Review of 2010 MTIA Conference

Although we weren’t necessarily thrilled when MTIA decided to raise it’s membership fees, the medical transcription factoring specialists at PRN Funding continued to support the organization.

Part of our allegiance is to exhibit at the 21st Annual MTIA Conference in Daytona Beach. Although it was great for networking, and the show was structured very well, we were disappointed with the attendee turnout. The 2010 numbers were significantly lower than past years.

Q: If you routinely attend the medical transcription trade show, why did you choose to go (or not go) to the 2010 MTIA Conference?

PRN Funding is Racing for The Place

On Sunday, June 6, 2010, PRN Funding employees and their families will be participating in The Gathering Place’s 5K Race for the Pace.

We set an optimistic goal to raise $2,500 for the organization, and we’ve already donated $1000 to get the ball rolling.

Check out PRN Funding’s progress!

Presented by Medical Mutual and University Hospitals Ireland Cancer Center, Race for the Place is held  to benefit The Gathering Place, which is a local Cleveland organization that provides free programs and services to individuals and families touched by cancer.

21st Annual MTIA Conference Welcomes PRN Funding as Exhibitor

Daytona Beach, FL–PRN Funding, LLC will be exhibiting at the MTIA conference in the Hilton Ocean Walk Village hotel in Daytona Beach from April 28-May 1, and the medical transcription invoice funding company is eager to speak with MTSOs about the many benefits of accounts receivable factoring.

PRN Funding’s President, Phil Cohen, and Account Manager, Joanna Schafer, will be exhibiting in booth #23. Transcription service owners who are interested in learning more about PRN Funding’s medical transcription factoring program are encouraged to visit with both Phil and Joanna during open exhibit hall times.

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

Small Businesses Sign Up for Payroll Services – Sign of Improving Economy?

Automatic Data Processing’s (ADP) Chief Executive Officer, Gary Butler, told Bloomberg BusinessWeek recently that “sales of services to companies with 50 employees or fewer have increased since September.

Butler was quoted: “It’s a clear indication that small business is coming back…You don’t put in a new HR system or payroll system if your business isn’t going to grow.”

Butler also said that the increase in business is similar to the one he saw in 2002 and 2003 after the last recession.

PRN Note:
Companies oftentimes experience cash flow problems when they expand their payroll and hire additional personnel quickly. Small business owners who are experiencing a rapid growth phase should consider PRN Funding’s factoring services to help even out their cash flow.

Click here to read the entire story: ADP – Small Employers May Be Signaling Recovery.

2010 NPDA Conference Wrap-Up

PRN Fundings Booth at 2010 NPDA
PRN Funding's Booth at 2010 NPDA

Last week, PRN Funding traveled to Philadelphia, PA for the 2010 National Private Duty Association’s (NPDA) Conference.

It was the first time that PRN Funding was invited to exhibit at the Conference, and overall, it was a huge success for the private duty factoring agency.

Members of the PRN Funding team had the opportunity to speak with a number of home care agency owners, and explain the benefits of factoring Medicaid and other state agency receivables.

In addition, the private duty invoice funding experts donated a Flip Camcorder as a door prize, and the lucky winner was Antonio Del Valle of
Focus Home Healthcare. PRN Funding also held an in-booth drawing for a iPod Shuffle. The winner was Steve Rakoczy of Liberty In Home Care.

PRN Funding looks forward to exhibiting at the 2011 NPDA show next March in Las Vegas, NV.

SAP Insight – Managing Cash Flow

The world leading software provider, SAP, recently published an Executive Insight entitled: Managing Cash Flow in Times of Crisis – Solutions for Improving Cash and Liquidity Management. The factoring specialists at PRN Funding wanted to share some of the more pertinent parts of the paper with The Factoring Blog’s readership. For your convenience, we’ve included a summary below:

In all, the article stressed three main points in order to maintain a healthy bottom line during difficult credit times:

  1. Ensure healthy cash flows.
    SAC advised business owners to check their customers’ credit prior to doing business, and then to continually monitor the credit throughout the relationship. Moreover, SAC also explained how important it is for business owners to stay on top of outstanding invoices, making it a priority to follow-up on disputes and general collections.

