Landing a Business Loan After Bankruptcy

Who does a business owner turn to for financing when he/she has been  turned down for business loans due to a personal bankruptcy?

Business Week columnist, Karen Klein, tackled this question earlier this month (Landing a Business Loan After Bankruptcy).  Noting that it’s hard for entrepreneurs to get startup capital in general, Klein said it’s even harder to get bank financing now because banks have tightened their lending standards.

Although Klein suggested asking friends, family and/or other strategic investors to put a monetary interest in the new business, she also recommended accounts receivable factoring.  PRN Funding couldn’t agree more with this advice!

For nine years, PRN Funding has been able to provide  healthcare staffing funding, medical transcription invoice factoring, and medical coding accounts receivable financing to numerous clients who have had less-than-perfect credit.  These healthcare vendor clients know that PRN Funding extends credit based on their customers’ ability to pay, rather than the business owner’s personal credit.

Check out some of PRN Funding’s client success stories to see just how PRN Funding’s accounts receivable factoring program was able to help.

Adams, Evens & Ross makes Inc. 500 List of Fastest Growing Companies

PRN Funding was excited to find out that Adams, Evens & Ross (AER), was recently added to Inc’s 500 List of Fastest-Growing Private Companies.  Ranked number 307 on the list, AER is a company who collects and manages past-due accounts for clients in the staffing and recruiting industry.  Adams, Evens & Ross boasts a 914.6% three-year growth and revenues of $4.3 million.

PRN Funding outsources some of its ultra-slow paying accounts to AER, and we’ve been pleased with their work, so we wanted to share this exciting news with our Factoring Blog readers.

Linda Aiken to Speak at Healthcare Staffing Summit

Associates of PRN Funding can still remember the first time they heard Professor Linda Aiken speak when she was a guest presenter at Staffing World 2004 in Washington DC.  We were blown away by the amount of information Professor Aiken had to say about how temporary nurse staffing agencies can help defeat the nurse shortage.

Now professor Aiken is scheduled to speak at the 2008 Healthcare Staffing Summit about her most recent project, which involved research on more than 40,000 nurses in 900 hospitals, including travel nurses and per diem nurses.  She will also discuss another one of her studies that found temporary nurses are just as qualified as traditionally employed nurses.

For those medical staffing agency owners who will be attending this year’s conference, don’t miss this talk!

Connecticut’s Nurse Shortage Could Become Crisis

Nurses, nursing school instructors and others in the nursing field in Connecticut (CT) are waiting to hear if a proposed $185,000 federal grant will be approved for the Connecticut State University System’s nursing programs, an Associated Press article announced earlier this week.

If approved, the money would be used to add seats to nursing programs at Central, Western, Southern and Eastern Connecticut state universities to combat the state-wide nurse shortage.  In addition, the money would help fund programs for more graduate training opportunities, scholarships and equipment.

Click here to read the story in the Hartford Courant: Officials: Nursing shortage could become crisis.

AAPC Anounces Inaugural Interventional Radiology and Cardiovascular Credential

The American Academy of Professional Coders started offering a brand new stand-along core credential this month, the Certified Interventional Radiology Cardiovascular Coder (CIRCC).

Vice president of AAPC’s product management, Stephanie Jones was quoted in the AAPC’s news article saying, “Current trends reveal increasing numbers of procedures are being performed in interventional radiology departments, cathlabs, hospitals and clinics, which have significantly elevated demand for vetted coding expertise in the interventional radiology and cardiovascular sub specialties.  Until now, there has been no proficiency standard for this subspecialty…”

Acknowledged for ethical, accurate, experienced and professional medical coders, the AAPC’s medical coding certifications are recognized across the nation as the “gold standard.”  Individuals who possess the CIRCC credential have achieved a high level of coding education and his/her proficiency and accuracy in interventional radiology and cardiovascular coding and charging has been validated.

Click here for more information on the First-of-Its-Kind Interventional Radiology and Cardiovascular Credential.

