Temporary Hospice Staffing Factoring Case Study

The temporary hospice staffing factoring specialists at PRN Funding recently invited one of our current hospice staffing clients to “spill the beans” in a tell-all interview about her experiences with using PRN Funding as a medical staffing factor.

Although the video and printed interview is posted on PRN Funding’s web site, we also included them on The Factoring Blog for all of our medical staffing agency owners.

Chastity Williams has a big heart, and she had a big dream. As a long term care nurse she had many encounters with hospice nursing. In 2007, there was a tremendous nursing shortage and hospice was a very misunderstood area of health care. Chastity knew she could help make a difference in people’s lives and wanted to start her own hospice temporary staffing agency – Nursing by Demand.

“Like everyone else, I had an idea and thought I’d open a business. When I started I was all heart and had big ideas for the nursing part, but I didn’t know as much about the business part.” She felt uncertainty as many entrepreneurs do, and wondered how she’d be able to raise payroll.

“Chastity had a couple clients lined up before she started, but as in many new business situations, they didn’t pay quite fast enough. So she didn’t have the cash on hand to meet payroll. That’s a lot of pressure for a new business,” says Ryan Elliott, her Account Manager at PRN.

A business loan was out of the question – Chastity was adamant that she didn’t want to start a business with debt. She did some research and came across PRN Funding’s web site as well as some others, and looked into several.

Click here to continue reading why Chastity decided to choose PRN Funding as her hospice staffing factor.

How Home Healthcare Agencies Can Qualify for Invoice Funding

Gone are the days when a home health care’s agency’s only financing option is a line of credit from a bank. In fact, there are dozens of ways a home health care agency can fund its growing operations. However, one specific option business owners should consider is home health care invoice funding.

In a nutshell, home health care invoice financing is the process whereby an agency sells its accounts receivables to a third party (factoring firm) at a discount. Rather than waiting weeks or months to receive payment from Medicaid, Medicare or other governmental agencies, factoring firms advance cash immediately upon purchasing home health care invoices, which gives business owners the ability to maintain a positive cash flow.

All it takes is three simple steps to set up a home healthcare invoice funding account…

  1. Contact a Home Health Care Invoice Funding Company
    There are thousands of factoring firms to choose from. The trick is to find one that understands the intricacies of the home health care industry. Luckily, a simple Google search for “home health care invoice funding,” can quickly narrow down the playing field. Once you select an invoice funding firm to work with, you can usually complete an online application or call and speak with a home health care funding account representative to have him / her email and / or mail out a complete document package.

Click here to find out the remaining steps on how to qualify for home health care invoice funding.

Thoughts on NAHC’s Leadership Summit – From Exhibitor’s POV

As you know, PRN Funding was invited to be a first-time exhibitor at the Private Duty Home Care Leadership Summit & Exposition in Las Vegas last week. We were grateful to have the opportunity to speak one-on-one with private duty home care agency owners about the benefits of home healthcare factoring, however, from the exhibitor’s perspective, the show was not a good one.

To start, there were a lot of last minute changes to the schedule. Hours changed, which made it difficult for exhibitors to set up their booths on time and/or catch flights on the last day. Luckily, PRN Funding didn’t have any issues with flights, so we were unaffected by the schedule changes.

In addition to the hour changes, exhibitors noticed that it was difficult for attendees to visit the exhibit hall. The show managers arranged to have a few 15-minute breaks in-between sessions, however, it seemed that most attendees used that time to go to the bathroom, run to their rooms quickly, return phone calls and emails and/or grab a quick cup of coffee before it was time for their next session. (Rightfully so–That’s how any professional attending a conference would use a 15-minute break.)

I’m sure it was frustrating for attendees who wanted to visit specific exhibitors but didn’t have the time to do so, or they had to choose between attending an educational session or skipping it to visit the exhibit hall. Rest assured that it was equally frustrating for exhibitors who stayed in the exhibit hall for long hours without the ability to conduct business.

The last big hiccup at NAHC’s Leadership Summit was that the entrance into the exhibit hall was in a different location than what was printed in the trade show materials. In essence, the exhibit hall was flipped. For all the exhibitors who strategically placed their booths in premium locations in the front of the exhibit hall ended up  being in the back.

On the plus side, John S. of Senior Home Care won the $100 Amazon gift card giveaway! Congratulations!

Home Health Care Factoring – Alternative Financing Solution for Agencies

2011 will go down in history as the year the big banks stopped lending to small businesses. On the other hand, 2011 will also be remembered as the year alternative lenders came to the forefront of the small business financing industry. Specifically, Credit Unions, Community Development Financial Institutions (CDFIs), Micro Lenders and Accounts Receivable Factoring Firms all said YES to the majority of their small business financing applications while most larger banks repeatedly said NO.

