An Uncertain Future for Medical Transcription?

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

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

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!

Need Help Selecting a Factoring Firm for You Allied Health Staffing Company?

When it comes to alternative financing methods, invoice funding is an excellent option for allied health staffing companies. Selling their outstanding invoices to a funding company provides the necessary capital for allied health staffing agencies to grow and compete in the marketplace. With that said, there are many funding companies who are able to factor allied health staffing invoices, so choosing one may seem like a daunting task. But it doesn’t have to be that way.

There are five simple comparison categories to consider when choosing an allied health staffing funding company, namely:

  • Pricing
  • Industry Expertise
  • Flexibility
  • Customer Service
  • Stability

Click here to read more How to Choose an Allied Health Staffing Factor.

What is Healthcare Staffing Payroll Factoring?

Healthcare staffing payroll factoring is the conversion of accounts receivable into cash by selling outstanding invoices to a factor at a discount.

It’s a practical option for healthcare staffing agencies that are unable to qualify for traditional bank financing in the early stages of business development. Moreover, healthcare staffing payroll factoring is a great alternative financing option for agencies going through rapid growth. Specifically, healthcare staffing payroll factoring is a financial solution that gives agencies immediate cash to help manage operations more efficiently.

Watch the video to learn more healthcare staffing payroll factoring:

Click here to read some additional key concepts about healthcare staffing payroll factoring.

Happy Home Care and Hospice Month

The National Association for Home Care & Hospice (NAHC) wrote a moving piece on their web site about Home Care and Hospice Month, and the home care factoring specialists at PRN Funding wanted to share some of the more interesting pieces of the post with our Factoring Blog readers:

Did you know that the President of NAHC met Mother Theresa 26 years ago? What’s more, she told Val J. Halamandaris that they both worked in the same business. Moreover, she specifically said, “I am essentially a home care and hospice nurse. We provide care wherever the poorest of the poor call home and offer a place of love when they are ready to meet God.”

The post goes onto read:

A day may well come when home care is the heart of health care in our country, but there are obstacles ahead. Possible cuts to Medicare home health may cause agencies to operate at a loss, and proposed Medicare co-pays might lead some seniors to say “no” to home health. If this occurs, those who cannot afford to pay for private care may wind up in a hospital after going without the care they need.

Let’s make sure this doesn’t happen because patients do much better at home, and it costs less than care in an institution. These are among the achievements of home care and hospice that we honor this special month. We must work together all year long to surmount the roadblocks that stand in our way. We owe it to our patients to win the last great civil rights battle of our time.

Click here to read the entire post: November is Home Care & Hospice Month.

2011 AHDI Integrity Award Winners Recently Announced

The Association for Healthcare Documentation Integrity (AHDI) honors members who have supported the professional practice standards and goals that AHDI has developed for advancing the profession and positioning the healthcare documentation and medical transcription sectors for continued relevance in the future of healthcare delivery.

The organization announced the winners at the 33rd Annual Convention and Expo in Phoenix, AZ, and they are:

Educator of the Year – Patricia Stettler, CMT, AHDI-F

Advocate of the Year – Sheryl Williams, CMT, AHDI-F

Employer of the Year – Shumaker Transcription Service

Membership Impact Award – Capital Chapter of Austin, TX

Innovation Through Technology – Christine Tyrrell

Hall of Fame: Member of the Year Award – Kathy Muelker

Rising Star Award – Susan Rovito

Congratulations to all of the nominees and winners!

2011 Medical Coding Salary Survey Results Are In

Last month, the American Academy of Professional Coders (AAPC) announced the 2011 results for its annual salary survey of health care professionals on the business side of medicine. Participants included medical coders, medical billers, auditors, and physician practice managers.

Some of the survey’s findings include:

    1. The average salary for a Certified Professional Coder (CPC) was approximately $46,800.
    2. Approximately 62% of respondents said they work primarily in physician-based coding; 10 percent are hospital coders; and 16 percent said they do both types of coding.
    3. Respondents work in every specialty, with the greatest number in family practice (10.3%) and internal medicine (5.7%). Others include emergency medicine (5.2%), general surgery (4.5%), and obstetrics/gynecology (4.3%)—rounding out the top five specialties.
    4. The average wage in 2011 for a Certified Professional Coder (CPC®) was approximately $46,800 (up $1,400 from last year)

      Click here to see all of the 2011 Medical Coding Salary Survey’s results.

      Recap of 14th Annual Private Duty Conference

      Last week, PRN Funding exhibited at Decision Health’s 14th Annual Private Duty Conference at Caesar’s Palace in Las Vegas, Nevada.

      Conference attendees had the opportunity to speak with the company’s President, Phil Cohen, and Marketing Manager, Nikki Flores, during exhibit hours to learn how they can turn their Medicaid receivables into cash immediately through home care invoice factoring.

      The Private Duty Conference attendees were also encouraged to enter PRN Funding’s drawing to win an Amazon Kindle Fire. Dee H. of Always There In-Home Care was the lucky winner.

      Congrats to the Amazon Kindle Fire winner - Dee H. of Always There In-Home Care
      Congrats to the Amazon Kindle Fire winner - Dee H. of Always There In-Home Care

      Top Three Common Mistakes to Avoid when Choosing a Nurse Staffing Payroll Factoring Company

      Most entrepreneurs who decide to open a nurse staffing agency are well-versed in the industry, and they have the passion to succeed.  However, when it comes to accounting, and in particular managing cash flow, temporary nurse staffing agency owners often stumble. Entrepreneurs who have a hard time balancing payments coming in with financial obligations going out (i.e. payroll, payroll taxes) should take advantage of working with a payroll factor.

      Now there are hundreds of payroll factoring companies out there competing for your agency’s business, each with their own set of claims and promises to help you achieve your financial goals. With so many different choices out there, how could you possibly narrow down the playing field? Take it from me-It’s much easier to narrow down the selection if you avoid some of the most common mistakes that business owners make when choosing a payroll factor.

      Watch the video below learn about the Top Three Common Mistakes to Avoid When Choosing a Nurse Staffing Payroll Factoring Company:

      Click here to read about the three most common mistakes to avoid when choosing a nurse staffing payroll factor along with a few straightforward tips to help you find a payroll factoring company that best suits your needs.

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