state and she will personally send you THREE factoring leads in your area!

P.S. Don’t wait too long – This offer is only good for the month of December!