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.

Posted on 4/8/2008

0 comment(s)

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.

Posted on 3/31/2008

0 comment(s)

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

Preisdent 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.

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.

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.

Click here 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.

Posted on 12/21/2007

0 comment(s)

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 on locating funding sources, 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.

Posted on 10/24/2007

0 comment(s)

Staffing World 2007 San Antonio

Last week, PRN Funding exhibited at 2007 Staffing World conference in San Antonio, TX.  Overall, the show was slow for us exhibitors, but we did notice a couple of things during our stay. 

There were a number of accounts receivable factoring companies on the exhibit hall floor, so the attendees we met were very interested in learning about how PRN Funding differed from the other factoring companies in the room.  So we told them... 

- PRN Funding is the only factoring company who specializes in funding the medical staffing industry, and we are the only factoring firm who has medical staffing industry expertise

- has no monthly minimums or maximums

- has no term to our contract

- is extremely flexible when it comes to factoring because PRN Funding offers our clients the freedom to factor what they want when they want

We look forward to Staffing World 2008 in San Diego next year!

Posted on 10/19/2007

0 comment(s)

Banks and Collateral

All too often we have a prospective client interested in using PRN Funding's factoring services, but their accounts receivable are already pledged as collateral for a line of credit with the company's bank.  This type of situtation throws a wrench in the factoring equation for a number of reasons.  We stumbled upon a blog that explained the details of this kind of situation, so we' ve posted it for the benefit of our readers.  Click here to read the original post: Banks and Collateral or scroll down to read more...

When we get an inquiry for invoice factoring we find this situation more times than you can imagine. An early stage company is just getting going and they need some extra cash to start out. Because the owners are unfamiliar with accounts receivable financing they instead go to their local bank and ask for a loan. Being an early stage company they don’t have historical profitability or real assets. What they usually have are personal assets, like home equity, or stocks to put in escrow, or even a well off friend or relative that will sign the loan as a “guarantor”.

Given enough personal credit or liquid equity the bank processes the loan request and gives its approval. Knowing not much is happening at the business, the lender is not making a credit decision based on the value of any business assets. When loan closing happens papers are slid across the table for the borrower to sign. Being happy to get a bank loan, the borrower signs away. But, there’s one particular item that could have significant ramifications to future success and capturing any additional commercial capital.

It’s called the UCC-1 financing statement. (read http://www.ccassociates.com/ucc1.html) Lenders as a normal course of business assign all the tangible assets of the company. What this means is, six months or a year later when the borrower is looking for more operating capital, they find out about a factoring company and ask to have their accounts receivables financed. Well the factor can’t because ownership of the accounts receivable are secured by the bank. Access to capital has just become more complicated just by signing a form. The options are to pay off the bank, pay down a significant portion of the loan, or get the bank to simply “subordinate” the A/R which effectively releases their ownership of it. Also beware, leasing companies, suppliers that offer credit terms, previous owner financed loans, all of these potentially will secure your receivables as collateral. As the borrower you can negotiate the terms of the UCC. If there are no receivables when you get the loan, tell the bank to leave them out of the financing statement.

When securing commercial credit, ask about the UCC-1. Ask what collateral will be secured. If it’s not what you have agreed on, tell them before going to closing. That way you can still use invoice factoring as an option.

Posted on 8/31/2007

0 comment(s)

Phil Cohen's article featured in April e-Perspectives

PRN Funding's very own president had an article featured in the April 2007 issue of e-Perspectives.  In his article, How to be an A+ Tradeshow Attendee, Cohen gives medical transcription service owners (MTSOs) advice on the importance of attending industry trade shows.  Among the more popular trade shows Cohen suggests attending are MTIA's and AHDI's (formerly AAMT) annual conferences.

Q: Do you have any other suggestions for trade shows worth attending?

Posted on 6/11/2007

0 comment(s)

Cash Flow 2007 Dallas

Overall, the American Cash Flow Association's (ACFA) 2007 trade show was a prosperous one for PRN Funding.  There was a lot of rain down in Texas, but it didn't stop the motivated cash flow consultants from coming out of the woodworks.  There was a steady stream of traffic stopping by the PRN Funding booth, with brokers stopping to pick up consultant packages and grab our Krispy Kreme donuts.

On a whole, the cash flow consultants we met were well-trained and eager to learn about PRN Funding's niche in factoring for healthcare vendors.  In addition to booth traffic, both of Philip Cohen's (President of PRN Funding, LLC) presentations were well attended.  Cash flow consultants who were unable to attend his presentations, "The other type of healthcare receivables" and "How to choose the best factor for your prospects" can receive free copies of the presentations by emailing nspiezio@prnfunding.com.

Posted on 5/28/2007

0 comment(s)

PRN Funding Enters the World of Blogging

Welcome to the PRN Funding Corporate Blog!

 

Keeping up with developing online trends, PRN Funding unveiled the newest addition to our Web site today, a corporate blog. 

As well-known factoring experts to the healthcare services arena (medical staffing agencies, medical transcription services, medical coding companies, etc.), we will use the blog to communicate important information to the healthcare vendor market as well as give fellow bloggers the opportunity to join in on the conversation by posting comments directly onto the site.

 

Topics to be posted and discussed within the blog include: factoring news, medical services industry news, including updates within the temporary nurse staffing, medical transcription services, medical coding services and medical supply industry news.  Check back often because the blog will be updated frequently with current trends and news within the healthcare and factoring industries.

Posted on 5/1/2007

1 comment(s)