Recent Study Says Healthcare Employment Showing Significant Growth

Did anyone else see NursingCorp’s February eNewsletter? In it, the Caracci’s discussed the State of Healthcare Employment based on a recent study released by the Altarum Institute’s Center for Studying Health Spending. Here are some of the study’s key findings:

  • In 2007, private sector healthcare employment was 9.5 percent of the total US employment. In 2011, it increased to 10.7 percent.
  • From 2007-2011, non-healthcare jobs have decreased 6.8 percent, while healthcare employment increased 6.3 percent.
  • Currently, 34 percent of all healthcare employment is taking place in the hospital setting, 22 percent in nursing and residential care facilities, 17 percent in physician’s offices and 19 percent in the outpatient setting.

‘Old School’ Factoring Broker Marketing Tricks that Still Work in Today’s World

These days, it seems that small businesses and corporations alike are focusing a lot of their marketing efforts on social networking sites such as Facebook, Twitter and LinkedIn. Although it’s important to continuously evolve your company’s marketing tactics so that they are in line with today’s trends, don’t forget to continue to incorporate some of the more tried and true marketing techniques in your 2011 advertising plans. Here are five marketing tricks that will never go out of style…

Hand-Written Notes
Acknowledging that a potential customer is a person, and not just another potential sale is a crucial marketing technique that many salespeople forget in this technology-driven world. Sure, blasting out generalized tweets can help with branding, but imagine how much more effective a hand-written note with a tailored message would be. In the age of electronic automation, a handwritten thank-you note makes a huge impression on a potential customer because it’s out of the ordinary. Don’t be afraid to add a personal touch to your marketing efforts. When done right, the ROI is always much more worthwhile.

Provide Incentives for Referrals
As a cash flow consultant who undoubtedly participates in various factoring referral programs, I’m sure that you understand how motivating it can be to know that there’s a little something extra in it for you when you refer a deal to a funder. Why not pay it forward? Imagine what kind of business you could obtain if you passed some of those incentives onto people who referred their factoring prospects onto you. Whether it’s a cut of your commissions, a small gift or a free lunch, people are more willing to send referrals when there’s “something in it for them.”

Give Away Something for Free
Plain and simple – When you help someone, it creates a natural desire for them to return the favor. Oddly enough, this ‘old school’ marketing technique will work better for you if you are open to using a ‘new school’ tactic. For example, take the time to set up Google Alerts for your clients so you can help stay on top of pertinent industry news they might find resourceful. Then when news articles and other relevant information comes through your email inbox or RSS feed reader, check them for quality and forward them onto the customer. Passing along credible information to your prospects and current clients will help build trust and keep your cash flow services top of mind.

Apply the 80/20 Rule
If the 80/20 rule is true – that 80% of your cash flow company’s business comes from 20% of your existing client base – then it’s important for you to use this old trick to your advantage. Take the time to talk to you existing clients and look over your year-to-year records to help you identify what’s working and what’s not. After all, your current clients already gave you their business once…What’s to say they won’t pick up the phone and call when they have new business?

Network in Person
Don’t be afraid to tell friends, family and colleagues about your cash flow services. You never know, they may be talking to your next big prospect later that day! Sure, you can accomplish this by posting about your services on Facebook or LinkedIn, but real face-to-face conversations leave a more lasting impression. Think about how much easier it is to connect in-person. When you’re sitting across from someone, you can react to verbal and non-verbal feedback cues Whereas, posting something online could go completely unnoticed.

Although it’s easy to get caught up in the social media craze when it comes to advertising your cash flow expertise and seeking out new prospects, remember that there are still plenty of ‘old school’ marketing techniques that continue to stand the test of time. Make sure that you incorporate a combination of both new tricks and old tricks to ensure that you’re covering all of your advertising bases.

