Increase in Temporary Staffing – Highest in Five Years

Good news for temporary staffing readership:

An article in The Chicago Tribune boasts that the “Number of Temps on the Job the Highest in 5 Years.” Of course, this development correlates directly with high unemployment, but for staffing agencies in every industry, “the fastest growth in U.S. temporary payrolls in more than a year” brings good news that is expected to keep on giving.

Of course, any potential temporary staffing agency owner considering payroll funding or payroll factoring should be aware that “the rate is still below past peaks and below levels in other countries.” Still, the news bodes well, indicating the role that temporary staffing, “contract, or project-based workers play in the labor market.”

Temp rates for our temporary staffing entrepreneurs are expected to reach record levels in due time, according to analysts and industry executives. This widespread optimism is grounded not only in trends indicated by charts and statistics, but by the belief that there has been “a shift in the way companies hire. They want to use talent on an on-demand basis, when they need them for projects.”

In this sense, it is easy to see why your temporary staffing agency is bound for growth. Of course, in order to grow effectively, you will need to acquire more of the life-blood of your organization: Human resources. Payroll funding or temporary staffing factoring can help you achieve the growth you need to fill as many of your clients’ needs as the temp market grows.

Hospitals for Profit or for Help?

Did anyone see the article A Giant Hospital Chain is Blazing a Profit Trail in the NYTimes earlier this week?

The article talks about HCA’s revamped billing procedures and revised patient screenings that have led them to be extremely profitable health care industry giant during a time when so many of America’s hospitals have been struggling to stay out of the red.

According to the article, “Among the secrets to HCA’s success: It figured out how to get more revenue from private insurance companies, patients and Medicare by billing much more aggressively for its services than ever before; it found ways to reduce emergency room overcrowding and expenses; and it experimented with new ways to reduce the costs of its medical staff, a move that sometimes led to conflicts with doctors and nurses over concerns about patient care.”

What are your thoughts on this article?

President of National Nurses in Business Association Announces Restructuring

The nurse staffing factoring specialists at PRN Funding are proud members of the National Nurses in Business Association because it’s an organization that helps educate nurse entrepreneurs achieve their business goals. This week, we received an e-newsletter stating that the NNBA is restructuring because of the following reasons:

  • Over the past few years many competitors have emerged who offer information, education, and support for nurses in business.
  • Social media sites are offer great networking for free.
  • Many other associations have added business training to their offerings.
  • Many members are baby boomers and will be leaving the association on retirement.

Specifically, the NNBA is taking the following steps:

  • Asking nurses interested in business for feedback and ideas.
  • Rewriting their business plan.
  • Increasing staff.
  • Increasing the use of social media platforms.
  • Developing active relationships with other associations.
  • Developing partnerships with other businesses to increase member benefit value.
  • Designing a membership for students.
  • Keeping interested parties updated as the restructuring evolves.
  • Working with business experts.

We’re excited to see these revisions and changes unfold!


Thoughts on ACE2012

The medical transcription invoice factoring specialists from PRN Funding are all unpacked and settling back in from their visit to Indianapolis for AHDI’s Annual Convention and Expo at the JW Marriott Indianapolis. Specifically, PRN Funding had the opportunity to meet up with one of our current clients, and we bumped into two previous clients at the show.

A few additional observations from this year’s conference (from the exhibitor’s perspective):

    1. It seemed like the show, as a whole, was much smaller than in the past. It felt like there were fewer bodies in the exhibit hall (both exhibitors and attendees) at this show.
    2. The attendees were professional and eager to learn about PRN Funding’s medical transcription factoring services. PRN Funding was able to discuss how factoring can help small MTSOs balance out their cash flow to many attendees.
    3. The exhibitors were engaging and interactive.
    4. Everyone (exhibitors and attendees alike) enjoyed the Treasure Hunt (PRN Funding was a participant).

      PRN Funding is dedicated to help medical transcription service owners continue to maintain a positive cash flow as the transcription and documentation industry continues to change over the years. We look forward to seeing everyone again in Lake Buena Vista, FL in 2013.

