Jan 2011 – PRN Funding’s Recent Factoring Transactions

PRN Funding offers financing services to healthcare vendors. Most notable, PRN Funding offers healthcare staffing payroll funding, medical transcription invoice funding, medical coding factoring and medical billing AR funding. Most recently, PRN Funding also provides private duty home care factoring agencies.  By purchasing these companies’ accounts receivables, PRN Funding provides the cash needed for them to sustain and grow their healthcare business.  With that said, we are pleased to announce some of our most recent factoring transactions:

A Nurse Staffing Agency Finally Gets Approved for AR Financing
In an attempt to get her company started, this Illinois nurse staffing agency owner borrowed from friends and family, maxed out all of her credit cards and fell behind on her bills. Naturally, her poor personal credit was greatly hindering her ability to obtain ongoing business financing from a traditional lender.

Frustrated from being turned down, the nurse staffing agency owner started researching alternative financing options and came across PRN Funding’s nurse staffing invoice funding web site. Through her research, she learned that PRN Funding based its credit decision on her customers’ creditworthiness, rather than her own. The agency owner applied online that day and after hearing ‘no’ for so long, she was finally approved for a line of credit.

An Allied Health Staffing Agency Works with Long-Term Care Facilities
Two business partners from Louisiana knew that in order for them to start a successful medical staffing agency in a down economy, they would have to focus a specialized staffing niche. So instead of placing RNs, LPNs and CNAs, they chose to focus on providing various types of therapists to help fill gaps exclusively at long-term care facilities. Within two months of opening their doors, the savvy business partners had more shifts to fill than therapists. However, they couldn’t hire additional therapists because their cash flow was continuously held up by slow payments from the long-term care facilities.

The business partners were familiar with factoring, and they knew that most general factors wouldn’t be comfortable purchasing receivables that could consistently age out past 90 days. Luckily, a friend of one of the partners suggested they approach PRN Funding because it was a factoring firm that specialized in allied health factoring. The business partners called in on a Friday, received documents the next day, and factored their very first allied health invoice by the end of the week. Having a better cash flow allowed them to bring on three new therapists that month, and they haven’t had to turn down new business since.

Tennessee Business Owner Uses Medical Coding Invoice Factoring to Improve Cash Flow
When this entrepreneur first started her medical coding business, she coded exclusively for one physician. Over the years, the business owner’s outsourced medical coding services expanded steadily. She gradually started hiring new coders and while simultaneously adding multiple doctors to her portfolio.  Then the economy turned south, and with it, the business owner’s receivables started coming in slower.

At first, the medical coding entrepreneur tried to make up for the lack of cash flow by paying her own bills with credit cards, and paying the coders out of her own pocket. It didn’t take long before her credit cards were maxed and her savings account had dwindled. While flipping through an industry magazine, she found an ad for PRN Funding’s medical coding factoring services. According to the ad, PRN Funding’s factoring services could help her get paid quicker, so she dialed the toll-free number and was connected to a medical coding factoring specialist immediately. Two weeks later, she submitted her first medical coding invoice for factoring, and she worried less about her company’s cash flow.

Click here for more information on PRN Funding’s accounts receivable factoring services.