Small Business Owners Report Cash Flow Concerns

According to the Monthly Small Business Watch, a report that measures economic confidence by randomly selecting 750 small business owners and asking them to respond to six questions, 50% of small business owners have experienced temporary cash flow issues in the past 90 days. In addition, 53% of the surveyed business owners reported that they will decrease spending on business development in the next six months.

Now, more than ever, is a prime time for cash flow consultants and factoring brokers to reach out to those small business owners and pair them with the appropriate funding source. As many of The Factoring Blog’s readers know, PRN Funding is a great option for medical staffing factoring, medical transcription factoring, medical coding factoring and home care factoring.

Click here to read more current small business cash flow statistics.

Factoring Makes List of 101 Ways to Save Money

Jill Amadio, Jacquelyn Lynn, Ivan R. Misner, Chris Penttila, Guen Sublette and Laura Tiffany of Entrepreneur.com came recently contributed to a very important document for business owners: 101 Ways to Save Money in Your Business.

Compiled to advise business owners and entrepreneurs on how to save money in a penny-pinching economy, the accounts receivable factoring specialists at PRN Funding found #86 particularly helpful:

“Consider the factors. Factors–companies that essentially buy and then liquidate a company’s accounts receivable–provide an option to tied-up money.”

PRN Funding Celebrates Medical Transcription Week

Following suit with the Association for Healthcare Documentation Integrity (AHDI), PRN Funding wants to extend a very heartfelt, Happy Medical Transcription Week!

Per the organization’s web site, the AHDI is encouraging medical transcriptionists and editors to embrace the theme of the 2009 National Medical Transcription week, Knowledge is  and celebrate “by doing something important for yourself.”

Click here to see what else you can do to celebrate National Medical Transcription Week.

AAPC iTouch Winner Announced

Last month, PRN Funding announced that it would have a drawing  for a 16-gig iTouch at the 2009 American Academy of Professional Coders Conference in Las Vegas.

Attendees lined up at PRN Funding’s booth each day to learn about the benefits of medical coding factoring and medical billing factoring.

While at the booth, they also had a chance to fill out an entry form for a chance to win the iTouch. On the last day of the show, PRN Funding put all 535 entry forms from medical coding and billing professionals into our fish bowl and chose one.

Congratulations to Jean Pryor of Anderson Medical Billing who was the lucky winner!

PRN Funding Talks on Recession and Medical Staffing

The editors of Recruiting & Staffing Solutions Magazine assembled a prestigious round table of funding and lending experts and asked them a series of questions concerning the recession and how it has affected their clients. The responses to the survey was included in a special feature in the March/April issue of RSSM. PRN Funding’s CEO, Phil Cohen, was one of the factoring experts who participated in the survey.

A summary of the questions asked and Mr. Cohen’s responses are included below:

In your opinion, what is the biggest impact on the staffing industry by the present credit crunch?
Credit worthy staffing agencies are finding it increasingly difficult to either receive or renew working capital lines from banks. In addition, alternative financing vehicles traditionally utilized by smaller firms, such as home equity lines and credit cards, are also becoming more difficult to obtain. Reduced access to capital is compounded by an industry wide slow down in the payment of invoices by customers.

What do you believe will be the biggest opportunity staffing firms will have because of the present recession?
I believe the biggest opportunity staffing firms have right now is to help fill in the gaps for employers who have had to lay-off full-time employees. Staffing firms can use this recession to provide temporary workers to companies who don’t necessarily have the financial resources available to perform the necessary background checks or offer benefits packages. By utilizing staffing firms, these companies can maintain a business-as-usual atmosphere on a more affordable level.

If a staffing firm wanted to research funding and lending companies, what are the two biggest factors that separate your company from others in the industry?

  1. Medical Staffing Industry Expertise – PRN Funding, LLC understands the unique characteristics of the medical staffing industry. PRN Funding is very familiar with traditional payment terms, industry jargon and day-to-day procedures associated with the medical staffing industry.
  1. Extremely Flexible Factoring Terms – PRN Funding offers the utmost in flexibility to medical staffing companies. Our clients choose when, who, how much and how long to factor their invoices.