**Reprinted from the February 2011 electronic issue of Cash Flow Exclusive.

Thoughts on 2011 NPDA Annual Leadership Conference

PRN Funding had the opportunity to exhibit at the National Private Duty Association’s Annual Leadership Conference at Planet Hollywood Casino in Las Vegas last week. Although we were pleased with both the quantity and the quality of the attendees, we left the home care trade show disappointed for a number of reasons. Sadly, the majority of the reasons why we were disappointed with the show had to do with NPDA’s poor customer service:

  • PRN Funding was assigned to Booth #20 months prior to the show, however, a couple of weeks before shipping out, we were told that we were going to be in a different booth. NPDA did address this, however, the miscommunication created a bit of panic on our end, as we had already sent out marketing details about our booth number prior to the change.
  • Booth set-up times and exhibit hall open and close times also changed a number of times prior to the actual show.
  • The show decorator’s (LV Expo) package arrived late, and they initially missed our scheduled pick-up time.
  • When we did our pre-conference email blast to the NPDA show attendee’s, one of the attendees emailed us back and said that they were displeased that we were marketing to them because they never gave permission to receive emails from exhibitors. (NOTE: PRN Funding received the permission-based attendee list directly from NPDA.)
  • When PRN Funding’s crew arrived to set up the booth, the dimensions of the booth space were incorrect.
  • There were a couple of times when the presenters went over their alloted time to speak, which cut into exhibit hall time.
  • Once at the show, the exhibit hall open/close times changed again within a couple of hours notice in order for the show decorator to set up for cocktail hour.
  • During cocktail hour, there were dueling pianos in the exhibit hall, which was a nice Vegas touch, however, it made it nearly impossible for exhibitors and attendees to interect on the floor because it was so loud.

On the plus side, the attendees were bright, professional and engaged. They approached PRN Funding’s booth, wanting to learn more about our home care factoring services, and we had a number of enthusiastic conversations.

Q: Did you attend/exhibit at the 2011 NPDA Annual Leadership Conference? If so, what were your thoughts? We’re interested to see attendees viewpoints of the show.

Transcend to Acquire DTS America

Last week, Transcend Services, Inc. announced that is was entering negotiations to acquire DTS America, Inc. The transaction is expected to close next month.

Transcend Services, Inc. is a Nashville, TN-based medical transcription company that serves approximately 30 hospitals, plus a number of clinics and surgery centers in 13 different states.

Andrew Miller, Jr., CEO of DTS America was quoted in the press release saying: “In order to continue our ambitious growth plans, DTS needed to find a larger partner that both recognized the value of our employees and was committed to providing excellent customer service. I believe Transcend is the best partner for our employees and clients and I am excited by the capabilities that each of  us brings the other.”

Click here to read the entire press release: Transcend to Acquire DTS America.

PayNet Says Small Businesses Are Not Showing Aggressiveness in Early 2011

IFG Network’s invoice factoring blog published some interesting information released by PayNet Inc. earlier this week that the invoice funding specialists at PRN Funding wanted to share with The Factoring Blog’s readers:

First of all, PayNet Inc. collects real-time loan data from more than 200 leading capital equipment lenders, and they shared data that shows that borrowing by small businesses increased by 14 percent in January 2011, compared to January 2010. Initially, it may seem like this is an early indicator that small businesses are growing, however, it’s not as aggressive as industry experts had hoped.

For example, William Phelan, PayNet’s president and founder, thinks otherwise. He was quoted on IFG’s blog, saying: “We are calling it the long-haul recovery.” He further explained that small business borrowing will return to pre-recessions levels for at least another year, maybe two.

Moreover, economic analysts believe that even with zero-percent interest rates, small companies don’t want to borrow money and go into debt until they are certain they have customers and/or demand for their products.

NOTE FROM PRN FUNDING: Small business owners can and should consider factoring as an alternative way to finance their businesses because they don’t have to go into debt to help their cash flow.

Click here to read more of PayNet’s January stats.

MTIA Officially Changes Name to CDIA

Back in August, it was rumored that the Medical Transcription Industry Association (MTIA) was going to change its name to the Clinical Documentation Industry Association (CDIA).

The CDIA made the official announcement on February 21 at a private press briefing and reception at the HIMMS11 Annual Conference and Exhibition. The name change reflects the fact that the transcription profession is evolving into an editing funding with the advent of EMRs.

Under its new name, the CDIA will continue to promote the value of clinical narrative in capturing information-rich health stories that can be tagged and re-purposed to meet criteria for use and distribution in the EHR.

Click here to read more on the CDIA Name Change Announcement.

HCA Announced Internal Reorganization

On Friday, February 11, Nashville-based HCA announced an immediate “internal reorganization” to “better align the company’s structure with the future dynamics of the healthcare industry.”

