AAPC iTouch Winner Announced

Last month, PRN Funding announced that it would have a drawing  for a 16-gig iTouch at the 2009 American Academy of Professional Coders Conference in Las Vegas.

Attendees lined up at PRN Funding’s booth each day to learn about the benefits of medical coding factoring and medical billing factoring.

While at the booth, they also had a chance to fill out an entry form for a chance to win the iTouch. On the last day of the show, PRN Funding put all 535 entry forms from medical coding and billing professionals into our fish bowl and chose one.

Congratulations to Jean Pryor of Anderson Medical Billing who was the lucky winner!

PRN Funding Talks on Recession and Medical Staffing

The editors of Recruiting & Staffing Solutions Magazine assembled a prestigious round table of funding and lending experts and asked them a series of questions concerning the recession and how it has affected their clients. The responses to the survey was included in a special feature in the March/April issue of RSSM. PRN Funding’s CEO, Phil Cohen, was one of the factoring experts who participated in the survey.

A summary of the questions asked and Mr. Cohen’s responses are included below:

In your opinion, what is the biggest impact on the staffing industry by the present credit crunch?
Credit worthy staffing agencies are finding it increasingly difficult to either receive or renew working capital lines from banks. In addition, alternative financing vehicles traditionally utilized by smaller firms, such as home equity lines and credit cards, are also becoming more difficult to obtain. Reduced access to capital is compounded by an industry wide slow down in the payment of invoices by customers.

What do you believe will be the biggest opportunity staffing firms will have because of the present recession?
I believe the biggest opportunity staffing firms have right now is to help fill in the gaps for employers who have had to lay-off full-time employees. Staffing firms can use this recession to provide temporary workers to companies who don’t necessarily have the financial resources available to perform the necessary background checks or offer benefits packages. By utilizing staffing firms, these companies can maintain a business-as-usual atmosphere on a more affordable level.

If a staffing firm wanted to research funding and lending companies, what are the two biggest factors that separate your company from others in the industry?

  1. Medical Staffing Industry Expertise – PRN Funding, LLC understands the unique characteristics of the medical staffing industry. PRN Funding is very familiar with traditional payment terms, industry jargon and day-to-day procedures associated with the medical staffing industry.
  1. Extremely Flexible Factoring Terms – PRN Funding offers the utmost in flexibility to medical staffing companies. Our clients choose when, who, how much and how long to factor their invoices.

Which industries have been influenced the most by the downturn?
As a very focused factor, we are only qualified to comment on the medical staffing industry.  Unlike other downturns, even the medical staffing industry has been affected as facilities have had significantly less difficulty filling open shifts.

In your opinion, which industries have been the least affected by the current economic situation?
Once again, I am only qualified to comment on the medial staffing industry.  While virtually all segments have been affected, those agencies providing home health care services have been less affected than other specialties as demand for their services is less discretionary and their clients (governmental institutions) don’t have any staff of their own.

Phil Cohen to Speak at IFA Conference

If you are planning on attending the 2009 International Factoring Association’s Conference in Orlando, Fl next week, there’s a panel discussion worth attending!

Philip Cohen, the president of PRN Funding, LLC, was invited to speak on a panel of an entrepreneurial factors on Friday, April 24 at 2:00pm EST. Looking back on his ten years of founding and owning PRN Funding, Mr. Cohen will discuss various “tricks of the factoring trade” with the other panel members and the seminar’s attendees.

Click here to read the official press release: Phil Cohen Chosen as Guest Speaker on IFA Panel.

Government Provides Online Resources for Entrepreneurs

According to an article on BusinessWeek.com, a new outreach effort is now available to small business owners on the Business.gov Web site. The U.S. Small Business Administration’s Business Gateway Program started a community forum built specifically for small business owners.

The forum includes blogs, articles, and discussions, and it’s designed for small business owners and government employees to have an area for interaction.

The idea to create this site for buiness owners first originated in 2006, but after President Barack Obama took office, the entrepreneur community forum’s plans accelerated rapidly.

Click here to read the entire article Government Resources for Entrepreneurs.

Half of Nation’s Hospitals Operating in the Red

It wasn’t very long ago when PRN Funding wrote a 3-part series on the healthcare cash flow crisis in America, giving a glimpse into the actual costs of America’s healthcare system. Written at the end of 2004,we shared a startling statistic in the three-part Cash Poor Series, 1/3 of the nation’s hospitals were operating in the red. Just 4 years later, 50% of America’s hospitals are currently operating in the red, and many are in the midst of cutting back on services and staffing.

According to an article that appeared in today’s Los Angeles Times, “Forty-four percent of hospitals have seen declines in surgeries, with hip procedures showing the steepest drop-off at 45%, according to another new survey. As a result, 47% of the hospitals surveyed expect to make staff cuts, and 69% plan to cancel or delay equipment purchases, according to the survey by Novation, a company that manages supplier contracts for hospitals.

Novation has responded by demanding that vendors maintain or roll back prices on the goods they sell to hospitals.”

Click here to read the entire article: Half of nation’s hospitals running losses.

