Medical Transcription Competition Heats Up in 2009

As a follow up to the 2008 Medical Transcription Vendor Study,  KLAS  released a new report, “Transcription Services: Steady Demand in a Volatile Market” this month. The study’s overall findings point to a heightened level of competition among medical transcription vendors in 2009.

KLAS’ director of financial and services research and author of the new report, Graham Triggs, said: “Sixty-two percent of respondents in this study have switched MTSOs at least once – suggesting that every vendor is vulnerable if performance starts to wane.”

Transcend was ranked #1 in 2008, but the outsourced transcription vendor dropped to fifth place in 2009. Webmedx and Precyse Solutions took the top two spots, followed by Encompass and TransTech.

Factoring medical transcription invoices presents a great opportunity for MTSOs to gain a competitive edge in the MT industry because they can offer extended payment terms to their customers and still have enough cash on-hand to meet payroll.

Click here to read more on the report: KLAS-Medical transcription market is volatile.

LA Times Puts Temp Agencies Under Fire

Did anyone see the December 6th article in LA Times entitled: Temp firms a magnet for unfit nurses?

Journalists, Tracy Weber and Charles Ornstein painted temporary nurse staffing agencies in a very bad light in the investigative article. The article focused primarily on nurse staffing firms who have been skimping on background checks and staffing unfit nurses.

During a time when hospitals and nursing homes are scrambling to fill staffing gaps, they’re relying on temp agencies more so than in the past. Now, more than ever, temp agency owners need to be taking the proper steps to screen their employees prior to hiring.

Another option which wasn’t as popular when it first came out is for nurse staffing agencies to become Joint Certified.

Q: What is your agency doing to remain competitive and trustworthy in the marketplace?

Flu Season Presents Opportunities for Medical Temp Agencies

It’s normal this time of year for flu-related absences to pop up in the workplace. Add in the recent H1N1 outbreak , and employers across the nation are sure to suffer even more employee absences. Add in the rush of the holiday season, and the stage is set. Medical facilities especially will need to find ways to fill the staffing gaps.

Supplying allied health professionals and/or temporary nurses to hospitals, nursing homes and medical clinics now is a great way for small medical staffing agencies to get their foot in the door. Savvy business owners will take advantage of this opportunity.

What’s more…Agency owners who utilize nurse staffing factoring can rest easy if their clients take longer to pay during the fourth quarter. Factoring medical staffing invoices gives agency owners cash upfront so they have enough liquid capital to meet payroll and pay taxes.

Click here to learn more about medical staffing invoice factoring.

New CEO for AHIMA

According to AdvanceWeb.com, Alan F. Dowling, PhD was recently appointed as the new CEO of the American Health Information Management Association (AHIMA). He will assume his new role on January 13, 2010.

This statement was release in the official press announcement:

“Dr. Dowling has a deep understanding of the complexity of issues facing our association, our members and our industry, as a whole. His experience in the areas of health information and informatics, as well as healthcare delivery systems, gives him keen insights into what will be vital to the next decade of health information management and technology,” AHIMA board president Vera Rulon said.  “He is the ideal person for the job ahead.”

Click here to read the entire press release: Dr. Alan F. Dowling Names AHIMA’s Next Chief Executive Officer.

Ohio Among Top Three States in Need of Nurses

Ohio’s nursing shortage is projected to reach 23,000 by 2020, which is 29 percent of the projected national nurse shortage of 300,000.

Currently, Ohio reports only a 5 percent vacancy rate for RNs, which is below the national averages. This most likely due to the fact that Ohio nursing schools have been focusing on increasing their nurse graduates at the same time that older nurses are putting off retirement, but these trends won’t last long.

According to a report released this month by the Health Policy Institute of Ohio, nurses and nurse educators said longer hours, increasing case loads and greater physical demands are all straining the current nurse supply. Not to mention, more than 600 beds are slated to be added to central Ohio’s area hospitals in the coming years, which will increase nurses’ workloads in the area.

Nurse educators are needed as well. Ohio’s nurse faculty shortage is expected to hit 3,600 over the next 10 years. In 2009, The Ohio State University’s nursing school turned away three and a half qualified applicants for every one admitted, and three instructors left for higher paying jobs at the OSU Medical Center.

Looks like the state of Ohio is a good place to be if you’re a nurse staffing agency owner looking for new business!

Click here to read the entire article: Nursing stocked, but not for long.

