Recap of 14th Annual Private Duty Conference

Last week, PRN Funding exhibited at Decision Health’s 14th Annual Private Duty Conference at Caesar’s Palace in Las Vegas, Nevada.

Conference attendees had the opportunity to speak with the company’s President, Phil Cohen, and Marketing Manager, Nikki Flores, during exhibit hours to learn how they can turn their Medicaid receivables into cash immediately through home care invoice factoring.

The Private Duty Conference attendees were also encouraged to enter PRN Funding’s drawing to win an Amazon Kindle Fire. Dee H. of Always There In-Home Care was the lucky winner.

Congrats to the Amazon Kindle Fire winner - Dee H. of Always There In-Home Care
Congrats to the Amazon Kindle Fire winner - Dee H. of Always There In-Home Care

PRN Funding to Give Away an Amazon Kindle Fire at Decision Health’s Annual Private Duty Conference

Las Vegas, NV-PRN Funding, LLC has been invited to exhibit at Decision Health’s 14th Annual Private Duty National Conference & Expo at the Caesars Palace Las Vegas Hotel & Casino November 2-4.

Conference attendees will have the opportunity to speak with the company’s President, Phil Cohen, and Marketing Manager, Nikki Flores, during exhibit hours. Non-medical home care agencies are invited to stop by booth #103 to learn how they can turn their Medicaid receivables into cash immediately through home care invoice factoring.

In addition to learning about invoice funding options, all attendees are invited to stop by booth #103 and enter PRN Funding’s drawing to win an Amazon Kindle Fire. The winner will be announced at the Networking Reception on Thursday, November 3rd from 5:15 – 6:15 p.m. Winners must be present at the reception to claim their prize.

With years of experience in healthcare industry, PRN Funding has a precise understanding of the unique challenges within the private duty and home care industries. PRN Funding offers financial resources to these companies by purchasing their accounts receivable–a process known as ‘factoring’, which provides the cash needed to sustain and grow a healthcare business.

Looking Back on NAHC’s 2011 Conference

Last week, PRN Funding had the opportunity to exhibit at the National Association for Home Care and Hospice’s 2011 Conference for the first time, and we have a lot of mixed feelings and opinions about it.

From an exhibitor’s point of view, the show was slightly disappointing because out of a projected 1500 conference attendees, we only got to meet 350 of them!

However, those who stopped by had the opportunity to learn more about PRN Funding’s home care factoring services, and they were able to enter PRN’s iPad2 giveaway.

Special congrats goes to Cheryl from Apple Home Health Care who was the lucky winner!

Cheryl

Now we’re gearing up for Decision Health’s 14th Annual Private Duty Conference at the Bellagio Casino in Las Vegas next month!

Question: What did you think about the 2011 NAHC Conference?

How Private Duty Home Care Agencies Can Benefit from Invoice Funding

Check out this video to see what PRN Funding’s private duty care invoice funding program offers:


  1. More Readily Available Cash: Funds are electronically deposited directly into your bank account within hours of verification that  private duty services have been performed.
  2. Flexible Private Duty Invoice Funding Choices: PRN Funding offers all of our private duty nursing clients the freedom to factor when they want, how they want, whom they want and for however long they want.
  3. Private Duty Industry Expertise: PRN Funding has spent the better part of a decade in the healthcare services industry, and we have designed our private duty account receivable funding program specifically to meet the unique challenges faced by those who provide nursing and companion services in patients’ homes and bill Medicaid or other state-funded agencies for those services.  

Want to learn more? See our private duty care factoring process to learn how PRN Funding can benefit your business.

PRN Funding Helps Home Healthcare Agencies Through Factoring

Do you own a home healthcare agency? Does waiting to be paid by Medicaid affect your ability to meet payroll and pay taxes on a timely basis? Do you have to wait too long to receive payments from a state agency for your non-medical home care services? Are you thinking of starting up a home care agency but you need to secure ongoing funding before doing so?

If you answered YES to any of the questions above, then PRN Funding’s home care factoring program is the solution to your agency’s funding needs. Through the purchase of your home care accounts receivables–a process known as factoring–your business can grow, without compromising your present obligations to payroll, taxes and vendor invoices.

Want to learn more? Click here to read about the benefits of home care factoring.

NAHC Welcomes Invoice Factoring Firm as a First-Time Exhibitor: PRN Funding to Give Away an iPad2

PRN Funding, LLC is set to exhibit at the National Association for Home Care & Hospice’s 30th Annual Convention at the Mandalay Bay Resort and Casino next month. This is the first time the home care factoring firm will be exhibiting, and it’s excited to speak with private duty home care agency owners about the benefits of accounts receivable financing.

President, Phil Cohen, Marketing Manager, Nikki Flores, and Office Manager, Stephanie Chmielecki, will be in booth #1054 October 2-4 speaking with home care business owners about how they can turn their Medicaid receivables into cash immediately through private duty care invoice factoring.

In addition to learning about invoice funding options, all attendees are invited to stop by booth #1054 and enter PRN Funding’s drawing to win an iPad2. There are two ways to enter PRN Funding’s iPad2 raffle: (1) Bring the postcard that was mailed prior to the conference directly to the booth or (2) Fill out an entry form. On the last day of the conference, PRN Funding will announce the winner.

With years of experience in healthcare industry, PRN Funding has a precise understanding of the unique challenges within the private duty and home care industries. PRN Funding offers financial resources to these companies by purchasing their accounts receivable–a process known as ‘factoring’, which provides the cash needed to sustain and grow a healthcare business.

Nurse Staffing – Time for a Change in Thinking

There was another interesting article from HealthLeaders Media that the nurse staffing factoring specialists at PRN Funding felt would be beneficial for our nurse staffing friends to read. Entitled Nurse Staffing Costs Must Be Weighed Against the Cost of Errors, the article author believes that hospital executives need to pay closer attention to studies that show how nurse staffing affects a hospital’s overall performance and base staffing decisions on those findings.

