PRN Funding: Not a Commodity Business After All

Last week, we had the opportunity to welcome back a client who had previously left us for a “cheaper” factoring firm. In exchange for “lower rates,” this client received less industry experience, poor customer service, and numerous hidden fees and surcharges, which PRN is fundamentally opposed to. In the end, all of these things drove them right back to PRN Funding barely three months after leaving.

Some services PRN Funding offers that the other factoring firm did not:

Familiarity with the agency’s clients:

Because of PRN Funding’s specialized niche in healthcare staffing funding, we worked with this company’s debtors (clients) before, so we already knew what type of payment terms to expect and who to call when there was a question about an invoice or recent payment.

Quick turnaround time:

Because PRN Funding has been in business for nine years, we understand the complexities of the accounts receivable factoring industry. We were able to process the buyout agreement quickly and initiate a funding within days.

Superior customer service:

PRN Funding takes pride in our customer service. Every time the nurse staffing agency calls the PRN office, a live human being answers the phone and directs the nurse staffing agency owner to his personal account manager.

Dedicated staff:

The account managers at PRN Funding take the time to research and post complicated deposits directly. The well-trained and committed staff at PRN Funding work diligently to correctly post deposits in a timely basis every day.

Real time online reporting:

PRN Funding’s clients have access to the e-Factor reporting system via our web site 24/7/365. Rather than wondering what payments came in or what invoices are still open, this nurse staffing client is able to log into the reporting system and view their account in real-time.

Frustrated with the new factoring company’s lack of nurse staffing industry knowledge and inexperience in the factoring industry, this client found out the hard way that accounts receivable factoring firms are not a one size fits all.

This isn’t the first time that a client has come back to us after an unpleasant experience with another factoring company. And we have to admit that we’re really happy they came back!

2007: The Year of Small Business Firm Lending

According to a recent article in the Washington Business Journal, there was an 8 percent increase from 2006 to 2007 in the dollar volume of small business loans.

Citing a report conducted by the Small Business Administration Office of Advocacy, the article also announced that the number of outstanding small business loans under $1 million increased by 15 percent between June 2006-June 2007.  In addition, the number of small business loans in the $100,000 to $1 million range increased by 32 percent!

Click here to read the entire write up: Lending to Small Firms up in 2007.

Annual Asset-Based Lending and Factoring Survey Released

PRN Funding, LLC received the results of The Commercial Finance Association’s (CFA) Annual Asset-Based Lending and Factoring Surveys last week, and we wanted to share some of the interesting information with The Factoring Blog’s readers. (Please note that there were 100 asset-based lenders and factors who participated in the surveys.)

– The total factoring volume for all reporting CFA factoring members was $90.1 billion in 2007, a 3.1% increase over 2006.

– The Northeast (CT, DE, MA, ME, NH, NJ, NY, PA, RI, VT) represented the major regional market (43%) for factoring in terms of volume.

– The majority of the 2007 factoring volume came from the following industries: textiles, apparel and  furniture.

– Retailers accounted for most of the customer (account debtor) base in 2007.

– 83% of factoring was performed on a notification basis in 2007.

– 77% of the total 2007 factoring volume involved clients selling goods to retailers.

– Brokers (cash flow consultants) were the major source of referrals for new factoring clients.

PRN Funding Joins Cleveland Chapter of National Funding Association

Earlier this week, PRN Funding’s President, Phil Cohen, was among 15 business professionals who attended an organizational meeting of the Great Lakes Chapter of the National Funding Association (NFA).

In attendance at the meeting were financing professionals and intermediaries, including bankers, factors, consultants and attorneys, who are interested in forming the fifth chapter location of the NFA.  Currently, the NFA has chapters organized in Atlanta, Charlotte, Chicago and Nashville.

Click here to read the press release: PRN Funding Joins Cleveland Chapter of National Funding Association

PRN Funding Accepted into Commercial Finance Association

PRN Funding has some exciting news to share with The Factoring Blog’s readers:

 

After careful review, PRN Funding, LLC was welcomed into the prestigious Commercial Finance Association (CFA) by the organization’s executive committee on May 16, 2008. 

