Archive for April, 2012

Temporary Staffing Industry is Booming

Friday, April 27th, 2012

According to the federal Bureau of Labor Statistics, changes in the “temporary help services” category typically prefaces similar changes in non-farm payrolls around 5 months later, and since hitting its lowest point in August 2009, temp jobs have been on a steady incline.

In fact, according to the American Staffing Association, US staffing firms employed 2.8 million temporary and contract employees per day in 2011, which is up 8% since 2010. Moreover, the Bloomberg US Employment Services Index (made up of 17 staffing and recruiting firms) has increased by 15%. Additionally, the temporary staffing industry’s sales was $98.3 billion in 2011, which was 12.4% more than 2010 sales.

Richard Wahlquist , president and CEO of the American Staffing Association, recently said: “Companies no longer look upon temporaries as a gap measure. Now, the largest companies have a specific model of how much of their work force is going to be temporary.”

It’s important to keep in mind that as these agencies continue to grow, the need for staffing payroll factoring will also increase.

Click here to read the entire article: Temp Agencies Signal Economy’s Health, Direction.

Aging Workforce is Straining Social Security

Tuesday, April 24th, 2012

Did you happen to see the Associated Press article on Monday entitled: Aging workforce strains Social Security, Medicare?

If not, the healthcare factoring specialists at PRN Funding summarized the startling findings below:

Social Security and Medicare, the government’s two largest benefit programs, are in worse shape than previously thought due to the increasing aging population and the slow-rebounding economy. Moreover, Medicare is in the worst shape because of rising health insurance costs.

The predictions from last year was that the Medicare hospital insurance fund for seniors would run out of money in 2024, and Social Security’s retirement fund would run out in 2038, with the disability fund running out of money by 2018.

The latest projections from March indicate that the disability fund would run out of money two years earlier in 2016.

New Medical Billing and Coding Professional Association

Friday, April 20th, 2012

The APMBA (Association of Professional Medical Billers and Administrators) officially opened this week, and they’re accepting memberships to the organization.

What’s more, the new association is offering ½ off the Platinum and Gold memberships until 05/31/2012.

    1. Platinum Membership: $199.00 covers 1 year membership benefits including the CMBA and CMBA-D exam.
    2. Gold Membership: $159.00 covers 1 year membership benefits includes the CMBA exam
    3. Silver Membership: $99.00 membership only does not cover exam (not eligible for ½ off discount)
    4. CMBA-Certified Medical Billing Administrator
    5. CMBA (D) – Certified Medical Billing Administrator (DME)

      Find out more details here.

      8 Simple Communications Tips for Factoring Brokers

      Thursday, April 19th, 2012

      PRN Funding truly values the relationships that we have with our factoring brokers because they are so passionate about finding the best funding source for their clients. Yet, we’ve seen plenty of cash flow consultants who struggle with communicating with current and potential factoring customers. The invoice funding specialists put together a few pointers to help our factoring brokers focus and get the word out about your cash flow  business and PRN’s healthcare factoring services,

      • Figure out how much time you intend to dedicate toward honing your communications skills
      • Decide how much money you are willing to invest into communications
      • Start with a list of who your current customers (Current customers are your best customers!)
      • Begin a second list of who you want to have as new customers (Hint: Start with ones that are similar to your current customer-base.)
      • Ask you current customers how they prefer to communicate (i.e. phone, email, text, social media networks, etc.)
      • Use the same communications channels that you current customer prefer to speak to potential clients.
      • Ask for feedback on your messaging efforts and fine-tune where applicable

      Sounds simple enough, right?

      Huge Need for HIT Workers in Texas

      Thursday, April 12th, 2012

      Did anyone see Lisa Brzezicki’s recent post on Advance Perspective’s blog: Survey Reveals Lack of HIT Workers in the Lone Star State?

      She discussed the results of a recent Texas Health Information Technology Employer Needs Assessment Report conducted by done by the Department of Health Information Management at Texas State University-San Marcos.

      The report’s main findings: There will be a much greater need for health information technology (HIT) workers in Texas than previously anticipated.

      Here’s what Lisa had to say about the report:

      It is projected that Texas will need an additional 10,000 HIT workers for the state’s $103.6 billion healthcare industry by 2013. This gap is much larger than the original estimation that Texas would require an additional 3,500 HIT workers between 2010 and 2015. The results from this survey have shown the original 3,500 figure to be grossly under-estimated.

