IVANS Study Shows EHR Adoption Growing

IVANS, Inc. a national health information exchange, announced in a press release earlier this week that Electronic Health Records (EHRs) and Electronic Medical Records (EMRs) usage is up. Specifically, the study announced that 42 percent of healthcare providers surveyed currently use either EHRs or EMRs systems, however, 39 percent have no plans yet to implement stage one of meaningful use. (Meaningful Use is defined as a provider using certified EHR technology in ways that can be measured significantly, according to The American Recovery and Reinvestment Act of 2009.)

The press release continued: ‘Stage one of meaningful use sets the baseline for electronic data capture and information sharing. The IVANS study demonstrates it is not enough to simply have an EHR or EMR system in place, but providers must be able to share and use the data in a meaningful manner, or they risk a possible reduction in their Medicare fees or could lose out on financial incentives.’

Additionally, attendees of HIMSS12 at the Venetian Sands Expo Center in Las Vegas, NV, February 20-24, 2012, who visit IVANS Booth #7101 can request a copy of the executive summary.

Click here to read the official press release: IVANS Study Finds EHR Adoption Growing.

CDIA 2012 – Keynote Speaker Announced

Dr. Scott Finley will speak on the “Data Wars: The Role of Expressive Documentation Under Meaningful Use” at Clinical Documentation Industry Association’s (CDIA) 2012 Conference which will be held in Baltimore, MD April 18-21.

Scott Finley, MD, MPH has been designing highly efficient clinical software applications for 25 years. He pioneered a speech-driven graphical user interface in the 1980s, and has developed a variety of innovations in user-centered clinical systems. He currently works on the Veterans Health Administration’s Electronic Health Record (EHR), and directs several government-funded Health IT contracts for Westat, including a project identifying EHR needs specific to children and one related to Clinical Decision Support.

Click here for more information on CDIA’s 2012 Conference Schedule.

LinkedIn is Best Social Network for Recruiters

Bullhom Reach released a new “Social Recruiting Activity Report,” which measured LinkedIn, Facebook, and Twitter’s frequency of usage by recruiters and their effectiveness for sourcing candidates. In a nutshell, the report showed that LinkedIn is the best social networking site for employers who are trying to recruit new employees. It’s not surprising to the medical staffing factoring specialists, whose Temporary Nurse Staffing Group on LinkedIn, is used frequently by recruiters looking for nurses.

Here are some other key findings:

  • Linkedin continues to grow at the fastest pace. (The average recruiter adds 18.5 LinkedIn connections each week, compared to 3.3 Twi.tter followers, 1.4 Facebook friends.)
  • LinkedIn drives more views per job than Twitter and Facebook, generating 3x the amount of views of Twitter and 6x the amount of Facebook.
  • Recruiters who post job apps on social media networks receive 9x more applicants than Facebook and 3x more than Twitter.
  • A Twitter follower is almost 3x more likely to apply for a job than a LinkedIn connection.
  • Each recruiter on LinkedIn has an average of 616 connections.

Click here to read more about how LinkedIn Blows Other Social Networks Out of the Water for Recruiting.

Factoring Broker February Deal – Refer a Client, Get an iPad2!

PRN Funding has an exciting offer to share with factoring brokers and cash flow consultants!

For the month of February, if you refer a factoring client* to PRN Funding, we’ll send you an iPad2!

Currently, PRN Funding is seeking factoring relationships with the following:

  • Medical Staffing Agencies
  • Medical Transcription Services
  • Medical Coding Companies
  • Nurse Staffing Companies
  • Allied Health Staffing Businesses
  • Outsourced Medical Billing Services
  • Home Care Agencies (billing Medicaid)

Contact Nikki Flores at 866-776-5407, ext. 104 for more details!

Hurry! The offer to receive an iPad2 ends March 1st.

*iPad2 will be shipped after approved client factors $100,000 in invoices.

