Ways to Get Paid Quicker in a Bad Economy

Scott Love of RecruitingMastery.com, wrote an excellent article in Net-Temps Recruiters e-newsletter that gave recruiters tips on how to get quick-paying clients.  More specifically, he advised recruiters to use “fear of loss” as a motivator.  Translated to healthcare vendors like medical staffing agencies and medical transcription services, threatening to pull your nurses or ceasing your transcription services until until a check is received is a good attention-grabber and lets the medical facility know that you mean business.

Love also highly recommends putting your terms directly on your invoices, which is something Phil Cohen (president of PRN Funding, LLC) suggested to temporary nurse staffing business owners in part two of his article series: How Nurse Staffing Agencies Can Get Paid Quicker.

Not to mention, another way for business owners to get paid quicker during a bad economy is to utilize invoice funding.  Selling your invoices to a factoring company is a great way for you turn your receivables into cash immediately.

Rapid Response Nurse Staffing Firm Seeks New CEO

Reliant Health Care Professionals, a medical staffing agency who specializes in staffing nurses on short notice, announced that it’s searching for a new CEO earlier this week.  The current president and CEO, Gregory Mikkelsen, will step down and serve as the executive VP and vice chair of the Denver-based healthcare staffing firm.

“There are some other things I would like to do professionally and personally,” Mikkelsen said.  He began speaking to the Reliant Health Care Professionals’ board about his succession plan last year.

Click here to read the entire briefing via Staffing Industry Analysts: Reliant starts search for CEO.

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?

Fed Reveals Plan to Spark Business Lending

According to the Credit & Collections World Wide web site, the Fed and Treasury officials announced the creation of a “new Term Asset Backed Securities Loan Facility which will lend up to $200 billion to holders of securities that back credit card, auto, small-business and student loans” this morning.  This is a strategic move is hoping to jump-start the issuance of new consumer loans and business loans backed by the U.S. Small Business Administration.

Officials from the U.S. Department of the Treasury and the Federal Reserve hope the move will “enable a broad range of institutions to step up their lending, enabling borrowers to have access to lower-cost-consumer-finance and small-business loans.”

Click here to read the entire post: Fed Unveils Plan to Spark Consumer, Business Lending.

Haley Marketing Group Announces New Web Site

The Haley Marketing Group dispersed a press release this afternoon announcing the launch of their new web site.  As a marketing and web design firm dedicated to the staffing and recruiting industries, The Haley Group’s new web site offers staffing and recruiting professionals the following:

Apparently, PRN Funding is not the only organization who has upgraded to a newer version of its web site.  Click here to see PRN Funding’s new web site.

Nurse Staffing Agency Convicted of Failing to Pay Taxes

A federal jury convicted the nurse staffing owner of Kirpal Nurses dba Kind Hearts for not paying $500,000 in federal employment taxes last week.  The nurse staffing agency owner, Francis LeRoy McLain of Livingston, MT, supplies temporary nurses to nursing homes and other healthcare facilities.  (Some other companies McLain has operated since 1987 include: Lifelines Care Inc., Lifelines Cooperative Care Inc. and Cooperative Nurses Inc.).

McLain sued the U.S. in 1995, claiming his nurses were independent contractors rather than employees, and then the U.S. countersued, and the suits were settled in 1998 with McLain agreeing to withhold pay over employment taxes for nurses who worked for his businesses.  However, nonpayment of employment taxes still continued, as reported by the U.S. Attorney’s Office’s Minnesota district.

eBay of Working Capital Goes Live

Awhile back, PRN Funding blogged about The Receivables Exchange (TRE), an up-and-coming online accounts receiveable marketplace for business owners who want to turn their receivables into cash instantly by putting their invoices up for bid and specifying what kind of discount it is willing to offer.

In his article for The New York Times, writer Brad Stone said “The site provides a much-needed financing option for companies that are finding the doors locked at traditional credit markets.  It could also be a safe financing alternative for distressed start-ups that might otherwise have to sacrifice equity in a conventional bridge loan.”

Business owners and accounts receivable factoring firms are both intrigued by and weary of the developing company, and only time will tell how successful or unsuccessful The Receivables Exchange will be.

Staffing Temp Nurses in a Bad Economy

David Searns of Haley Marketing Group had a great article in Net-Temps Recruiters e-newsletter, entitled: How to Sell When Someone Says “We’re Not Hiring.”  In the article, he discusses how the poor economy is affecting all sectors of the temporary staffing industry–in that facilities are cutting costs and decreasing their temporary staff.  If you want to succeed in this economic downturn, Searns suggests the following:

1. Stop being reactive
2. Go back to sales 101
3. Find ways to drive out costs
4. Capitalize on opportunities
5. Utilizing strategic recruiting

Click here to read the details on how to combat the “we’re not hiring” phrase.

PRN Funding to Speak at NNBA Meeting

Next weekend, PRN Funding will be in Daytona Beach exhibiting and sponsoring breakfast at the National Nurses in Business Association’s 19th Annual Conference .

In addition to exhibiting, PRN Funding will conduct a table-top presentation for nurse entrepreneurs entitled: How to Locate Money Sources for Your Business.

Click here to read the press release: PRN Funding Joins Nurses in Business for Annual Meeting.

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