      Led by Susan H. Fenton, PhD, the survey was conducted as part of a contract with the Texas Workforce Commission, with funding for the project coming from the governor’s office through a Wagner-Peyser grant. The study data was accumulated by conducting HIT employer focus groups across the state and through a statewide HIT employer survey.

      The HIT Employer Needs Assessment has demonstrated that Texas providers (clinics and hospitals) are conservatively estimated to need 9,500 HIT employees between now and 2013. Non-providers (HER vendors and consultants) reported needing an additional 500 HIT employees by 2013, so it is conservatively estimated that Texas will need an additional 10,000 HIT workers by 2013.

      According to the report detailing the study, results indicate that the current Texas HIT workforce is insufficient to meet the needs. This gap will only grow and the quality of care for Texas citizens will suffer if action is not taken. Bridging this gap will require a collaborative effort between employers, educational providers, public organizations and others to develop and implement a plan of action.

      To read the full text of the report, go to www.health.txstate.edu/him/TxHIT-workforce/news/contentParagraph/03/document/TexasHITEmployerNeedsAssessment_RELEASED_03302012.pdf

      CDIA (formerly MTIA) Closing its Doors

      Monday, April 9th, 2012

      Did any of our medical transcription invoice factoring blog readers see the letter that the board members of the Clinical Documentation Industry Association posted on their web site?

      If not, here’s a copy of what’s on the site’s home page:

      Dear CDIA Members and Supporters,

      The Clinical Documentation Industry Association (CDIA) has weathered many financial challenges over the past few years from the significant contraction in the marketplace and overall unhealthy economic conditions. In response, we rebranded the association to expand our reach beyond medical transcription, editing, voice, and speech recognition to encompass every touch point in the clinical documentation continuum. Our flagship event, the CDIA Annual Conference, had broadened the educational program to bring together these complementary audiences.

      Unfortunately, the external factors have become too strong for the association to overcome and this is why we are writing to you today. On behalf of the CDIA Board of Directors, we regret to inform you that the association is closing and the annual conference planned for April 2012 in Baltimore, MD has been cancelled.

      This has been a very difficult decision that the Board did not take lightly. The association’s finances could no longer sustain the organization to serve the members and support the annual conference. Over the next several weeks, CDIA representatives will be winding down the association and information will be sent regarding recent payments made to the association.

      Thank you for your support of CDIA and participation in the association. We encourage you to continue to promote the spirit of CDIA’s mission, values, and advocacy platform as you continue your involvement in other associations, including the Health Story Project (www.healthstory.com) and AHDI (www.ahdionline.org).

      Sincerely,

      The Clinical Documentation Industry Association

      The medical transcription invoice funding specialists asked the president of PRN Funding, Phil Cohen, what his thoughts were on the CDIA’s closing, and this is what he had to say:

      First and foremost, on a personal level, I’m saddened by the announcement. I’ve either exhibited or attended the annual CDIA show since 1992! However, I don’t believe that the association’s closing is any indication that the medical transcription (or clinical documentation industry) is hurting. Rather, it just shows how the amount of mergers and acquisitions have been affecting the industry. To date, there are fewer smaller MTSOs in the industry and there are also fewer large players in the industry. For an association to remain active, viable and financially sound, it needs more contributing members, not fewer.

      QUESTION: What are your thoughts on CDIA’s closing?

      How Was the 2012 AAPC Conference?

      Thursday, April 5th, 2012

      Sharlene George wrote an informative blog post on the 2012 AAPC Conference. She interviewed a couple of attendees to get the “inside scoop,” and this is what she found out:

      Donna Williams, CPC, CPMA, of the Chesapeake, Va., chapter, who was attending her second national conference, had this to say:

      “This was one of the best conferences I have attended. It was well organized.” Ms Williams also mentioned that her favorite session overall was “Understanding Diabetes for ICD-9 and ICD-10” presented by Sheri Poe Bernard, CPC, CPC-H, CPC-P, CPC-I.

      Moreover, Myra Burk, CPC, CPC-H, from Rockford, Il., who was attending her first conference, loved the different educational choices and especially found it helpful to have payers involved as presenters and participants during sessions. Ms. Burk also attended and enjoyed the popular Anatomy Expo Wednesday where physicians from a variety of specialties provided an insider’s look at the anatomic and physiologic nuances of the human body.

      Sharlene mentioned that there were a couple of conference hiccups, but the overall consensus was that the 2012 AAPC Conference was a good one.

      Next year’s show will be in Orlando, FL from April 14-17.

      Click here to read Sharlene’s entire post: Attendees Conclude AAPC’s 2012 Conference Was Valuable.