    The healthcare factoring specialists at PRN Funding provide extensive debtor credit reviews as part of our services. In addition, each of our clients is assigned to one account manager who handles the collections process and follows-up on aging invoices.

  2. Gain greater viability into the sources and uses of your cash.
    SAP recommended that business owners wrap their arms around the “entire financial value chain.” In a nutshell, SAP recommended that owners have a firm grasp on the inflows and outflows of their company’s cash. Make note of certain times when receivables start to age  a little more or when business orders jump. The preparation will help you forecast for the future.

    The account managers at PRN Funding actively monitor the strength of their clients’ business operations, holding upper-level management meetings monthly to discuss trends. Any information that is uncovered during those meetings is also brought to the client’s attention.

  3. Increase control over cash on hand.
    SAP’s advice at this level is for business owners to gain real-time visibility. SAP stressed how important it is to be able to monitor cash flow levels on a daily basis.

    PRN Funding’s factoring specialists helps in this area as well, providing secure access to real-time reporting system via our company’s web site. PRN Funding’s healthcare factoring clients have the ability to log-in and run reports 24/7/365.

Looking for an Article on Factoring?

Have a question about invoice funding that hasn’t already been addressed on The Factoring Blog? Mosey on over to PRN Funding’s Web site, where healthcare business owners and cash flow factoring professionals can find a wealth of information.

PRN Funding’s president, Phil Cohen, has been busy writing various articles about factoring over the last few months. Have you been keeping up? Check out the Factoring Industry News section of our web site for his most recent contributions.

Choose from article topics like…

  1. Comparing Bank Loans to AR Factoring
  2. Top Five Reasons to Factor
  3. Factoring Fees Defined
  4. Ways to Secure Funding in a Bad Economy
  5. Benefits of Home Care Factoring

Happy browsing!

PRN Funding Introduces Real-Time Web Communication

By integrating new technology into its Web site, PRN Funding, LLC has made it even easier for healthcare factoring prospects to communicate with the firm over the web.Specifically, users now have the option to Chat Live via Meebo and have their questions about invoice funding answered in real-time by one of PRN Funding’s factoring specialists.

For those who feel more comfortable asking questions over the phone, a new short form was added to the web site, in which users can fill in their name and number, and a factoring specialist will call within 15 minutes. These two new web communication outlets are available on every page of PRN Funding’s Web site during business hours. In addition, the invoice funding firm also added quick-link buttons to various Social Media outlets where the company is active. Social media icons are now conveniently located on the bottom of every page for those users who are interested in communicating with PRN Funding via The Factoring Blog, YouTube, LinkedIn, and Twitter.

Click here to read the official press release: PRN Funding Introduces Real-Time Web Communication.

Spheris to be Acquired by MedQuist and CBay

In an press release issued this week, Spheris announced that it has agreed for MedQuist and CBay, Inc. to purchase Spheris’ assets under Section 363 of the U.S. Bankruptcy code. According to the official Spheris press release, “The company expects its operations to continue as usual during the restructuring process. Spheris India, a subsidiary of the Company, will be part of the prospective transaction but will not file for bankruptcy.”

This news generated some questions from the medical transcription factoring specialists at PRN Funding–Namely, if this agreement goes through from a national perspective, is it beginning of a monopoly in the transcription industry?

Asset-Based Lending and Invoice Factoring Increases

There was an interesting article that appeared in yesterday’s Wall Street Journal entitled: Asset-Based Lending Grows in Popularity. The reporter shared statistics that demonstrated how much more small businesses have been leaning on asset-based lending and invoice factoring in the down economy.

The reporter wrote: “Many small businesses that seek asset-based loans are distressed companies, or have spotty of short track records. Lenders tend to specialize in specific industries or lines of business, with an understanding of the particular collateral at stake.”

This is especially true of PRN Funding’s factoring services, as we only factor healthcare vendors who sell goods or provide services to healthcare facilities. PRN prides itself in understanding the various industries we serve: medical staffing, medical transcription, medical coding, private duty home care, etc.

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