PRN Funding Invited to Exhibit at Private Duty Expo

Las Vegas, NV–PRN Funding, LLC will be exhibiting for the first time at the Annual Private Duty National Conference and Expo from November 16-18.  The conference will be held at Caesars Palace in Las Vegas, NV.

President, Phil Cohen, and Marketing Manager, Nikki Flores, will be on hand in booth #211 during exhibit hall hours. Private duty home care agency owners are encouraged to stop by the booth to learn how home care factoring can help them maximize their cash flow.

With years of experience in healthcare industry, PRN Funding has a precise understanding of the unique challenges within the private duty home care industry. 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.

2009 National Staffing Employee Week

The American Staffing Association (ASA) has estimated there are 2.7 million temporary and contract employees who work for staffing firms in the U.S. every day.  To honor these workers, from September 14-20, is a week devoted to them.  There will be planned luncheons, banquets, and office parties throughout the week.

The ASA has given some tips on how to improve your event this week.

  • Place thank-you stuffers inside check envelopes
  • Give out award certificates to all of your employees
  • Send thank-you postcards to clients to thank them for their business
  • Spread the word about your event by sending a press release to your local media

Materials for the tips listed above can be found at americanstaffing.net.

Home Health and Hospice Business Builders Workshop

Calling all home care and private duty business owners! From September 16-18 at The Brown Hotel in Louisville, KY, home care and private duty companies will have the chance to improve their marketing and public relations strategies to increase their sales.  The workshop will also help businesses with the recruiting and training side of home care and private duty. 

The best part about the program is the 100% money-back guarantee-if you don’t see improved sales within 90 days of attending the conference and implementing proven strategies, participants can get their money back and keep the course materials. 

Three of America’s top health care speakers, Dr. Tray Dunaway, Elizabeth Jeffries, and Stephen Tweed, will be on hand to help with the interactive programming. 

This workshop is nontraditional in the sense that there will be no formal speakers.  It is an interactive setting that includes one-on-one training to develop new sales and marketing techniques.  Participants will work in small groups to achieve these goals.  Also, they will see video playback of their presentations and get a chance to hear from the experts on their progress. 

To learn more about the workshop, click here.

PRN Funding featured in Home Health Line’s Private Duty Insert

Phil Cohen, CEO of PRN Funding, wrote a featured article for the August 2009 edition of Home Health Line’s Private Duty insert. 

The article, titled “Grow in a Tough Economy: 3 Alternative Ways to Locate Business Financing,” describes three nontraditional, yet effective ways for financing your private duty business.  Below is a list of the 3 alternatives:

  1.             Banking with family and friends
  2.             Peer-to-peer lending
  3.             Exchange Medicaid invoices for cash

Mr. Cohen goes into further detail about each financing option.  Many other vendors in the health care industry might consider trying some of these options too. 

Click here to order your subscription to Home Health Line.

Jobs in Health Care Rising

President Obama’s Council of Economic Advisors released a report Monday surveying the parts of the labor force that are expected to grow most rapidly in the future.  The report is a reminder to everyone in the health care industry that it is one of the few industries still growing.

Specifically, professions in health care including home health care, outpatient care, and medical laboratory positions will add the most jobs. 

This is good news to our clients as well as to entrepreneurs looking to start their own healthcare-related business!

Click here to read the complete New York Times article: Job Growth in Health is Expected to be Strong

Obama Talks Health Care on ABC

As President Obama advocates for a health care system overhaul, many Americans are questioning how it will function as well as how the country will pay for it.  The Wall Street Journal’s Health Blog profiled Obama’s televised town hall meeting on ABC last week to try and explain his plans in more detail.

The President assured Americans that the government will not force them to switch doctors or health insurance plans.  Also, private companies will still be able to choose different plans for their employees on their own.  However, critics argue that given a cheaper government option, most businesses will jump ship from private insurance companies. 

Health insurance companies feel threatened by the proposal, stating that a government program would put them out of business.  Obama responded to these concerns by admitting he wasn’t sure a government plan would be included in his final proposal.

Additionally, Obama explained that the funding for his health care system would either come from lowering the amount that wealthy Americans can deduct on their taxes or from taxing health benefits. Regardless of how he accomplishes this, many wonder if Obama will be the first president to solve the problem of uninsured Americans.