MTIA Increases Membership Dues

Dedicated to funding MTSOs, PRN Funding has been a proud member of the Medical Transcription Industry Association (MTIA) for eight years. Naturally, PRN Fumding was intrigued when received a mailer from the 2009 President of MTIA, Linda Yaniszewski, informing us that the 2010 membership rates were increasing.

MTIA formally unveiled it’s Vision 20/20 Campaign at the 2009 AHIMA Conference. This week’s mailer solidified the changes in membership pricing.

There are now three membership tiers to choose from, all with a hefty price:

Gold – $10,000
Silver – $5000
Bronze – $2000

Q: What do you think about MTIA raising their member fees?

MTIA Promotes Meaningful EHRs

As members of the Medical Transcription Industry Association  (MTIA), PRN Funding recently received a mailing explaining that dictation and medical transcription is still the most preferred, effective method for documenting healthcare encounters. MTIA listed a handful of other reasons:

    1. At least 1.2 billion clinical records are produced in the United States each year.
    2. 60% of all clinical notes are documented via traditional dictation and transcription.
    3. No documentation method captures complex patient stories better than narrative dictation.
    4. Transcriptionists/editors ensure accuracy of clicnical information and support physicians in risk management.

    For a list of MTIA member companies, visit MTIA’s web site.

      Factoring Terminology

      Entering into the world of accounts receivable factoring can seem overwhelming if you are not familiar with factoring industry jargon. We’ve identified and defined some of the more common factoring terms for our readers below:

      Account Creditor – You, the Client and provider of goods or services.

      Account Debtor – The purchaser of goods or services; responsible for the paying invoice.

      Advance Rate – Money provided immediately to the company factoring its accounts receivable–expressed as a percentage of the total invoice amount.

      Discount Fee – A fee assessed by a factor that purchases accounts receivable. The discount fee is determined by the size of the invoice, the length of time it takes to collect the funds and the creditworthiness of the customer, not the company selling the receivable.

      Factor – A company that provides operating capital to businesses by purchasing their accounts receivable.

      Factoring – The business of purchasing and collecting accounts receivable.

      Non-Recourse – Generally, a period in which accounts purchased by the factor remain the factor’s accounts and do not revert to the account creditor if unpaid due to an insolvency event. The factor accepts full credit risk for any and all accounts that it purchases during this period.

      Recourse – Generally, a period in which accounts purchased by the factor are able to revert to the account creditor if unpaid due to an insolvency event. The client accepts full credit risk for any and all accounts that it sells to the factor during this period.

      Reserve – Amount of money that is not immediately provided to the company factoring its accounts receivable when the account is purchased by the factor, expressed as a percentage of the total invoice amount.

      Reserve Release – A bonus paid back to you as a result of prompt paying of receivables by your customer. (Advance Rate + Reserve = 100% of Total Invoice) The Reserve, minus the discount fee, is transferred to the client once payment is received by the factor.

      Click here to learn more factoring terminology.

      AHDI-West Schedules Productivity Webinar

      Betsy Ertel, AHDI-F, is hosting the AHDI-West “Power of 10” Technology Webinar #2 on Thursday, October 29 1-2:30 pm PDT. The title of the web presentation is: Looking at Expansions Through Windows.

      Topics to be discussed include the following:

      1. Concept, Benefits and Value of Abbreviation Technology
      2. Working in Windows with Expander Programs
      3. Conflicts with Do’s and Don’t’s in Creations
      4. Interactive Abbreviations with Feedback vs. Long-Form Keyword Name Creations

      Registration is $10, and is open through October 27. Visit the AHDI-West web site to register for this webinar.

      All proceeds will be sent to AHDI and contributed to the Power of 10 campaign. For more information, contact Kat King, AHDI-F, at events@ahdi-west.org.

      Staffing World 2009 Kicks Off Today

      The American Staffing Association’s annual Staffing World Conference begins today and runs through October 23. Held at the Orlando World Center Marriott Resort, Staffing World 2009 has a slew of opportunities for all kinds of staffing agencies.

      The event kicks off with a Keynote address on Wednesday by Joe Calloway (sales, marketing and branding consultant), in which he’ll share the results of his research and analysis of the staffing and recruiting industry.

      In addition, there will be a multitude of industry-specific workshops, including a healthcare staffing learning track.

      Click here for more information on the 2009 ASA Conference.

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