Some of the changes include:

  • Creation of a new subsidiary that will provide business services to other healthcare companies;
  • New structuring of provider operations;
  • Integration of quality performance with physician practice services;
  • R. Milton Johnson has been named president of HCA, while also retaining his title and responsibilities of CFO;
  • Beverly B. Wallace, who was the president of HCA’s Shared Services Group, is president of a wholly-owned subsidiary that will provide revenue cycle, staffing services and supply chain management to other healthcare providers

Click here to read more about HCA’s management changes.

How Factoring Brokers Can Achieve Their Resolutions

It is January 2011, which means that the holiday season is officially over, and reality has set in. If you’re a cash flow consultant reading this article, then I’m sure two of your New Year’s resolutions were to land more deals and increase your business, right? Well, there’s no better time than the present to start buckling down and taking the first few steps towards earning those commission checks.

First of all, it’s important to take the time to research and create new goals for the year-then make sure that you meet those goals. I try to keep a few of these principles in mind when setting new goals:

Reflect on 2010.
Analyze your objectives from last year, and work on setting new goals that focus on what you would like to do better this year. Whether last year was a lucrative one for you or not, it’s still a good idea to take a step back and analyze your cash flow business before you set goals for the next year. What worked really well for you and your business last year? What didn’t work out as well as you had expected? What could you have done better? The answers to these questions will help you organize your business plans for 2011.

Visualization is key.
Write down your goals, and put them in a place(s) where you will see them frequently. Putting your ideas on paper surreptitiously turns them into something concrete, which means that it will be harder for you to forget about achieving them. Also, make sure that your goals are specific, measurable and time-bounded. For example, instead of saying I want to land more deals, try writing down I want to land five deals in the first quarter. Be sure to put your list of goals in a place where you will see them often (i.e. the bathroom mirror). Trust me, it is much harder to forget something if you see it in writing every single day.

Stay motivated.
For some, this might mean setting smaller goals along the way to accomplishing your bigger goals. Breaking down your overall goals into bite-sized pieces can make your overall tasks seem less daunting. For others, this may mean taking the time to reward yourself after you have effectively met each goal. Taking the time to celebrate your accomplishments will help you stay motivated to be successful in your next task.

The more you know, the more you grow.
Take some time to examine current trends in the cash flow industry, and especially take a look at the trends in your area of expertise. For example, if your specialty is factoring, take the time to read up on any new developments in that industry. Of course, Cash Flow Exclusive is a great place to start. The articles in the magazine are written by people who have experience in their respected fields, and the articles are packed with worthwhile and useful information. In addition, the International Factoring Association’s (IFA) web site (www.factoring.org) always has the latest factoring industry news.

Build a supportive network.
Another way to help you stay focused on your 2011 goals is to put together a support team with people that you can go to for help and encouragement. Don’t be afraid to reach out to more experienced cash flow consultants and/or factoring brokers for guidance and advice. Try to find a mentor who has worked in the same area as you. Talk to them about their experiences, and learn what they did to become successful. In addition, there is a wealth of opportunities to connect with lenders and other cash flow professionals on the popular social networking sites like LinkedIn, Facebook and Twitter. Remember, we all want you to succeed in this business, so don’t be afraid to ask for help when you need it.

Put it all into action.
Check off your goals as they are completed, start watching your cash flow business grow, and start preparing new goals. The physical act of crossing off a goal after you have completed it will definitely solidify your feelings of accomplishment. After you have finally reached your goals, you will be able to see the benefits of them right away as your cash flow business becomes more profitable. Then it’s back to round one again-creating new goals and new ways to reach them.

Taking a step back at the beginning of every year to evaluate your company’s progress is one of the best ways to ensure the future success of your cash flow business. It forces you to take an active role in developing a thriving company. After all, how can you expect to move forward if you don’t take to the time to study where you have been?

**Reprinted from the January 2011 electronic issue of Cash Flow Exclusive.

Click here to find additional factoring broker articles on PRN Funding’s web site.

