CFA Issues Statement to Fed’s Small Business Lending Conference

The Commercial Finance Association (CFA) issued the following statement to the Federal Reserve small business lending conference in regards to the importance of issuing funds to independent commercial finance companies:

“The Federal Reserve conference, [held on Monday, July 12] about increasing lending to small business is yet another example of political theater. Once again, our nation’s lawmakers have gathered to share vague ideas, point fingers and simply agree that the small business credit crunch continues.

“Disappointingly, no tangible solutions are being offered. The Commercial Finance Association continues to believe that providing support to independent commercial finance companies, a crucial source of capital for small businesses, is absolutely imperative. Independent commercial finance companies extended hundreds of billions of dollars to U.S. small businesses in 2009. Additionally, more than half of these lenders increased their credit commitments in 2009, during a time of severe economic distress, thereby enabling many U.S. businesses to survive. Our elected officials and our nation’s banks should remain committed to extending credit to independent finance companies. Doing so will set in motion a sequence of events that will allow these lenders in turn to provide additional funds to small businesses, allowing them to add jobs and make meaningful investments in their operations. This is a tangible, practical and needed step that will help fuel real economic recovery in America.”

How to Control Small Business Cash Flow

An informative article written by Max Newnham, entitled: Knuckle down on cash flow terms gives some practical advice for business owners who are struggling to keep a healthy cash flow.

For the benefit of our business owner readership, PRN Funding condensed the article down to it’s main points:

Too often, business owners focus primarily on sales and fail to administer and manage their companies appropriately. As a result, invoices oftentimes go out late, and there is rarely any follow-up on overdue invoices.

In order to prevent the above situation, small business owners should be upfront about payment terms and late-payment penalties before agreeing to take on new business.

Furthermore, companies should set credit limits for new accounts and monitor how much business is being done. If it jumps significantly, the payment terms should be re-visited and possibly re-negotiated.

Next, when it comes to collecting, small business owners will be more productive by making phone calls than sending out threatening letters or statements with stickers.

It’s comforting to know that out of all the suggested small business tactics for managing cash flow, PRN Funding is able to assist with each of these steps. Contact us today for more information on our invoice funding services.

Medical Transcription Funders at ACE10

Austin, TX-PRN Funding is exhibiting at the Association for Healthcare Documentation Integrity’s (AHDI) Annual Convention and Expo at the Hilton Austin August 4-7, 2010.

Owner of PRN Funding, Phil Cohen, and Account Manager, Ryan Elliott, will be available in booth 511 to speak to attendees about PRN Funding’s medical transcription accounts receivable factoring program.

MTSOs and medical transcriptionists are encouraged to stop by PRN Funding’s booth to get a sticker as part of the Wheel of Prizes game. After visiting with participating exhibitors and collecting stickers, attendees can turn in their completed cards for a chance to spin the Wheel of Prizes. In addition, convention attendees will judge exhibitors and their booths during the exhibit hall based on two categories: Most Friendly Booth Staff and Most Creative Booth.

With years of experience in the medical transcription industry, PRN Funding has a precise understanding of the unique challenges within medical transcription. 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.

Cleveland Seeks Proposals from Medical Staffing Agencies

The medical staffing invoice factoring specialists at PRN Funding received a mis-directed letter last week that we thought might be interesting news to our local Ohio healthcare staffing agencies. For the sake of our Ohio staffing agency owners, we’ve posted the letter below:

Greetings:

The City of Cleveland, Department of Public Safety, Division of Correction is reviewing the viability of pursuing service contracts with outside vendors to provide certain inmate services. Your organization has been identified as a potential partner is such an endeavor. Enclosed you will find information in the form of a “Request for Proposal” highlighting required services and products.

Please review the Request, and, consider how your business could, or, could not become a provider. A pre-proposal meeting will be open on July 16, 2010, for all interested vendors; at that meeting, and and all questions regarding services in question will be welcome. The application deadline will be July 30, 2010. A final decision will be made some time afterwards – it may be that no vendor is chosen, and, that the City will continue with its in-house system.

We ask that you carefully consider the enclosed Request as a potential new business opportunity, and wish, your organization the best during this process.

