Happy Medical Transcription Week 2012

Did you know that President Ronald Regan established May 20-26 as National Medical Transcriptionist Week? He did–In 1985.

So the medical transcription invoice funding experts at PRN Funding, LLC wanted to wish all of medical transcription blog readers a very Happy Medical Transcription Week!

Of course, the MT industry is not going away, but it is in a constant state of flux as large MTSOs acquire small ones in addition to incorporating EHRs. If you’re an MTSO or a transcriptionist, we want to hear your thoughts on the future of the industry. Feel free to leave comments.

Medical Receivable Factoring vs. Healthcare Factoring

When it comes to factoring in the healthcare industry, there are two different kinds of companies that can benefit from what’s commonly referred to as healthcare factoring and/or medical factoring. Both types of healthcare companies make ideal invoice factoring candidates because both routinely bill creditworthy slow-paying customers. The Marketing Manager at PRN Funding took the time to explain the differences in the video below:

The first variation of the healthcare factoring model involves entrepreneurs who own a service-oriented business within the healthcare industry. Specifically, medical transcription services, medical equipment providers, medical supply companies, medical staffing agencies, temporary nurse registries, outsourced medical coding companies, medical billing services, etc. can all benefit greatly by factoring their invoices. Healthcare factoring can be extremely beneficial for vendors hoping to maintain a positive cash flow when their customers (medical providers) take weeks or months to pay them for their services or goods. Click here to learn more about PRN Funding’s healthcare factoring solution.

On the other hand, medical receivables factoring includes a third party payer (i.e. Medicaid, Medicare or private insurance company) within the medical invoicing process. In this instance, the medical provider is the one who benefits from factoring.

Medical receivables factoring is a great way for medical providers to bridge the cash flow gap that is oftentimes created by slow payments from insurance carriers and other third-party payers.

As experts in the healthcare factoring marketplace, PRN Funding has developed relationships with credible medical factoring companies that specialize in helping hospitals, nursing homes, physicians’ practices, etc. maintain a positive cash flow.

Click here for more information on healthcare factoring vs. medical factoring.

Temporary Staffing Industry is Booming

According to the federal Bureau of Labor Statistics, changes in the “temporary help services” category typically prefaces similar changes in non-farm payrolls around 5 months later, and since hitting its lowest point in August 2009, temp jobs have been on a steady incline.

In fact, according to the American Staffing Association, US staffing firms employed 2.8 million temporary and contract employees per day in 2011, which is up 8% since 2010. Moreover, the Bloomberg US Employment Services Index (made up of 17 staffing and recruiting firms) has increased by 15%. Additionally, the temporary staffing industry’s sales was $98.3 billion in 2011, which was 12.4% more than 2010 sales.

Richard Wahlquist , president and CEO of the American Staffing Association, recently said: “Companies no longer look upon temporaries as a gap measure. Now, the largest companies have a specific model of how much of their work force is going to be temporary.”

It’s important to keep in mind that as these agencies continue to grow, the need for staffing payroll factoring will also increase.

Click here to read the entire article: Temp Agencies Signal Economy’s Health, Direction.

Aging Workforce is Straining Social Security

Did you happen to see the Associated Press article on Monday entitled: Aging workforce strains Social Security, Medicare?

If not, the healthcare factoring specialists at PRN Funding summarized the startling findings below:

Social Security and Medicare, the government’s two largest benefit programs, are in worse shape than previously thought due to the increasing aging population and the slow-rebounding economy. Moreover, Medicare is in the worst shape because of rising health insurance costs.

The predictions from last year was that the Medicare hospital insurance fund for seniors would run out of money in 2024, and Social Security’s retirement fund would run out in 2038, with the disability fund running out of money by 2018.

The latest projections from March indicate that the disability fund would run out of money two years earlier in 2016.

New Medical Billing and Coding Professional Association

The APMBA (Association of Professional Medical Billers and Administrators) officially opened this week, and they’re accepting memberships to the organization.

What’s more, the new association is offering ½ off the Platinum and Gold memberships until 05/31/2012.

    1. Platinum Membership: $199.00 covers 1 year membership benefits including the CMBA and CMBA-D exam.
    2. Gold Membership: $159.00 covers 1 year membership benefits includes the CMBA exam
    3. Silver Membership: $99.00 membership only does not cover exam (not eligible for ½ off discount)
    4. CMBA-Certified Medical Billing Administrator
    5. CMBA (D) – Certified Medical Billing Administrator (DME)

      Find out more details here.

      CDIA (formerly MTIA) Closing its Doors

      Did any of our medical transcription invoice factoring blog readers see the letter that the board members of the Clinical Documentation Industry Association posted on their web site?

      If not, here’s a copy of what’s on the site’s home page:

      Dear CDIA Members and Supporters,

      The Clinical Documentation Industry Association (CDIA) has weathered many financial challenges over the past few years from the significant contraction in the marketplace and overall unhealthy economic conditions. In response, we rebranded the association to expand our reach beyond medical transcription, editing, voice, and speech recognition to encompass every touch point in the clinical documentation continuum. Our flagship event, the CDIA Annual Conference, had broadened the educational program to bring together these complementary audiences.

      Unfortunately, the external factors have become too strong for the association to overcome and this is why we are writing to you today. On behalf of the CDIA Board of Directors, we regret to inform you that the association is closing and the annual conference planned for April 2012 in Baltimore, MD has been cancelled.