New Learning Resource For Factoring Brokers and Referral Sources

Part of PRN Funding’s commitment to maintaing strong relationships with our factoring referral network is writing articles for various invoice factoring publications. Now we’ve made it even easier for brokers to access those articles via a special section on our web site: Factoring Broker Articles. Check out one of the video description below:

Factoring Prospects: Weeding Out the Bad to Find the Good

As cash flow consultants, it’s your job to deliver companies with cash flow issues to the appropriate funding source. Although this task sounds easy enough on paper, in reality, it’s not always a simple feat. Picture this scenario: You find a candidate in need of cash flow who has been in business for two years, gets paid in less than 45 days and wants to expand. Eager to help this business owner get the cash he needs to expand, you refer this person to one of your factoring sources immediately. The factoring company has communicated to you that they are interested in pursuing the deal, and they’ll have an update for you as soon as they reach out to the prospect. The next day, you get a phone call from the factoring firm telling you that they are no longer interested in the deal. Has this ever happened to you? If so, then I have some good news. There are three questions cash flow consultants can ask their prospects that will drastically reduce the chances of the above situation ever happening again. And if it hasn’t happened to you yet, and you’re not asking the appropriate questions, then it’s only a matter of time before it will happen. Continue reading…

MTIA: 2010 Year in Review

The Medical Transcription Industry Association recently published a 2010 Industry Review on its web site. For the benefit of our medical transcription readers, we have included MTIA’s review below:

Membership

  • Hosted successful 21st Annual Conference, appropriately themed “Change: New Bonds. New Purpose.” in Daytona Beach, with over 200 attendees and 30 exhibitors
  • Responded to membership by reducing 2011 conference pricing structure, making it more financially accessible to small and mid-sized MTSOs
  • Awarded Sten-Tel, Inc., the MTIA Industry Support Award
  • Approved name change of Clinical Documentation Industry Association (CDIA) to more accurately reflect the rapidly changing healthcare documentation landscape that is no longer limited to traditional dictation-transcription, thereby increasing the relevance of the association in the health IT sector and positioning it to attract new membership
  • Launched new electronic Health eBrief: Clinical Documentation Newswire in November, offering members greater diversity of industry sector news and efficiency of delivery

Advocacy

  • Maximized the expertise of the Dewey Square Group and MTIA resources, eliminating the guesswork of how to tackle policy issues, resulting in a high-impact coordinated effort
  • Met with the offices of 47 Republican and 46 Democratic federal legislators during the 5th Annual AHDI-MTIA Advocacy Summit in March 2010, encouraging them to support efforts to have the dictation-transcription process acknowledged in the “meaningful use” regulations
  • Gained the participation of over 600 AHDI and MTIA members who sent letters to their legislators in support of their colleagues who went to Capitol Hill
  • Submitted testimony requesting Congressional support of our key roles and challenges, which has raised awareness about industry related issues and will continue to make the case for the value of narrative and our risk management contribution as rules and regulations around certification and future iterations of meaningful use are crafted
  • Bolstered legislative relationships and better educated key congressional members on the work that the medical transcription industry does and the challenges it faces, with congressional visits hosted by members (MedQuist and Transcend Services, Inc.)

Sponsorship

  • Joined Association for Healthcare Documentation Integrity in promoting the Power of 10 campaign, pledging a commitment to ongoing year-round advocacy.

Board

  • Elected 2011 Board of Directors: Robin Daigh, VP, Marketing and Business Development, MD-IT; Dale Kivi, Director of Business Development, Future Net Technologies Corp.; Lee Tkachuk, CEO, Keystrokes Transcription Services, Inc.; Nick van Terheyden, MD, Chief Medical Information Officer, Nuance; and Linda Yaniszewski, CEO & President, ExecuScribe, Inc.
  • Hosted CDIA Vision Framework Building session at Q4 meeting, focusing on reenergizing and strategizing CDIA’s vision, mission, and values to augment membership engagement and expand growth opportunities
  • Held joint meeting with AHDI and AHIMA executive board members to explore future collaborative ventures and potential for promoting mutual efforts

Brand Building

  • Moved the needle forward in growing the visibility of the industry sector among policymakers, regulators, and key healthcare associations
  • Released the Ethical Best Practices Manual for the Healthcare Documentation Sector, Speech Recognition Adoption Guide, and Healthcare Documentation Quality Assessment and Management Best Practices, in partnership with AHDI
  • Linda Yaniszewski featured in Healthcare Financial Management Association’s supplement Your Outsourcing Strategy as a result of the Chicago media tour
  • Joint CDIA and AHDI executive leadership met with U.S. Small Business Administration officials to further efforts in small business development, job training, and competitiveness of workers
  • Developed CDIA Strategic Marketing Plan for implementation in 2011
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