Sincerely,

Joseph Stottner, Acting Commissioner

Walmart Does All…Even Small Business Loans

Sam’s Club, a division of Wal-Mart Stores, Inc. announced yesterday that it is testing an online program with Superior Financial Group to offer small businesses loans between $5000-$25,000 to its members. The decision to offer these small business loans came as a result of a November 2009 survey, in which nearly 15 percent of Sam’s Club’s business owners reported being denied a loan to run their operation.

According to the official press release, “the Sam’s Club small business loan pilot program is a first-of-its kind and will complement other offerings that cater to small business including low rate merchant credit card processing, convenient order-ahead programs and early shopping hours.”

Sam’s Club members who apply for a small business loan will receive $100 off the application fee, a 20 percent discount and a 7.5 APR, which is a 25 basis point discount. (NOTE: The Sam’s Club Membership fee is $35/year.)

PRN Funding’s Take:
It’s a good thing that Wal-Mart is trying to fill a business loan gap with their pilot program, however, the loans are backed by the Nation’s leading Small Business Administration (SBA) lender. Therefore, there will still be stringent lending criteria that a small business owner will need to meet in order to qualify. This is bad news for brand new businesses and companies who have less than three years of operation.

Still, there’s hope, as small business owners can test out accounts receivable factoring to help fill in the cash flow gaps. Even if a small business owner has been turned down by a traditional lender, accounts receivable factoring firms will be able to fund them.

How to Jumpstart a Successful Medical Billing Business

Did anyone see Vanessa Best’s article in the July issue of BC Advantage? In the article, How to Jumpstart a Successful Medical Billing Business (page 31-32), Vanessa lists 10 steps to start a medical billing and consulting business:

  1. Choose a business type.
  2. Choose the name.
  3. Develop a business plan.
  4. Learn about your market.
  5. Keep abreast of the medical field.
  6. Get reasonably priced software from vendors listed with the BBB.
  7. Develop your marketing strategy.
  8. Launch your marketing campaign.
  9. Establish how much your time is worth and set fees for service.
  10. Put it in writing!

Although the medical billing account receivable specialists agree with everything on Vanessa’s list, we thought medical billers and medical billing consultants should add one more thing to the list.

Team up with a medical billing accounts receivable factor. Most medical billing companies and medical billing consultants have to wait weeks to be paid for their billing services. Imagine a world where you sent an invoice to a physician, and you got paid on the same day. PRN Funding’s medical billing account receivable program is designed to do just that!

Check out our medical billing factoring web page for more details.

2010 AAPC Conference Wrap-Up

Even though Jacksonville, FL was not one of the more desirable cities for a medical coding conference, the 2010 AAPC Conference ended up being a good one for PRN Funding.

Phil Cohen (PRN Funding’s owner), Vera Pereskokova (Account Manager) and Nikki Flores (Marketing Manager) had the pleasure of speaking with a number of medical coding business owners and medical coding consultants during the show. All of them showed a great interest in PRN Funding’s medical billing factoring services as well as our medical coding invoice funding program.

Congratulations to Lori H. of Compass Coding Services, who was the lucky winner of our iPod Shuffle and $50 iTunes gift card drawing!

PRN Funding to Exhibit at 2010 AAPC Show

Jacksonville, FL-PRN Funding will be exhibiting in booth #111 at the 2010 AAPC Conference, and the crew is excited to talk to medical coding business owners and medical coding consultants about the benefits of medical coding invoice factoring.

In addition, AAPC Conference attendees are encouraged to stop by booth #111 June 7-9 to enter for a chance to win an iPod Shuffle and $50 iTunes gift card.

Click here to read the official press release: PRN Funding Talks Medical Coding Factoring.

Small Business Credit Conditions Tightest Ever

Federal Reserve Chairman Ben Bernanke announced last week that banks need to restore a proper balance between making loans to creditworthy  borrowers and lending prudence.

He clarified that banks have erred too far on the side of caution since the beginning of the financial crisis, and as a result, “credit conditions for small business are the tightest they have been in recent memory.”

Click here to see the entire story: Bernanke: Small Business Lending Tightest in Recent Memory.

AAPC Moves 2010 Conference to Jacksonville

Due to the recent flooding in Nashville, AAPC’s National Conference has been moved to Jacksonville, Florida. The conference dates, times and educational sessions will remain the same. PRN Funding will still be exhibiting in booth #111 at the upcoming medical coding trade show.

For those who registered prior to the move, here is information to help with the transition:

Help for Nashville AAPC Conference Registrants

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