AHDI is Now Accepting 2012 Integrity Awards Nominations

In support of AHDI’s professional programs, standards, and best practices, the Association for Healthcare Documentation Integrity conducts an annual awards program to acknowledge the significant contributions of its members and other individuals and organizations that have made an impact on the healthcare documentation sector and medical transcription industry over the previous year.

The following award categories address the areas of contribution that best align with AHDI’s strategic plan, goals, and objectives as an organization.

Member of the Year
Employer of the Year
Educator of the Year
Rising Star Award (Student Essay)
Excellence in Credentialing
Membership Impact
Innovation through Technology
Advocate of the Year

Nominate an individual or company today! Nomination deadline is April 30, 2012. Visit the Integrity Awards web page for complete details and specific nomination forms.

Factoring Brokers: Managing Cash Flow in Times of Uncertainty

From the housing market crisis to the infamous bank bail outs to the most recent elections, a lot has happened recently that will have lasting effects on the cash flow industry in a multitude of ways.

The lending crisis is having a tremendous effect on small business owners, as banks and credit card companies raise borrowing costs and slashed credit lines. At the same time that the banks stopped lending, many small business owners saw their account receivables slowing down, which led to a cash flow bottleneck.

Check out our YouTube video for more information:

While we would like to know what lies ahead for the cash flow industry, no one knows for sure what the future holds. However, one thing will go unchanged during these times of uncertainty-the need for business owners to proactively manage their cash flow will never go away.

As factoring brokers, your services will be in high-demand over the next year as the fate of economy remains unsettled. Not only will you need to continue to locate non-traditional lenders (i.e. factoring firms) for your clients, but you will also be called upon to give a factoring broker plan to help business owners navigate through these turbulent times.

Click here to read some suggestions for factoring brokers to keep in mind as small business owners navigate these times of cash flow uncertainty.

How Factoring Brokers Can Close More Deals

Typically, the invoice factoring sales process happens in three parts: (1) Explanation of what is factoring by the broker to the business owner, (2) The conceptual embrace of factoring by the business owner, and (3) The closing, (a.k.a. the business owner agrees to factor his/her receivables). All too often, the process stalls in the closing phase of a factoring deal. The last thing a factoring broker wants to have happen is to see his/her hard work throughout the sales cycle come to a standstill. The following “Five Tips for Closing More Factoring Deals” are designed to help factoring brokers become more effective with the closing piece of the factoring sales process.

Sell the Business Owner What They Want, Not What They Need
A cardinal rule that many salespeople forget to follow during the closing process is a basic one: listen to what the business owner wants. Without a doubt, when a business owner approaches a factoring broker, he/she needs to improve his/her cash flow, but what they really want is cash. Make sure that your closing technique narrows in on the fact that invoice factoring will indeed fulfill their want – to have cash. Which sounds better to you? Saying something like “Factoring your invoices will help improve your cash flow;” or saying something like: “When you can sell your invoices to a factoring firm, you can literally receive cash the same day you invoice.”

Sell Invoice Factoring as a One-of-a-Kind Financing Solution
In the sales world, the word “only” is probably one of the most influential selling agents when it comes to closing a sale. As luck would have it, most business owners have never heard of the concept of factoring. In addition, these same business owners often approach a factoring broker when other traditional financing methods have failed them. This built-in scenario gives factoring brokers the ability to offer a very appealing and tailored one-of-a-kind solution to get a business owner cash fast-invoice factoring. Who could turn down that kind of offer?

Click here for Additional Tips for Closing More Factoring Deals.

Thoughts on NAHC’s Leadership Summit – From Exhibitor’s POV

As you know, PRN Funding was invited to be a first-time exhibitor at the Private Duty Home Care Leadership Summit & Exposition in Las Vegas last week. We were grateful to have the opportunity to speak one-on-one with private duty home care agency owners about the benefits of home healthcare factoring, however, from the exhibitor’s perspective, the show was not a good one.

To start, there were a lot of last minute changes to the schedule. Hours changed, which made it difficult for exhibitors to set up their booths on time and/or catch flights on the last day. Luckily, PRN Funding didn’t have any issues with flights, so we were unaffected by the schedule changes.

