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.

Supreme Court Stuns Nation with Obamacare Decision

The outcome appeared uncertain, but in a 5-4 decision, the Supreme Court ruled the Patient Protection and Affordable Care Act to be constitutional in accordance with U.S. tax laws.

Chief Justice John Roberts opined that the individual mandate, the clause compelling all Americans to own some sort of health insurance, was unconstitutional if the penalty took the form of a fine. Instead, if

Americans decided not to follow the individual mandate, they would be taxed in accordance with the burden that any potential uninsured illnesses might pose to taxpayers.

Though, prior to signing the bill into law in March 2010, the president had vehemently denied the bill to be a tax, his wording was corrected by the court on Thursday June 28, 2012.

Beyond compelling Americans to purchase policies from healthcare insurance companies, the bill also limits insurance companies’ rights to severability. The PPACA holds that no insurance company can terminate coverage because of a person’s pre-existing condition.

Limitations upon the rights of private sector insurance firms are subsequently countered by the bill’s expansion of Medicaid. The federal government has offered to fund the expansion in every state, to the tune of 100% of the cost.

The act, pejoratively known as Obamacare, has a host of pros and cons that will be sure to affect the well-being of each and every American. It is unforeseeable how our small business, healthcare factoring clientele will be affected, but we will keep you posted as new information becomes available.

How Home Health Care Factoring Can Help Your Agency

Starting up a home health care agency is difficult when your agency lacks ongoing funding. For even an established home health care agency, waiting for payments from state agencies such as Medicaid can cause your home health care business to miss important payment deadlines for obligations such as payroll and taxes. Most businesses need some sort of platform to maintain or grow the company – this is where home health care factoring comes into play.

Home health care factoring can help a company both immediately improve its financial situation and prepare for continued success in the future on a few different levels: Home Health Care Factoring and Cash Flow

      1. Through home health care factoring, your accounts receivables are purchased so that you can meet payroll deadlines, taxes, and vendor invoices. Your company will benefit because:
      2. Small business that apply for bank financing are too often turned down by large banks, so applying for such loans can hinder the process of obtaining cash if you spend time waiting for an approval, only to be denied funds.
      3. Credit unions, community development financial institutions (CDFIs), micro-lenders, and accounts receivable factoring firms are much more likely to approve small businesses for financing.
      4. Once a business confirms the completion of home health care services, funds can be transferred to an account within hours.

        Click here to read the more ways that home health care factoring can benefit your business.

        Home Healthcare has a Banner Month

        Our home healthcare factoring clientele should take pride. The industry has contributed a whopping 10 percent of an estimated 69,000 new jobs added to the U.S. workforce this past May. Though (according to this jobs report) the total number of added jobs landed well below most economists’ forecasts, healthcare continues to grow.

        According to Vicki Hoak of the Pennsylvania Homecare Association (whose website informed this report), “This demonstrates what we in the homecare industry have known for years. Not only is homecare clinically-advanced, cost-effective and patient-preferred, it is also a job creator and an economic force to be reckoned with.”

        Reiterating the Rights of Home Caregivers in Pennsylvania

        The homecare factoring specialists came across a worthwhile article in the Pennsylvania Homecare Association’s weekly e-newsletter, and we wanted to share the details below:

        Officials in the Pennsylvania Department of Health recently met with Susan Heinle of Visiting Angels and the Pennsylvania Homecare Association (PHA). They discussed the legal roles and abilities of homecare aides in medication assistance, and of “nurses employed by private duty homecare agencies and defining specialized care for homecare agencies and registries.”

        Currently, the law prohibits Pennsylvania home nurses like Heinle from assisting their patients with the application of basic medications such as eye drops, topical creams and pills. These limitations affect both patients and families, who wish “to help their loved ones stay at home as they age but need help with medications.” PHA CEO Vicki Hoak decries the state of things: “not being able to provide this assistance is very frustrating to many of our members because families simply can’t afford to have a nurse come to the house just to hand over pills.”

        Following this meeting, the Department of Health has decided to formulate a series of FAQs that, according to a press release on the PHA website, “will address medication assistance and provide further clarification on what is and what is not specialized care. This clarification is expected to be released in late summer.”

        The goal of these discussions is the eventual optimization of home nurses’ legal capabilities. The effectiveness of the industry and its ability to assist its patients depends on the reformation of Pennsylvania’s legislation as it currently stands. These reforms would greatly benefit our homecare factoring clients in their respective missions-the improvement of the lives of each and every one of their clients. For more information, visit the PHA’s website.

        CMS Approves New Rates for HCBS Waivers in Pennsylvania

        Last week, CMS approved new rates that were proposed by the Office of Long-Term Living (OLTL) for those home care agencies that provide services under HCBS waivers, including Act 150, Attendant Care, Aging, CommCare, OBRA and Independence.

        A couple of different regions were affected by the new rates:

        Allegheny, Beaver and Westmoreland Counties
        Decrease in reimbursement for PAS (personal assistance services) from $21 to $17.16.

        Philadelphia County
        Increase in reimbursement for PAS from $15.76 to $19.12.

        Montgomery County
        Decrease in reimbursement for PAS from $24 to $19.12.

        There are a couple more counties throughout the state of Pennsylvania that will see slight decreases or increases.

        The Pennsylvania Homecare Association has been following the new rate change closely and advising its members on how best to handle the changeover. Click here for more information on the New Rates for HCBS Waivers.

