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August 2010: Recent Invoice Factoring Bulletin

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By Phil Cohen

PRN Funding provides invoice factoring to healthcare vendors such as temporary nurse staffing agencies, medical transcription services and medical billing and coding companies and most recently, private duty home care agencies. By purchasing these companies’ accounts receivables, PRN Funding provides the cash needed to sustain and grow a healthcare business. We are pleased to announce some of our most recent factoring transactions:

 A Nurse Staffing Agency Brings on a New Client

This nurse staffing agency owner was ecstatic when she heard that she had won a contract with a local healthcare network. Being an approved nurse staffing vendor in the system meant that she had the ability to fill shifts in five new facilities. The only problem with this growth opportunity is that in order to become a part of the network, the Alabama staffing agency owner had to agree to 60-day payment terms. She didn’t want to walk away from the opportunity, but she also knew that she would not be able to float payroll for that long.

The business owner remembered a postcard she had received earlier that month from PRN Funding, LLC, an accounts receivable factor who specializes in funding nurse staffing agencies likes hers. She dialed the toll-free number and within minutes was connected with a factoring specialist. After a brief interview over the phone, the agency owner realized that PRN Funding was presently accepting payments from the healthcare network, so she was pre-approved for funding. She factored her first invoice two weeks later and hasn’t had to worry about meeting payroll since.

 A Private Duty Home Care Agency Gets Paid Quicker

Providing in-home private duty services and being reimbursed by a state’s Medicaid Waiver program has its pros and cons. On the plus side, state dollars are guaranteed to be paid, but one big drawback is it can take a month or longer to receive those funds. As her client list increased, the owner of a home care agency in Massachusetts was having difficulty adjusting to the state’s new invoice approval process. In short, it meant that the home care agency owner would have to wait 30 days to receive a check instead of the historical two-week turnaround time.

A month before this change in the invoice approval process was to take place; the agency owner contacted PRN Funding because she saw one of their posts on a social networking site. She was relieved to know that PRN Funding was already very familiar with various states’ Medicaid Waiver programs. At the conclusion of her initial conversation, the private duty agency owner filled out a factoring application. The following week, she factored her first monthly invoice and received cash the same day.

 A California Healthcare Staffing Business Finally Opens its Doors

Without tangible collateral or a profitable operating history, this California healthcare staffing agency owner was unable to qualify for a line of credit at a bank. He found PRN Funding’s Web site late one night when he was researching small business financing solutions. The entrepreneur submitted an online application, and received a call from a healthcare staffing factoring specialist from PRN the next morning.

Within a week, PRN Funding had approved the agency owner’s first two clients, so he was finally able to start placing employees. The following week, the healthcare staffing business owner factored his first invoice, which provided him with instant working capital to pay his payroll taxes and meet his first payroll.

 Get more information about PRN Funding’s accounts receivable factoring services.

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Phil Cohen

About the author

Philip Cohen is the founder and President of PRN Funding, LLC. PRN Funding is an extraordinarily focused niche player in healthcare funding. With years of…... Read More

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