      Frequently Asked Questions for Factoring Brokers

      PRN Funding, LLC has been in the business of healthcare factoring for over a decade. Since the company’s inception, we’ve always valued our factoring broker relationships. We even put together a quick reference guide of Frequently Asked Questions for Factoring Brokers on our company web site.

      Q: What types of healthcare invoice factoring clients should I send to PRN Funding?

      A: We focus exclusively on providing funding for companies that supply goods or services to medical providers. Examples of prospective clients include: temporary nurse staffing agencies, medical transcription services, medical coding companies, outsourced medical billing companies, medical supply companies, etc.

      Q: Can my client qualify if it is a start-up company or has a history of credit problems?

      A:Yes. PRN Funding has flexible healthcare factoring options for all types of businesses in all kinds of financial situations.

      Q: Does PRN Funding loan my clients money?

      A: No, PRN purchases your client’s accounts receivable. We make an outright purchase of the financial rights to your client’s invoices, and advance cash immediately.

      Q: What invoices qualify for purchase by PRN?

      A: Any valid invoice for services already performed or goods sold to a creditworthy customer, government agencies included.

      Q: Are there any restrictions on the size of the invoice or the location of my client and my client’s customers?

      A: No. PRN Funding has no minimums and no maximums. We grow with your clients as their companies expand.

      Q: Does my client have to sign a term contract with PRN?

      A: No, PRN Funding provides the ultimate in flexibility. PRN Funding does not require our clients to sign a termed contract.

      Q: What is required before buying an invoice?

      A: The work/goods must have been completed, delivered and accepted; and your customer must be a creditworthy risk.

      Increase in Personal Credit Cards Explains Small Business Loan Decline?

      Scott Shane. the A. Malachi Mixon III Professor of Entrepreneurial Studies at Case Western Reserve University, recently shared the law of unintended consequences and its relationship to the drop in small business lending in an article that appeared in Crain’s Cleveland Business, entitled: Use of Personal Credit Cards May Explain Drop in Small Business Lending. Here’s our video blog discussion:

      Basically, Professor Shane thinks the decline in small business loans may not really be a decline so much as a shift in where small business owners are now obtaining credit. In addition to banks tightening their lending restrictions and the weak real estate market, Shane thinks the CARD Act, which went into effect in February 2010, has something to do with the drop in small business loans.

      In a nutshell, the CARD Act protects consumers from having to deal with unwarranted interest rate hikes, while also reducing credit card fees.

      To further prove his theory, Shane points to a National Federation of Independent Business, who reported that “the fraction of small business owners who use personal credit cards for business increased from 42 percent in 2009  to 49 percent in 2011, while the fraction who use business credit cards declined from 64 percent to 59 percent.”

      Question to Our Small Business Owner Readership:

      Do you use personal credit cards to help fund your business?

      Advantages of Social Media Marketing for Homecare Agencies

      The July issue of HomeCare magazine published an article discussing a marketing method that our home care factoring clientele–current and prospective–may want to take to heart.

      While some businesses may do fine to refrain from the use of social media to market their goods, the interpersonal nature of Home Healthcare lends itself perfectly to the use of Facebook to better market to sick and elderly individuals in need of care.

      Since Facebook is an interactive, largely visual medium, it can be an excellent way to display the ability of your company to engage with patients face-to-face. Your tone of voice as well as pictures displayed on your page portraying interactions with clients, will give potential patients considering placing themselves under your care an idea of what they can expect.

      As your home healthcare business grows–whatever your specialty–you can expect that patients’ invoices, or clients’ payments will be delayed. Fast access to cash is necessary for growth. Home healthcare factoring and/or nurse staffing factoring may be the perfect solution to your cash flow needs.

      PRN Funding Headed to ACE2012 to Talk Factoring to MTSOs

      PRN Funding, LLC has been invited to exhibit at The Association for Healthcare Documentation Integrity (AHDI)’s Annual Convention and Expo.