Which industries have been influenced the most by the downturn?
As a very focused factor, we are only qualified to comment on the medical staffing industry.  Unlike other downturns, even the medical staffing industry has been affected as facilities have had significantly less difficulty filling open shifts.

In your opinion, which industries have been the least affected by the current economic situation?
Once again, I am only qualified to comment on the medial staffing industry.  While virtually all segments have been affected, those agencies providing home health care services have been less affected than other specialties as demand for their services is less discretionary and their clients (governmental institutions) don’t have any staff of their own.

Phil Cohen to Speak at IFA Conference

If you are planning on attending the 2009 International Factoring Association’s Conference in Orlando, Fl next week, there’s a panel discussion worth attending!

Philip Cohen, the president of PRN Funding, LLC, was invited to speak on a panel of an entrepreneurial factors on Friday, April 24 at 2:00pm EST. Looking back on his ten years of founding and owning PRN Funding, Mr. Cohen will discuss various “tricks of the factoring trade” with the other panel members and the seminar’s attendees.

Click here to read the official press release: Phil Cohen Chosen as Guest Speaker on IFA Panel.

PRN Funding Headed to Louisville for MTIA Meeting

If you are an MTSO interested in increasing your company’s cash flow, and you are planning on attending the 2009 MTIA Conference April 22-25, be sure to stop by booth #26 to learn about PRN Funding’s medical transcription factoring program.

Click here to read the official PRN Funding press release: PRN Funding Set to Exhibit at 2009 MTIA Meeting.

PRN Funding to Give Away iTouch

PRN Funding, LLC is headed to the 2009 American Academy of Professional Coders Convention in Las Vegas. The medical coding factoring specialists are eager to meet with medical coding consultants and medical coding business owners in booth #110.

As an added bonus, attendees who stop by the booth sometime between April 5-8 can fill out an entry form to win a 16-GB iTouch.

Click here to read the official press release: PRN Funding to Give Away Apple iTouch at AAPC Conference.

Half of Nation’s Hospitals Operating in the Red

It wasn’t very long ago when PRN Funding wrote a 3-part series on the healthcare cash flow crisis in America, giving a glimpse into the actual costs of America’s healthcare system. Written at the end of 2004,we shared a startling statistic in the three-part Cash Poor Series, 1/3 of the nation’s hospitals were operating in the red. Just 4 years later, 50% of America’s hospitals are currently operating in the red, and many are in the midst of cutting back on services and staffing.

According to an article that appeared in today’s Los Angeles Times, “Forty-four percent of hospitals have seen declines in surgeries, with hip procedures showing the steepest drop-off at 45%, according to another new survey. As a result, 47% of the hospitals surveyed expect to make staff cuts, and 69% plan to cancel or delay equipment purchases, according to the survey by Novation, a company that manages supplier contracts for hospitals.

Novation has responded by demanding that vendors maintain or roll back prices on the goods they sell to hospitals.”

Click here to read the entire article: Half of nation’s hospitals running losses.

Factoring for Home Care Agencies

The factoring experts at PRN Funding, LLC announced this week that it is now accepting factoring applications from home care agencies. For the convenience of the factoring blog‘s readers, we have included the text from the official press release below:

PRN Funding Expands Funding to Home Care Agencies

Cleveland, OH-Keeping up with the ever-changing medical staffing marketplace, PRN Funding, LLC made a formal announcement this week that it is now accepting home care factoring applications.

Previously, the focused accounts receivable factoring firm has worked exclusively with healthcare vendors that sell goods or deliver services directly to medical facilities. By adding home care agencies to their repertoire, the invoice funding firm is now able to collect payments directly from multiple state governments and their agencies.

“It has come to our attention that home care agencies and private duty firms could benefit greatly by PRN Funding’s factoring services,” said PRN Funding’s president, Philip Cohen. “It’s a growing market that we are excited to help.”

Home care, private duty and in-home care are all phrases that refer to a specialized care or life assistance care given to a person within the confines of his/her home rather than in a medical facility.

With years of experience in healthcare services financing, PRN Funding has a precise understanding of the unique challenges within the demanding business of serving vendors to healthcare institutions. 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.

For more information, please visit PRN Funding’s Home Care Factoring page.

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