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PRN Funding’s February 2006 Funding Bulletin

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By Phil Cohen

PRN Funding provides financial resources for suppliers of services and products to healthcare institutions.  By purchasing your accounts receivable, we provide the cash you need to sustain and grow your business.  We are pleased to announce some of our most recent fundings.

A New York Medical Transcription Service

The owner of this NY based medical transcription service had money to cover the majority of her on-going operating expenses for the next three months, but she did not have enough cash left over to recruit and pay for the new transcriptionists required to type for her new account.

She was paging through one of her medical transcription journals and came across an advertisement for PRN Funding, LLC, an accounts receivable factor who buys invoices from medical transcription services just like hers.  All it took was a phone call to one of the factoring specialists at PRN Funding, and a week later the business owner had enough working capital to recruit transcriptionists and start transcribing for one of the larger hospitals in New York City.

A Growing California Allied Health Staffing Agency

By pooling their previous experiences in the respiratory care industry, the owners of this allied health agency based the core of their business on supplying registered respiratory therapists (RRTs) to nursing homes in the Los Angeles, CA area.

Though they had two of the larger nursing home groups interested in their supplemental staffing services, slow payments from their current customers was making it difficult for the co-owners to pay their employees on a timely basis.  After performing a search on the Web, the owners found PRN Funding, a company who finances healthcare vendors by purchasing their accounts receivables.  Shortly after supplying PRN Funding with their customers’ information, the owners started factoring some of their invoices.  The money was wired directly into their bank account, so they had enough working capital on-hand to pay their therapists and to recruit even more.

A Nevada Medical Coding Service

After failing to qualify for a bank loan, this medical coding service owner from Reno, NV was worried that he would have to continue turning down clients because he didn’t have enough cash on-hand to hire more coders to do the additional work.  He started asking his colleagues if they knew of an alternate means of financing.  As luck would have it, one of the business owner’s friends was currently working with and very pleased with PRN Funding, an A/R factor whose financing niche is funding vendors who provide services to healthcare institutions.

The next day, the medical coding business owner went to PRN Funding’s Web site and submitted an application for funding online.  Later that day, PRN Funding called to tell the business owner that he had qualified for funding and they would be over-nighting the necessary legal documents so that they could have him funded by the end of the week.  By Friday, the medical coding service owner had factored enough invoices to hire additional coders, and he was able to ‘yes’ to a new client’s business.

Please check back often to see updates on PRN Funding’s most recent fundings.

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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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