Small Businesses Turn to Alternative Funding, AR Factoring

Arden Dale wrote an article in this week’s Wall Street Journal reviewing three alternative credit sources for small businesses who are being turned down for traditional bank loans.  Specifically, the article discussed accounts receivable factoring, borrowing from friends and family, and peer-to-peer lending.

Executive Director of the International Factoring Association (IFA), Bert Goldberg, advised business owners to only consider factoring companies who follow industry best practices.  He recommended choosing an invoice funding firm who is a member of the IFA because “all members have agreed to adhere to a strict code of ethics.” 

Note to our readers: For those healthcare vendors looking for an specialized factoring firm, PRN Funding, LLC is a proud member of the IFA.

Travel Nurse Staffing Client Becomes JCAHO Certified

One of our travel nurse staffing factoring clients had some exciting news to share with us last week.  They wrote to tell us that their company achieved the Gold Seal of Approval for healthcare staffing services from the Joint Commission for Accreditation and Certification Operations (JCAHO).

The temporary nurse staffing company underwent an audit of its complete operations including amongst other things, compliance with national standards, qualification and competency of staff (office and nurses), how nurses are placed and how nurse and staff’s performance is monitored.

The nurse staffing factoring client also mentioned that at the present time, only about 5% of all healthcare staffing firms have achieved the standard. The JCAHO certification program offers an independent, comprehensive evaluation of a staffing firm’s abilities to provide competent and safe staffing services.

It is hoped that this certification will provide the travel nurse staffing factoring client with increased access to new customers.

Medical Transcription Factoring Success Story

The medical transcription factoring specialists at PRN Funding wanted to share one of our most recent client success stories with our readers.  Afterall, it’s one thing to read about our specialized factoring services, it’s quite another to hear a real-life client success story.

Patrick is one of our most recent client highlights because thanks to medical transcription factoring, he was able to utilize PRN Funding’s invoice factoring services to help grow his business.  Today, his company is one of Inc’s 500 Fastest-Growing Private Companies.

Please visit PRN Funding’s web site here to read the entire medical transcription factoring success story.

Five Ways for Business Owners to Control Their Cash

A business simply cannot operate without a healthy cash flow, but credit crunches and tight lending regulations from banks can make it difficult for today’s business owner to maintain a steady cash flow.  Elizabeth Wilson of Entrepreneur.com shared five ways for business owners to reduce their vulnerability:

1. Diversify your revenue stream. Staffing temp nurses in only one large nursing home or transcribing for only one big hospital is not ideal because if your only customer starts extending its payments, it will affect your cash flow immensely.  If you spread out your work among a couple of different clients, you will stand a better chance of balancing your cash flow if one of them starts to pay slower.  In other words, don’t put all of your eggs in one basket.

2. Cut back excess spending and protect your cash flow to meet payments. Stay on top of spending and collections patterns to be sure that the amount of cash coming in balances the amount that needs to go out.

3. Cut costs whenever possible. Work to negotiate better terms with the healthcare providers you are servicing.  Oftentimes, doctors offices are willing to make credit card payments as well.

4. Raise capital in innovative ways other than traditional banking. Healthcare vendors can and should take advantage of accounts receivable factoring to help them maintain a positive cash flow.  Selling their invoices to a factor provides cash immediately so business owners can make payroll and meet other financial obligations without having to wait to be paid.

5. If you have excess cash, you should be leveraging it. “If banks are tightening up their credit, use it to borrow what you need as collateral, and have it in capital investments you need to grow the busienss.  Having it in cash is useless unless you have disbursements on an ongoing basis,” founder of BUZGate, Deborah Osgood said.

PRN Funding Interviews on YouTube

As an accounts receivable factoring firm with a niche in funding nurse staffing agencies, medical transcription services, medical coding companies and medical billing companies, PRN Funding is heavily invested in internet marketing and web-based advertising.

PRN Funding has utilized ideas and suggestions from The Karcher Group’s (TKG) web design and web marketing services for over nine years to increase its internet reach.  In fact, starting The Factoring Blog was one of TKG’s suggestions, and look how much it’s grown since we first launched it just three months ago!