 

In addition to PRN Funding’s acceptance into the association, the executive committee also appointed the president of PRN Funding, Philip Cohen, as one of the CFA’s Board of Directors. 

 

It’s exciting for Philip Cohen and PRN Funding to become a part of a one-of-a-kind accounts receivable factoring organization.  The CFA offers a wealth of opportunities for factoring firms, including continuing education, meetings and conventions and up-to-date accounts receivable factoring news.

 

Click here to read the official PRN Funding press release.

PRN Funding heads to Orlando for AAPC Conference

That’s right, PRN Funding is heading to the Gaylord Palms Resort and Convention Center in Orlando, FL for the 2008 American Academy of Professional Coders Annual Conference.

If you are a medical coding business owner or a medical coding consultant who needs help with your cash flow, be sure to stop by booth 308 and chat with Phil Cohen, Ryan Elliott and Vera Pereskokova to learn how PRN Funding’s accounts receivable factoring can help your medical coding business.

PRN Funding will also be giving away a brand new Garmin Nuvi 660 GPS, so make sure that you fill out a form and enter for your chance to win.

Click here to read the official PRN Funding press release: PRN Funding gives away GPS at AAPC 2008.

PRN Funding Heads to 2008 MTIA Conference

Will you be attending the 2008 MTIA Conference this year? PRN Funding will be exhibiting in booth 305. If you are a medical transcription service owner, we encourage to stop by and introduce yourself.

PRN Funding’s president, Phil Cohen and account manager, Joanna Schafer, will be staffing the booth this year. They would be happy to discuss how factoring your accounts receivable with PRN Funding can help you grow your medical transcription service. We hope to see you there!

For more information, view our press release here: PRN Funding Prepares for 19th Annual MTIA Conference.

Two Free eBooks on Factoring Small Receivables

If you are an entrepreneur who wants to understand factoring or a cash flow consultant looking for more information on accounts receivable factoring, these two eBooks are sure to help you learn more.  Jeff Callender, president of Dashpoint Financial Services, Inc. and author of several factoring books and articles, is offering two free eBooks for people who are interested in learning more about the art of factoring.What is Factoring? and Factoring Vs. Other Financing are available as free downloads on Jeff Callender’s Web site.  Taken from his books, Factoring Small Receivables and Unlocking the Cash in Your Company, these eBooks can be used as an extensive introduction to accounts receivable factoring.

We invite you to check them out and let us know what you think!

Click here to learn more about Jeff Callender’s free eBook offer.

Nurse Entrepreneur runs PRN Funding article series: How nurse staffing agencies can get paid quicker

President of PRN Funding, Phil Cohen has a three-part series: How Nurse Staffing Agencies Can get Paid Quicker that was published on the Nurse Entrepreneur Web site.  In the articles, Cohen discusses techniques for temporary medical staffing companies to use in order to get hospitals, nursing home and other healthcare facilities to pay them faster.

Watch the video for Part One of How Nurse Staffing Agencies Can Get Paid Quicker video here:

Or click here to read part one of the series, which goes into detail about the steps a nurse staffing business owner should take before accepting a new client.

Watch the video for Part Two of How Nurse Staffing Agencies Can Get Paid Quicker video here:

Or click here to read part two of the series, which speaks to health care staffing business owners about the importance of sending out invoices on time with the correct information on them.

Watch the video for Part Three of How Nurse Staffing Agencies Can Get Paid Quicker video here:

Or click to read part three of the series, which tells how medical staffing business owners need to handle their collections in order to get paid faster.

2007 NNBA Charlotte

Last weekend, PRN Funding had the opportunity to exhibit at the National Nurses in Business Association’s (NNBA) 18th Annual Conference in Charlotte, NC. This was the first year that Pat Bemis (president of the NNBA) chose to have breakout track sessions, and it proved to be a good decision. More than 50 nurses attended the meeting this year, and we had the opportunity to meet a number of them.

PRN Funding’s president, Phil Cohen, was also invited to give a presentation entitled, Nurse Staffing Funding: How to Locate Money Sources for your Business, including accounts receivable factoring for a startup health care staffing business.

All in all, this was a good show for networking and catching up on nurse staffing industry news.

Older Posts
Newer Posts