Little is known right now about how President Obama’s healthcare reform will affect healthcare vendors like medical billing and coding companies and/or temporary nurse staffing agencies. They will have to wait patiently to see how the President’s changes will affect them.

To read the entire Wall Street Journal Blog article, click here: Separating Fact from Fiction on Health-Care Reform

To view a clip of the town hall meeting, click here: President Obama Defends Right to Choose Best Care

For a full transcript of the meeting, click here: Questions for the President: Prescription for America

Entrepreneurs Notice Credit Lines Disappearing, Should Turn to Factoring

BusinessWeek.com recently published an article that put JPMorgan Chase bank in the spotlight, as the bank started reducing or eliminating credit lines  for a large number of small business owners to help even out its balance sheets.

According to the article, in most cases, “If business owners can’t convince Chase of their creditworthiness, they have three options: 1) pay off the balance in full; 2) agree to a conversion of the line of credit into a term loan; or 3) go into default.”

One business owner interviewed for the article described how his four lines of credit were reduced to two on the exact same day that he received a letter from Chase that the bank was blocking him from drawing on two lines of credit due to “an adverse change in his ‘financial condition and/or credit history.'” The entrepreneur had been drawing on all four of the lines to help meet his monthly payroll, and he’s not sure where the money will come from if he’s not able to reistate the two lines.

As banks continue to reduce and eliminate credit lines, there will continue to be an influx of established healthcare business owners who are in this same situation. Lucky for them, there is an immediate answer to their cash flow problems.

Home care agencies who need additional funding to pay their sitters and companions, medical transcription service owners who are waiting a long time for hospitals to pay, and medical coding companies who are looking to expand can and should take advantage of healthcare accounts receivable factoring programs to help them at a time when more traditional funding avenues are failing them.

Click here to read the entire article: Snipping Credit Lines for Small Businesses.

Faculty Shortage Hurt Nursing Programs

Would you take a job that paid you 50% less than your current one? Nurses around the U.S. are facing this question daily when it comes to choosing between working as a registered nurse or working as a nurse intructor. More often than not, RNs are choosing to stay in the field instead of teaching new nurses, which is making the nationwide nurse shortage an even bigger problem. Fewer teachers in the classroom means more nursing programs have to turn away prospective nursing students.

An article in the Marshall News Messenger quoted associate dean for undergraduate nursing programs at the University of Texas at Tyler, “UT Tyler’s four-year bachelor’s degree program has about 610 students…The school gets about 300-375 applicants and admits about 130 to 140 students.”

The article also included director of the college’s associate degree nursing program, Dayna Davidson, and her thoughts: “About 200 people usually apply for Kilgore College’s 60 positions.”

Still not everyone is hurting. Some private universitities, such as East Texas Baptist University, have empty seats in their nursing programs. Leslie Borcherding, interim dean of the nursing department in teh Frank S. Groner Endowed Memorial School of Professional Studies, thinks the school’s higher tuition combined with the poor economy are jeeping the nursing program’s enrollment down.

Click here to read the entire article: Faculty shortages hurt college nursing programs.

Small Business Owners Report Cash Flow Concerns

According to the Monthly Small Business Watch, a report that measures economic confidence by randomly selecting 750 small business owners and asking them to respond to six questions, 50% of small business owners have experienced temporary cash flow issues in the past 90 days. In addition, 53% of the surveyed business owners reported that they will decrease spending on business development in the next six months.

Now, more than ever, is a prime time for cash flow consultants and factoring brokers to reach out to those small business owners and pair them with the appropriate funding source. As many of The Factoring Blog’s readers know, PRN Funding is a great option for medical staffing factoring, medical transcription factoring, medical coding factoring and home care factoring.

Click here to read more current small business cash flow statistics.

Factoring Makes List of 101 Ways to Save Money

Jill Amadio, Jacquelyn Lynn, Ivan R. Misner, Chris Penttila, Guen Sublette and Laura Tiffany of Entrepreneur.com came recently contributed to a very important document for business owners: 101 Ways to Save Money in Your Business.

Compiled to advise business owners and entrepreneurs on how to save money in a penny-pinching economy, the accounts receivable factoring specialists at PRN Funding found #86 particularly helpful:

“Consider the factors. Factors–companies that essentially buy and then liquidate a company’s accounts receivable–provide an option to tied-up money.”

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