Check out PRN Funding’s YouTube Interview!

Click here to see TKG’s thoughts on PRN Funding.

Landing a Business Loan After Bankruptcy

Who does a business owner turn to for financing when he/she has been  turned down for business loans due to a personal bankruptcy?

Business Week columnist, Karen Klein, tackled this question earlier this month (Landing a Business Loan After Bankruptcy).  Noting that it’s hard for entrepreneurs to get startup capital in general, Klein said it’s even harder to get bank financing now because banks have tightened their lending standards.

Although Klein suggested asking friends, family and/or other strategic investors to put a monetary interest in the new business, she also recommended accounts receivable factoring.  PRN Funding couldn’t agree more with this advice!

For nine years, PRN Funding has been able to provide  healthcare staffing funding, medical transcription invoice factoring, and medical coding accounts receivable financing to numerous clients who have had less-than-perfect credit.  These healthcare vendor clients know that PRN Funding extends credit based on their customers’ ability to pay, rather than the business owner’s personal credit.

Check out some of PRN Funding’s client success stories to see just how PRN Funding’s accounts receivable factoring program was able to help.

Adams, Evens & Ross makes Inc. 500 List of Fastest Growing Companies

PRN Funding was excited to find out that Adams, Evens & Ross (AER), was recently added to Inc’s 500 List of Fastest-Growing Private Companies.  Ranked number 307 on the list, AER is a company who collects and manages past-due accounts for clients in the staffing and recruiting industry.  Adams, Evens & Ross boasts a 914.6% three-year growth and revenues of $4.3 million.

PRN Funding outsources some of its ultra-slow paying accounts to AER, and we’ve been pleased with their work, so we wanted to share this exciting news with our Factoring Blog readers.

PRN Funding Gets Cover Story in Health Data Matrix

When the president of PRN Funding submitted an article to the business and technology journal of AHDI and MTIA, Health Data Matrix, he had no idea that it would be used as the featured cover story of the August issue.  But that is exactly what happened, and we couldn’t be happier!

In his article, Locating Money Sources for Your Business (p. 20-23), Phil Cohen talks about the many different ways a medical transcription service owner can secure financing for his/her business.

Click here if you would like more information on medical transcription funding.

Cuil New Search Engine

Cuil.com

The self-proclaimed “biggest search engine” and major competitor to Google, Cuil (pronounced “cool”) went live this week.  Cuil’s web site boasts:

“Rather than rely on superficial popularity metrics, Cuil searches for and ranks pages based on their content and relevance. When we find a page with your keywords, we stay on that page and analyze the rest of its content, its concepts, their inter-relationships and the page’s coherency.

Then we offer you helpful choices and suggestions until you find the page you want and that you know is out there. We believe that analyzing the Web rather than our users is a more useful approach, so we don’t collect data about you and your habits, lest we are tempted to peek. With Cuil, your search history is always private.

Cuil is an old Irish word for knowledge. For knowledge, ask Cuil.”

Most of PRN Funding’s clients find us on the web, so we wanted to check out just how “cool” Cuil’s search results would be when we entered some of our favorite key word phrases like: nurse staffing factoring, medical transcription funding, medical coding factoring and health care staffing funding.

We were extremely excited to PRN Funding, LLC on the first page of results for all of these healthcare vendor factoring phrases, and we look forward to watching the new search engine grow.

PRN Funding Preps for AHDI’s ACE08

The president of PRN Funding, Phil Cohen, and Nikki Flores, marketing associate, will be representing PRN Funding, LLC in booth 608 at the Association for Healthcare Documentation Integrity’s (AHDI) 30th Annual Conference and Expo (ACE).  Phil and Nikki will be available during show hours to speak with medical transcription service owners about the benefits of PRN Funding’s medical transcription accounts receivable factoring program.

Held at the Hilton Walt Disney World Resort in Lake Buena Vista, Florida, the AHDI meeting is expected to draw between 600-700 medical transcription industry professionals.  It all starts on Wednesday, August 6 at 7pm with a ’70s-Themed Welcome Reception .

Click here to read the official press release: PRN Preps for ACE08

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