Although a home health care agency owner could be approved for financing by any of the alternative lenders listed above, the best alternative financing option for them is to work with a home health care factor, and here’s why:

Home Health Care Factoring Creates Positive Cash Flow
Some Medicaid waiver programs can take up to a month to reimburse a home health care agency for its pre-approved non-medical in-home services. This lag in payments makes it difficult for new or growing home health care agencies to be able to meet payroll and other financial obligations. However, when home health agency owners sell their Medicaid receivables to a home health care funding firm, funds can be directly deposited into their bank account within hours. Instead of waiting weeks or months, factoring your home health care business gives business owners immediate access to cash…

Click here to continue reading more reasons why home health care agencies should use a factoring.

Home Care Invoice Funding – Is it Right For Your Private Duty Agency?

There are many reasons why a private duty agency would try to qualify for home care funding. However, the most common motive is that they cannot afford to wait weeks or months to be reimbursed by Medicaid or another governmental agency.

Without a constant inflow of cash, home care agencies run the risk of not having enough capital to meet payroll, pay vendors or grow their business. Fortunately, home care financing can provide the necessary capital to help struggling private duty agencies maintain a healthy cash flow.

Click here to access key questions that will help you decide if home care invoice funding is right for your private duty agency.

PRN Funding to Give Away Amazon Gift Card at Private Duty Home Care Leadership Summit

Las Vegas, NV-PRN Funding, LLC is excited to speak with private duty home care agency owners about factoring at the 7th Annual Private Duty Home Care Leadership Summit & Exposition at the Bellagio in Las Vegas.

Marketing Manager, Nikki Flores will be in booth #303 January 23-25 speaking with private duty home care business owners about how they can turn their receivables into cash immediately through private duty home care invoice factoring.

In addition to learning about invoice funding options, all attendees are invited to stop by booth #303 and enter our drawing to win a $100 Amazon gift card.

Click here to read the official press release: Private Duty Home Care Association Invites Factoring Firm as a First-Time Exhibitor.

PRN Funding’s 2012 Trade Show Schedule

Curious about PRN Funding’s healthcare factoring services?

Check out our 2012 Trade Show schedule. We’d love to see you if you’re planning on attending any of the shows below:

Trade Show Location Dates Booth #
NAHC Leadership Summit Las Vegas, NV Jan 23-25 303
ACE12 Indianapolis, IN Aug 8-11 108
NPDA Orlando, FL Sept 12-14 TBD
Decision Health Las Vegas, NV Nov 2-4 TBD

Home Health Care Reform

Changes in healthcare are taking place all throughout the country, including the home. According to Healthcare Finance News, The Alliance for Quality Home Care (AQHC) recently outlined its new policy on post-acute healthcare reform. Post-acute healthcare refers to home care that people receive when they are not sick enough to be in the hospital, but need medical attention and help with daily activities. The AQHC outlined three main objectives of their plan:

Patient Needs First: The needs of patients must be the driver of reform. The reform is intended to integrate systems and put all people involved in home care on the same page with aligned incentives, rather than mixed incentives, in order to match each patient individually with their needs.

Payment Tied to Quality: Performance metrics must be developed that better apply across all care sectors, and also keep the “big picture” of total care in mind to see how each caregiver is performing in context. High performers get compensated for their work, which will encourage only the best care.

Adequate Payment: While not easy to accomplish in times of budget cuts, with the proper structure in place adequate compensation can be given. This requires looking at situations that providers face and making cuts accordingly, not across the board.

For the full article, see Nursing Home Alliance Offers Post-Acute System Reform

Private Duty Today Posts About Social Media Usage

The Private Duty Today blog had an interesting post about social medial usage in the private duty home care sector. The private duty home care factoring specialists wanted to share some of the surveys findings with our readers, such as:

When the survey participants were asked How Important is Social Media to Your Future Success?, they responded:

46.8% – Yet to Be Determined
34.2% – Critical
12.7% – Important
6.3% – Not Important

What type of social media marketing as your company used?

88% – Company web site

63% – Facebook
48% eMail Newsletters
36% Twitter
35% Blog

Check out all of the results on Private Duty Today’s Blog Post: Social Media Marketing in Private Duty Home Care.

Happy Home Care and Hospice Month

The National Association for Home Care & Hospice (NAHC) wrote a moving piece on their web site about Home Care and Hospice Month, and the home care factoring specialists at PRN Funding wanted to share some of the more interesting pieces of the post with our Factoring Blog readers:

Did you know that the President of NAHC met Mother Theresa 26 years ago? What’s more, she told Val J. Halamandaris that they both worked in the same business. Moreover, she specifically said, “I am essentially a home care and hospice nurse. We provide care wherever the poorest of the poor call home and offer a place of love when they are ready to meet God.”

The post goes onto read:

A day may well come when home care is the heart of health care in our country, but there are obstacles ahead. Possible cuts to Medicare home health may cause agencies to operate at a loss, and proposed Medicare co-pays might lead some seniors to say “no” to home health. If this occurs, those who cannot afford to pay for private care may wind up in a hospital after going without the care they need.

Let’s make sure this doesn’t happen because patients do much better at home, and it costs less than care in an institution. These are among the achievements of home care and hospice that we honor this special month. We must work together all year long to surmount the roadblocks that stand in our way. We owe it to our patients to win the last great civil rights battle of our time.

Click here to read the entire post: November is Home Care & Hospice Month.

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