Kathy Douglas, MHA, RN, president of the Institute for Staffing Excellence and Innovation, CNO of API Healthcare, and a board member of the journal Nursing Economic$ was quoted in the article saying: “Staffing costs sit in one part of the budget, so we think of the results there. Then the cost of errors sits in another part of the budget. If I could say one thing to healthcare executives it is to make staffing a top strategic priority in your organization. If you look at top priorities-LOS, safety, quality-all of these things have direct links to staffing.”

Moreover, Douglas gave an example of looking at things from a bigger perspective. She said that some hospitals that have cut back on staffing may not notice that it is overusing overtime and it might not notice that there’s a relationship between the overtime and the number if infections on a unit.

Study Shows Temp ER Nurses Could Be a Safety Threat to Patients

The nurse staffing factoring specialists at PRN Funding came across a piece of research that we believe is important to share with our Nurse Staffing Industry readers.  Due to the perceived credibility of the source of the study it is imperative that any company that provides supplemental medical staffing be aware of the study and prepared to address the underlying issues.

Johns Hopkins University School of Medicine announced new research showing that temporary ER nurses may inadvertently be a threat to the patients they serve. Specifically, the study found that temporary nurses were twice as likely as permanent employed nurses to have medication errors in the hectic and fast-paced emergency room environment.

Although the studyimplicated temporary nurses, the authors stressed that temp ER nurses are not the only ones to blame for these shortcomings. The authors cited various reasons for ER errors, including the fact that many hospitals don’t give temporary nurses the same level of consideration and training as they do for their permanent staff.

Click here to read the official press release: Temporary ER Staff Poses Increased Safety Risk to Patients.

How Groupon Makes Factoring Invoices Look Cheap

Tracy Z wrote an interesting post on FactoringInvestor.com comparing and contrasting the cost Groupon vs. the cost of invoice factoring.

Rightfully so, Tracy defined the marketing lure of Groupon as “marketing with no upfront fees.” For cash-strapped business owners looking to make more sales, free advertising sounds like a good deal–That is until you break down the numbers:

  • 50% discount to customer
  • 25% fee to deal provider
  • 25% net to business owner

In essence, the business owner only makes 25% AND they have to wait to get their portion, in installments, over time.Tracy outline a simple example, where 1/3 of the business owner’s profits was paid in 5 days, 1/3 in 30 days and the balance within 60 days:

$100,000

-$50,000 discount

-$25,000 fees

=$25,000 received by business owner (33% or $8,333 immediate advance, with the remaining $16,667 paid out over 60 days.)

Then Tracy used the same scenario as though the business owner were factoring:

$100,000

-$5000 factoring fee (average 5%)

=$95,000 received by business owner (80% advance or $ 80,000 upfront, with the balance less the fees received once debtor pays in full).

Pretty interesting comparison, huh?

Click here to read the article Tracy referenced in her post: Why Groupon is Poised for Collapse.

Temporary Nurse Staffing Factoring Case Study

NOTE: This temporary nurse staffing factoring case study can also be found on PRN Funding’s web site.

An Opportunity for Acquisition…
Barry was the office manager of a temporary nurse staffing company for many years when he was approached with a great business opportunity. The owners of the business were ready to retire and offered to sell their medical staffing company to him. The owners wanted to see their business continued, so they hoped that Barry would agree to buy the business and take over the ownership duties. If not, they would have to look to sell to an outsider running the risk of losing what made the agency unique. They felt that Barry was the best fit for managing the business. He would ensure the on-going success of their temporary nurse staffing company. The owners were even willing to work out a purchase plan with Barry so that he could make payments over time rather than all at once, but he would still need to make a significant down payment in order to secure ownership of the nurse staffing business.

Collateral Needed for Investment…
This opportunity was extremely exciting for Barry and he felt that it would be a great career move. He knew the ins-and-outs of the nurse staffing industry and was confident that he would continue to operate profitably. In a few years, with aggressive sales to area hospitals and nursing homes, he would be able to increase profits for the nurse staffing business. Barry only had one concern. He had no idea where he was going to get the money he needed for the down payment. Temporary staffing organizations simply don’t have the type of hard assets banks require as collateral. Also, the sellers were willing to take a note financing most of the business, but in return they would not allow any senior debt on the balance sheet. If he absolutely had to, Barry could guarantee the loan personally, but that was his absolute last option. There had to be another alternative for Barry to secure the working capital that he needed.

Cash Available in the Outstanding Receivables…
Looking over the financials, Barry realized that there was a significant amount of accounts receivable outstanding. The owners had not been aggressive in collecting or managing their accounts receivable. The services had already been provided, the employees had been paid, but the invoices were still outstanding. Barry remembered seeing an advertisement in one of his staffing journals for PRN Funding, LLC, a temporary nurse staffing accounts receivable factoring company that turned receivables into cash immediately. Promptly, he called PRN Funding and spoke to an account specialist for his business cash flow solution.

A Successful Nursing Staffing Company…
Just as the owners of the nurse staffing company were preparing to sell him the business, Barry was able to establish a relationship with PRN Funding. PRN Funding bought the outstanding invoices, even the invoices that had been issued months ago, and provided the temporary staffing business with an immediate cash advance. Barry used the funds from the cash advance to make the down payment on the business. PRN Funding was also able to actively and professionally collect on the outstanding accounts receivable, freeing up more time for Barry to concentrate on operating his business and ensuring the continued success of his nurse staffing company.

Would you like to learn more about how PRN Funding can help your healthcare business? Apply for healthcare factoring now!

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