      This year’s event, held at the JW Marriott Indianapolis August 8-11, is an exciting one. All AHDI attendees are invited to stop by the company’s booth #108, to secure a stamp to help them win a prize in the Wheel of Prizes game. President Phil Cohen and Marketing Manager Nikki Flores will be available to share insider tips on the benefits of medical transcription factoring.

      Click here to read the press release in its entirety: PRN Funding, LLC to Travel to Indianapolis as Experts on Medical Transcription Factoring

      Pros and Cons of Incentivizing Angel Investors

      We at The Factoring Blog feel that the following issue is of some significance for prospective small business factoring clientele, or for any business owner in need of funding.

      A debate earlier this year on The Wall Street Journal’s website explores at length the importance and influence of informal, affluent investors. Angel investors may be without institution, but they are not without tremendous significance in the world of financing start-ups and small businesses.

      This has led some legislators to question whether angel investors ought to be given tax credits for their services to small businesses. After all, they, more than many other financiers, have to expect long delays in acquiring returns on the start-ups they decide to fund.

      The generosity behind enduring these delays not only reveals the source of their namesake; it also makes becoming an angel investor an understandably unappealing undertaking. This fact, however, does not stem the need for their services.

      The Journal does a nice job of prefacing the debate by offering opposing perspectives on the effectiveness of tax breaks for angel investors.

      Proponents of the idea say it could work on two fronts: First, it would generally encourage angels to invest in start-ups. Second, the measure would provide them with more working capital, so they can better serve their communities.

      On the other hand, critics worry about the potential for tangible, concrete results that can be quantified in terms of real “evidence that credits increase investment levels or create jobs.”

      In the meantime, don’t wait around for angels to swoop down with pots of gold to help your business grow. Factor your receivables and claim the gold you’ve already earned. A small business factor will make no attempt to claim neither debt nor ownership from your company. Your debt to the factor is hoisted on your customers, and the only ownership your factor will claim is over individual invoices bought for cash.

      Sound angelic? Then try factoring today.

      Uncertain Future of Big Banks as Investment Banking Institutions

      Taking power from the hands of big banks may necessitate the empowerment of small businesses and banks. Though it does not seem that a big bank breakup is likely to take place within the near future, the invoice factoring professionals at The Factoring Blog felt it would be important for small business factoring clientele and prospective factoring clients to know the state of big banks and their futures…

      What would happen if Henry Ford came back to life and decided to tell all of us to dismantle our automobiles because the whole idea was a huge mistake? It would seem that, no matter what his intentions, the term world-class hypocrite might suffice to describe a man in a similar course of action.

      Consider the example of Sanford Weill: Recently, the former longtime Chairman and CEO of Citibank decried the ethical foundations behind the financial institution that had been his life’s work. Weill had managed to convince Congress in 1998 to end a sixty-year ban on the legality of commercial banks’ ability to take part in investment banking. Weill, who capitalized on this change with Citi, declared on Wednesday that America’s banking behemoths ought to dissolve for the safety and security of the American taxpayer.

      “I am suggesting that they be broken up so that the taxpayer will never be at risk, the depositors won’t be at risk… Mistakes were made.”

      Weill’s mistakes may in fact be at the root of the global financial crisis. Since massive banks with massive sums of money are able to wield their cash so openly with minimal liability, the results have been catastrophic for taxpayers and small business owners everywhere.

      According to Big Bank Pioneer Seeks Breakup, (an article in The Wall Street Journal), “Weill had spent years working for the repeal of federal laws that prevented banks from branching into investment banking and stockbrokerage.” When Weill lobbied heavily for the repeal of the Glass-Steagall Act, so much so that he even called President Bill Clinton one night, late in the evening.

      The bill that repealed the Glass-Steagall Act came to be known as the “Citigroup Authorization Act,” and Mr. Weill continues to defend the repeal. ‘”I think the earlier model was right for that time,” he said. “I think the world changed with the collapse of the real-estate market and the housing bubble and what that did because of leverage in certain institutions. So I don’t think it’s right anymore.”

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