2008 Healthcare Staffing Summit Details

This year’s Healthcare Staffing Summit will be held at the Hilton San Francisco on September 8-9.  At the annual summit, CEOs, owners and senior level executives in the healthcare staffing industry gather and discuss topics of both strategic and tactical interest to the full range of healthcare staffing segments – travel nursing, per diem nursing, locum tenens, and allied medical.

Click here for more information on the 2008 Healthcare Staffing Summit.

PRN Funding Gets Cover Story in Health Data Matrix

When the president of PRN Funding submitted an article to the business and technology journal of AHDI and MTIA, Health Data Matrix, he had no idea that it would be used as the featured cover story of the August issue.  But that is exactly what happened, and we couldn’t be happier!

In his article, Locating Money Sources for Your Business (p. 20-23), Phil Cohen talks about the many different ways a medical transcription service owner can secure financing for his/her business.

Click here if you would like more information on medical transcription funding.

Comments About AHDI’s ACE08

PRN Funding exhibited at the 2008 Association for Healthcare Documentation Integrity’s Annual Convention and Expo (AHDI’s ACE08) last week in Orlando, and we have a lot of good things to say about our experience this year!

Prior to the show, we were both pleased with the Orlando, FL location and concerned about it.  Being a hot family destination, the PRN Funding team worried that most of the attendees would find themselves at the amusement parks rather than the exhibit hall.  Luckily, we were pleasantly surprised.

We were extremely pleased with the amount of people in the exhibit hall.  Both the quantity of attendees at the show and the quality of attendees were great.  The members of the PRN Funding team who were exhibiting in booth #608 had the opportunity to speak to a number of MTSOs who were interested in our medical transcription factoring program.

PRN Funding has been exhibiting with AHDI, formerly AAMT, for a number of years, and at times, we were not happy with the attendee turnout and/or show management.  However, this year was probably the best run medical transcription industry convention yet!

MTIA-AHIMA Release White Paper on Medical Transcription TAT

As part of the Joint Task Force on Standards Development, the Medical Transcription Industry Association (MTIA) and the American Health Information Management Association (AHIMA) released a white paper discussing the current state of the industry relative to Turnaround Time (TAT) for selected work types.  The white paper also “provides commentary on how changes to TAT may impact operational efficiency, enrich data capture and documentation, further empower clinical decision making, and enhance patient care.”

For your convenience, we have included the Summary of Findings of the white paper below:

  1. Medical transcription (including the editing of draft reports created with SRT) is currently the dominant and preferred method of creating narrative documentation in the U.S. healthcare system and is likely to remain a critical practice for at least 10 years.
  2. Fluctuating (unpredictable) dictation workloads and a critical shortage of skilled transcriptionists are factors affecting TAT in many instances.
  3. The evolution of the health record in emerging systems such as EHRs and PHRs (personal health records) will increase demand for quicker TAT of patient information to achieve desired financial and clinical benefits
  4. SRT and perhaps other technologies will grow as documentation solutions in the marketplace can enhance TAT in some circumstances.
  5. Medical transcription production will continue to expand globally, which can in some cases improve TAT.
  6. Faster TAT on transcribed reports in cases where skilled workers are critical to the process will likely increase overall costs.
  7. Market recognition of the benefits of TAT standards in which expectations are properly set and managed will improve patient care/safety and provide a more efficient healthcare operation.  In all cases, regular dialogue between all constituents affected by documentation TATs will result in a better outcome.

Click here to read the entire White Paper: Transcription Turnaround Time for Common Document Types.

New Travel Healthcare Group Launched

The National Association of Travel Healthcare (NATHO) launched this month.

According to their web site, the purpose of NATHO is to provide a forum for companies who provide travel healthcare services (i.e. travel nurse staffing agencies). This forum helps set ethical guidelines which provide the foundation of relationships between NATHO members and their clients.

In addition, NATHO is committed to continuous educational programming that focuses on the exchange of ideas about the standards of the industry and changes in the Travel Healthcare marketplace, which affects NATHO members.

Because the travel healthcare staffing industry has very unique needs, PRN Funding is pleased to see that there is now a specific organization out there dedicated to serving the industry.

For more details, visit National Association of Travel Healthcare Organization online.

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