As many of The Factoring Blog’s readers already know, PRN Funding provides accounts receivable factoring to healthcare vendors such as temporary nurse staffing agencies, medical transcription services and medical billing and coding companies and most recently, private duty home care agencies. By purchasing these companies’ invoices, PRN Funding provides the cash needed to sustain and grow a health care business. We are pleased to announce some of our most recent fundings:
A Home Care Agency No Longer Has to Wait for the State to Pay
This Chicago-based home care agency owner had been staffing sitters and home care aides into peoples’ homes since the beginning of the year, getting paid routinely in every two weeks by the state of Illinois. However, as the fourth quarter approached, she watched her receivables age out.
Worried that the lag in her payments would eventually start affecting her ability to meet payroll, the agency owner Googled “home care factoring,” and clicked on the first search result-PRN Funding’s home care factoring page. After ten minutes of perusing the site, the agency owner called 866.776.5407, and was immediately connected to a home care factoring specialist. Two weeks later at the beginning of the fourth quarter, the agency owner presented PRN Funding with the first batch of invoices and had funds deposited directly into her account within hours.
An Ohio Medical Billing Company Gains News Business
Until recently, this Columbus-based medical billing entrepreneur had only been providing billing services for a handful of independent doctors in central Ohio. All it took was for one of those doctors to mention the medical billing vendor’s capabilities to an associate, and the billing company had the opportunity to sign on a medical clinic as a new client. He was ecstatic about the new business opportunity; however, there was one major problem. In order to win the business, he agreed to sign a contract with 45-day payment terms. The medical billing business owner knew he could float payroll for a month, but having to wait those last two weeks to get a check was going to make it very difficult for him to pay his employees on time.
Later that day, while paging through a current billing and coding journal, he came across an ad for a funding company that works specifically with medical billing and coding companies. The entrepreneur visited www.prnfunding.com and determined that medical billing factoring was truly the solution to his forthcoming cash flow problem. He filled out an online application, and within a week, PRN Funding had purchased his first invoice to the medical clinic.
Nurse Staffing Agency Switches Factoring Firms
Unhappy with her current funder because it didn’t know very much about the nurse staffing industry, this nurse staffing agency owner from Tennessee was researching factoring firms when she came across PRN Funding’s web site. She was pleased when she found out that PRN Funding had been factoring nurse staffing invoices for over 10 years, so she called the same day to learn more.
Within the twenty minute conversation, the agency owner found out that PRN Funding was already very familiar with the hospitals where she was currently staffing. Because of their nurse staffing expertise, PRN Funding was also able to advise the agency owner not to sign on with a particular facility because it had a record of paying 60 days beyond term. Floored by PRN Funding’s expertise, the agency owner decided to fill out an application that day.
Eight business days later, PRN Funding had completed the buyout process, communicated the remittance changes to the agency’s clients and purchased the first batch of invoices.
Click here for more information on PRN Funding’s accounts receivable factoring services.