      This has been a very difficult decision that the Board did not take lightly. The association’s finances could no longer sustain the organization to serve the members and support the annual conference. Over the next several weeks, CDIA representatives will be winding down the association and information will be sent regarding recent payments made to the association.

      Thank you for your support of CDIA and participation in the association. We encourage you to continue to promote the spirit of CDIA’s mission, values, and advocacy platform as you continue your involvement in other associations, including the Health Story Project (www.healthstory.com) and AHDI (www.ahdionline.org).

      Sincerely,

      The Clinical Documentation Industry Association

      The medical transcription invoice funding specialists asked the president of PRN Funding, Phil Cohen, what his thoughts were on the CDIA’s closing, and this is what he had to say:

      First and foremost, on a personal level, I’m saddened by the announcement. I’ve either exhibited or attended the annual CDIA show since 1992! However, I don’t believe that the association’s closing is any indication that the medical transcription (or clinical documentation industry) is hurting. Rather, it just shows how the amount of mergers and acquisitions have been affecting the industry. To date, there are fewer smaller MTSOs in the industry and there are also fewer large players in the industry. For an association to remain active, viable and financially sound, it needs more contributing members, not fewer.

      QUESTION: What are your thoughts on CDIA’s closing?

      How Was the 2012 AAPC Conference?

      Sharlene George wrote an informative blog post on the 2012 AAPC Conference. She interviewed a couple of attendees to get the “inside scoop,” and this is what she found out:

      Donna Williams, CPC, CPMA, of the Chesapeake, Va., chapter, who was attending her second national conference, had this to say:

      “This was one of the best conferences I have attended. It was well organized.” Ms Williams also mentioned that her favorite session overall was “Understanding Diabetes for ICD-9 and ICD-10” presented by Sheri Poe Bernard, CPC, CPC-H, CPC-P, CPC-I.

      Moreover, Myra Burk, CPC, CPC-H, from Rockford, Il., who was attending her first conference, loved the different educational choices and especially found it helpful to have payers involved as presenters and participants during sessions. Ms. Burk also attended and enjoyed the popular Anatomy Expo Wednesday where physicians from a variety of specialties provided an insider’s look at the anatomic and physiologic nuances of the human body.

      Sharlene mentioned that there were a couple of conference hiccups, but the overall consensus was that the 2012 AAPC Conference was a good one.

      Next year’s show will be in Orlando, FL from April 14-17.

      Click here to read Sharlene’s entire post: Attendees Conclude AAPC’s 2012 Conference Was Valuable.

      Temporary Hospice Staffing Factoring Case Study

      The temporary hospice staffing factoring specialists at PRN Funding recently invited one of our current hospice staffing clients to “spill the beans” in a tell-all interview about her experiences with using PRN Funding as a medical staffing factor.

      Although the video and printed interview is posted on PRN Funding’s web site, we also included them on The Factoring Blog for all of our medical staffing agency owners.

      Chastity Williams has a big heart, and she had a big dream. As a long term care nurse she had many encounters with hospice nursing. In 2007, there was a tremendous nursing shortage and hospice was a very misunderstood area of health care. Chastity knew she could help make a difference in people’s lives and wanted to start her own hospice temporary staffing agency – Nursing by Demand.

      “Like everyone else, I had an idea and thought I’d open a business. When I started I was all heart and had big ideas for the nursing part, but I didn’t know as much about the business part.” She felt uncertainty as many entrepreneurs do, and wondered how she’d be able to raise payroll.

      “Chastity had a couple clients lined up before she started, but as in many new business situations, they didn’t pay quite fast enough. So she didn’t have the cash on hand to meet payroll. That’s a lot of pressure for a new business,” says Ryan Elliott, her Account Manager at PRN.

      A business loan was out of the question – Chastity was adamant that she didn’t want to start a business with debt. She did some research and came across PRN Funding’s web site as well as some others, and looked into several.

      Click here to continue reading why Chastity decided to choose PRN Funding as her hospice staffing factor.

      Cleveland Clinic Will Hire 600 Nurses

      From March 28-30, the Cleveland Browns Stadium is being transformed into a three-day recruiting blitz for the Cleveland Clinic.

      1180 nurses are pre-registered for the event, and many more are anticipated to come as “walk-ins”. The Cleveland Clinic is holding the job fair in order to fill 400 vacant positions and 200 news ones. Specifically, the Clinic is hiring medical surgery nurses, advanced practice nurses, imaging nurses and intensive care nurses.

      The Stanley Shalom Zielony Institute for Nursing Excellence is hoping to build brand awareness and make nurses aware of all of the hospitals that the Cleveland Clinic has.

      What is the Best Financing Option for Outsourced Medical Coding Companies?

      Account Receivable Factoring or Small Business Loan: Which is a Better Financing Option for Outsourced Medical Coding Companies?

      Comparing and contrasting medical coding account receivable factoring to a loan from a bank sounds like a daunting task. To be honest, it’s hard to compare the two equally because one financing mechanism creates debt by lending money (i.e. bank loan), whereas the other one creates immediate cash flow by advancing cash on purchased invoices (i.e. factoring).

      Thankfully, comparing the two medical coding funding options doesn’t have to be difficult. Click here for a handy comparison chart outlining the key differences between medical coding account receivable factoring and bank financing.

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