In addition to the hour changes, exhibitors noticed that it was difficult for attendees to visit the exhibit hall. The show managers arranged to have a few 15-minute breaks in-between sessions, however, it seemed that most attendees used that time to go to the bathroom, run to their rooms quickly, return phone calls and emails and/or grab a quick cup of coffee before it was time for their next session. (Rightfully so–That’s how any professional attending a conference would use a 15-minute break.)

I’m sure it was frustrating for attendees who wanted to visit specific exhibitors but didn’t have the time to do so, or they had to choose between attending an educational session or skipping it to visit the exhibit hall. Rest assured that it was equally frustrating for exhibitors who stayed in the exhibit hall for long hours without the ability to conduct business.

The last big hiccup at NAHC’s Leadership Summit was that the entrance into the exhibit hall was in a different location than what was printed in the trade show materials. In essence, the exhibit hall was flipped. For all the exhibitors who strategically placed their booths in premium locations in the front of the exhibit hall ended up  being in the back.

On the plus side, John S. of Senior Home Care won the $100 Amazon gift card giveaway! Congratulations!

The Perfect Invoice Factoring Deal

Rather than elaborate on one specific deal that worked out for the better, this article will expand on three surefire attributes all involved parties (brokers, factors and prospects) need to have in order for a factoring relationship to run smoothly from beginning to end. All it takes is a little preparation, good communication and some organization.

Preparation

Brokers:
Before a factoring broker even thinks about referring a prospect to a funding source, it’s important for him/her to do some behind-the-scenes prep work ahead of time. Examples of this prep-work include:

  • Knowing all of the pertinent details about each of your funding sources(i.e. Monthly minimums/maximums, industries they serve, general fee structures, length of time it takes to close a deal, how they prefer to receive referrals, etc.)
  • Educating yourself as much as you can about the prospect’s company and/or industry (i.e. Do they provide services or products?, Who are their customers? How much do they bill?, Why do they want to factor? How long have they been in business? Do they have any liens?, etc).
  • Gathering pertinent information from the prospect to help the factor qualify the lead appropriately (i.e. Current invoice aging report, Articles of Incorporation or Articles of Organization, Contact information for company principles, etc.)

Factors:
Factoring firms also need to be adequately prepared to receive a lead from a broker. This can easily be accomplished by having a structured referral program already in place so brokers know upfront what the factor expects from them. In addition, factoring firms should have dedicated personnel available to help brokers through the process of submitting a prospect.

Prospects:
The best prospects to work with are those who are prepared to answer questions pertaining to their business and who have pertinent business documents on-hand and ready to distribute to the broker and/or factor. For example, most companies should be able to easily access their most recent tax returns, provide financing reports (i.e. invoice aging, profit/loss statement, balance statement, etc.), and supply copies of company registrations.

Click here to keep reading More Tips On Finding the Perfect Invoice Factoring Deal.

Home Health Care Factoring – Alternative Financing Solution for Agencies

2011 will go down in history as the year the big banks stopped lending to small businesses. On the other hand, 2011 will also be remembered as the year alternative lenders came to the forefront of the small business financing industry. Specifically, Credit Unions, Community Development Financial Institutions (CDFIs), Micro Lenders and Accounts Receivable Factoring Firms all said YES to the majority of their small business financing applications while most larger banks repeatedly said NO.

Although a home health care agency owner could be approved for financing by any of the alternative lenders listed above, the best alternative financing option for them is to work with a home health care factor, and here’s why:

Home Health Care Factoring Creates Positive Cash Flow
Some Medicaid waiver programs can take up to a month to reimburse a home health care agency for its pre-approved non-medical in-home services. This lag in payments makes it difficult for new or growing home health care agencies to be able to meet payroll and other financial obligations. However, when home health agency owners sell their Medicaid receivables to a home health care funding firm, funds can be directly deposited into their bank account within hours. Instead of waiting weeks or months, factoring your home health care business gives business owners immediate access to cash…

Click here to continue reading more reasons why home health care agencies should use a factoring.

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