        Home Healthcare Factoring: The Right Funding Solution for Your Home Health Care Agency

        Instead of waiting weeks or months to receive payments from Medicaid, Medicare, insurance companies and/or private consumers, would your home health care agency rather have your cash immediately? Did a bank recently turn down your business loan application? Are your home health care receivables available to be collateralized?

        If you answered ‘yes’ to one or all of the questions above, then home health care agency invoice financing is by far the best funding option for your business. Allow me to elaborate…

        Home health care invoice funding is the conversion of accounts receivable into cash by selling outstanding invoices to a factoring firm. Home healthcare agency financing is a viable financial solution that gives companies immediate cash to manage operations more efficiently. Home health care care agency owners can then use liquid capital to make payroll, pay taxes and meet other recurring financial obligations.

        Click here for some additional key concepts about home healthcare agency invoice funding.

        Medical Receivable Factoring vs. Healthcare Factoring

        When it comes to factoring in the healthcare industry, there are two different kinds of companies that can benefit from what’s commonly referred to as healthcare factoring and/or medical factoring. Both types of healthcare companies make ideal invoice factoring candidates because both routinely bill creditworthy slow-paying customers. The Marketing Manager at PRN Funding took the time to explain the differences in the video below:

        The first variation of the healthcare factoring model involves entrepreneurs who own a service-oriented business within the healthcare industry. Specifically, medical transcription services, medical equipment providers, medical supply companies, medical staffing agencies, temporary nurse registries, outsourced medical coding companies, medical billing services, etc. can all benefit greatly by factoring their invoices. Healthcare factoring can be extremely beneficial for vendors hoping to maintain a positive cash flow when their customers (medical providers) take weeks or months to pay them for their services or goods. Click here to learn more about PRN Funding’s healthcare factoring solution.

        On the other hand, medical receivables factoring includes a third party payer (i.e. Medicaid, Medicare or private insurance company) within the medical invoicing process. In this instance, the medical provider is the one who benefits from factoring.

        Medical receivables factoring is a great way for medical providers to bridge the cash flow gap that is oftentimes created by slow payments from insurance carriers and other third-party payers.

        As experts in the healthcare factoring marketplace, PRN Funding has developed relationships with credible medical factoring companies that specialize in helping hospitals, nursing homes, physicians’ practices, etc. maintain a positive cash flow.

        Click here for more information on healthcare factoring vs. medical factoring.

        Aging Workforce is Straining Social Security

        Did you happen to see the Associated Press article on Monday entitled: Aging workforce strains Social Security, Medicare?

        If not, the healthcare factoring specialists at PRN Funding summarized the startling findings below:

        Social Security and Medicare, the government’s two largest benefit programs, are in worse shape than previously thought due to the increasing aging population and the slow-rebounding economy. Moreover, Medicare is in the worst shape because of rising health insurance costs.

        The predictions from last year was that the Medicare hospital insurance fund for seniors would run out of money in 2024, and Social Security’s retirement fund would run out in 2038, with the disability fund running out of money by 2018.

        The latest projections from March indicate that the disability fund would run out of money two years earlier in 2016.

        CDIA (formerly MTIA) Closing its Doors

        Did any of our medical transcription invoice factoring blog readers see the letter that the board members of the Clinical Documentation Industry Association posted on their web site?

        If not, here’s a copy of what’s on the site’s home page:

        Dear CDIA Members and Supporters,

        The Clinical Documentation Industry Association (CDIA) has weathered many financial challenges over the past few years from the significant contraction in the marketplace and overall unhealthy economic conditions. In response, we rebranded the association to expand our reach beyond medical transcription, editing, voice, and speech recognition to encompass every touch point in the clinical documentation continuum. Our flagship event, the CDIA Annual Conference, had broadened the educational program to bring together these complementary audiences.

        Unfortunately, the external factors have become too strong for the association to overcome and this is why we are writing to you today. On behalf of the CDIA Board of Directors, we regret to inform you that the association is closing and the annual conference planned for April 2012 in Baltimore, MD has been cancelled.

        This has been a very difficult decision that the Board did not take lightly. The association’s finances could no longer sustain the organization to serve the members and support the annual conference. Over the next several weeks, CDIA representatives will be winding down the association and information will be sent regarding recent payments made to the association.

        Thank you for your support of CDIA and participation in the association. We encourage you to continue to promote the spirit of CDIA’s mission, values, and advocacy platform as you continue your involvement in other associations, including the Health Story Project (www.healthstory.com) and AHDI (www.ahdionline.org).

        Sincerely,

        The Clinical Documentation Industry Association

        The medical transcription invoice funding specialists asked the president of PRN Funding, Phil Cohen, what his thoughts were on the CDIA’s closing, and this is what he had to say:

        First and foremost, on a personal level, I’m saddened by the announcement. I’ve either exhibited or attended the annual CDIA show since 1992! However, I don’t believe that the association’s closing is any indication that the medical transcription (or clinical documentation industry) is hurting. Rather, it just shows how the amount of mergers and acquisitions have been affecting the industry. To date, there are fewer smaller MTSOs in the industry and there are also fewer large players in the industry. For an association to remain active, viable and financially sound, it needs more contributing members, not fewer.

        QUESTION: What are your thoughts on CDIA’s closing?

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