Phil Cohen, CEO of PRN Funding, LLC, recently wrote a piece for the August 2009 edition of Health Data Matrix (the business and technology journal of AHDI and MTIA). From pages 18-20 in the journal, Cohen outlined five questions every medical transcription service owner (MTSO) should ask their factoring company. The questions are listed below:
- Do you understand the medical transcription industry?
- How flexible is your factoring program?
- How long will it take to get my questions answered?
- How long have you been in business?
- What are your fees?
These questions don’t just apply to MTSOs; all health care vendors should ask these questions to become comfortable with their factoring firm.