Factoring for Home Care Agencies

The factoring experts at PRN Funding, LLC announced this week that it is now accepting factoring applications from home care agencies. For the convenience of the factoring blog‘s readers, we have included the text from the official press release below:

PRN Funding Expands Funding to Home Care Agencies

Cleveland, OH-Keeping up with the ever-changing medical staffing marketplace, PRN Funding, LLC made a formal announcement this week that it is now accepting home care factoring applications.

Previously, the focused accounts receivable factoring firm has worked exclusively with healthcare vendors that sell goods or deliver services directly to medical facilities. By adding home care agencies to their repertoire, the invoice funding firm is now able to collect payments directly from multiple state governments and their agencies.

“It has come to our attention that home care agencies and private duty firms could benefit greatly by PRN Funding’s factoring services,” said PRN Funding’s president, Philip Cohen. “It’s a growing market that we are excited to help.”

Home care, private duty and in-home care are all phrases that refer to a specialized care or life assistance care given to a person within the confines of his/her home rather than in a medical facility.

With years of experience in healthcare services financing, PRN Funding has a precise understanding of the unique challenges within the demanding business of serving vendors to healthcare institutions. 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.

For more information, please visit PRN Funding’s Home Care Factoring page.

More Hospitals Hiring Temps

An article in yesterday’s Wall Street Journal discussed how more and more general surgeons are shifting from private practices to temporary assignments as a result of the economic downturn, rising overhead costs and declines in reimbursements.

So much so that “general surgery is now among the fastest growing areas of a temporary medical staffing undystry that’s expected to double to $2.1 billion in 2009 from five years ago, according to Locumtenens.com.”

The WSJ article, Surgeon Shortage Pushes Hospitals to Hire Temps, goes on to say that “temporary surgeons used to be mostly older physicians who wanted a lighter workload, or those fresh out of training, still deciding where to put down roots. But today, more are midcareer people.”

The WSJ estimated that it can cost a hospital up to $1500/day, plus travel and lodging expenses for a temporary surgeon to come in and perform scheduled procedures and emergency operations. But as hospitals continue to face a shortage in nurses and doctors, utilizing locum tenens staffing is quickly becoming one of the only options available.

5 Golden Rules to Make Cash Flow Work

American Express created the OPEN Book with tons of tips on how to grow a small business. Paging through the OPEN Book, one article jumped out: Go With the Flow. The brief article was written by Raymond Joabar, Senior VP and GM of Lending and Network Development, and he gives “5 golden rules in order to make cash flow work for you instead of against you.” We’ve summarized the rules below for the factoring blog‘s readers:

1. Know how to measure it. Joabar suggests monitoring your cash flow by reviewing balance sheets and cash flow statements, as well as the number of days it takes to turn inventory, and how long it takes for cash to cycle through the business.

2. Know the causes of cash flow problems. When businesses hit a growth spurt, that means more cash is needed to invest in additional inventory and infrastructure. On the other end, if your customers aren’t paying you quick enough, it can also lead to cash flow problems. Finally, slow sales lead to poor cash flow. Joabar says it’s important for busienss owners to understand the fundemental causes of cash flow to help avoid problems before they begin.

3. Build strategies that can maximize cash flow. Joabar strongly urges business owners to “get serious about minimizing fixed expenses” and “find creative ways to handle peaks in demand without hiring additional staff.” He says to think about using credit cards rewards programs and frequent flier point as cash substitutes when making purchases. In addition, it’s important for you to set clear payment terms and expectations with your clients.

4. Prepare for the Worst. Simply put, Joabar advises for business owners to get a “jump on the cash flow problem by lining up several sources of financing in advance.” Accounts receivable factoring is a great way to manage your cash flow during times of rapid growth.

5. Grow Smart. “Consistent growth is the best way to smooth out bumps in cash flow,” according to Joabar. “When opportunities for growth present themselves, plan carefully.” Every investment, including custoemrs, should have clear returns.

PRN Funding Accepts Credit Cards

As an account receivables factoring firm who specializes in funding medical staffing companies, factoring invoices for medical transcription services and providing financing to medical coding companies, we (PRN Funding, LLC) made a big announcement today.

In order to serve our clients to the best of our ability, PRN Funding is now accepting VISA, MasterCard, and American Express credit cards as a form of payment on its clients’ invoices.  Traditionally, PRN Funding has only accepted checks and direct deposits.

Click here to read the entire press release on PRN Funding’s web site: PRN Funding Now Accepting Credit Cards.

Small Business Cash Flow Issues Continue to Intensify

Every month, Discover Financial Services publishes a Small Business Watch report on its Web site.  Here is a list of some of their Small Business Key Findings for the month of November:

  • 44% of small business owners have experienced cash flow issues over the last 90 days, up sharply from 38% in October. This is the category’s highest rating since April 2008, when the same number of business owners reported cash flow issues.
  • 33% of owners who sell business-to-business said they had cash flow issues in the last 90 days that caused them to hold off paying some bills
  • 51% plan to decrease spending on business development over the next six months, up significantly from 42% in October and a record high in this category
  • 65% of business owners view the economy as poor
  • 54% of business owners believe economic conditions for their business are worsening, and only 15% feel conditions for their business are improving
  • With the results from an election poll, business owners want President-Elect Barack Obama and Congress to make taxes a top priority, even though 64% said they are not confident that the federal government and Congress can address the needs of America’s small businesses

Q: Do you feel the results of this poll are in line with your own business?

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