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PRN Funding’s February 2008 Recent Funding Bulletin

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By Phil Cohen

PRN Funding provides accounts receivable factoring to health care vendors such as temporary nurse staffing companies, medical transcription services and medical coding companies and consultants. By purchasing your accounts receivable, we provide the cash you need to sustain and grow your health care business. We are pleased to announce some of our most recent 2008 fundings.

An Arizona Travel Nurse Staffing Company Switches Factoring Companies

Frustrated with the rigid recourse terms placed on her by her present accounts receivable factoring firm, the owner of an Arizona travel nurse staffing agency started shopping factors. During her initial research, she found PRN Funding’s web site and found out that PRN Funding is dedicated to funding the temporary nurse staffing agencies. Within a half hour of filling out an online contact form, the business owner received a phone call from Philip Cohen, the president of PRN Funding. The next day, the nurse staffing business owner received a package of documents from PRN Funding, which outlines the details of their specialized factoring program.

Within a week, Mr. Cohen had executed an agreement with the travel nurse staffing owner’s previous factoring firm. Grateful that she could keep her slower-paying clients on the books, the agency owner was finally able to focus on marketing her business and recruiting additional travel nurses.

An Illinois MTSO Keeps His Business Going

After being denied a small business loan for the second time, a Chicago-based medical transcription service owner was ready to give up on his dream of expanding his medical transcription business. The business owner’s previous bankruptcy and small client-base were deemed too risky for banks to invest in his business, so he started asking friends and family if they could loan him the money. One of the MTSO’s friends who also owned a medical transcription business and who was currently utilizing PRN Funding’s factoring services suggested that he call the firm. Thanking his friend for the referral, the medical transcription service owner called PRN Funding and spoke with one of its factoring specialists immediately.

Because the MTSO was transcribing for credit-worthy customers, PRN Funding was able to extend credit to the business owner’s doctors offices regardless of his previously filed bankruptcy. Instead of closing his doors, the medical transcription business owner was able to sign on another cluster of doctors offices and add three more medical transcriptionists to carry the additional workload.

A Tennessee Medical Staffing Company Opens its Doors

This medical staffing business owner had nurses lined up to work shifts, she had an office suite set up outside of Nashville, TN, and she just secured a contract with a large hospital in the city. The only thing the nurse entrepreneur did not have was enough cash in her bank account to cover payroll for her nurses. After reading a three-part article series online (How Nurse Staffing Agencies Can Get Paid Quicker), the medical staffing entrepreneur called the toll-free number listed in the bio at the conclusion of the article series. She explained her predicament to one of PRN Funding’s factoring a specialist who was already familiar with the payment history for the healthcare facility where she would be sending her nurses, so extending credit would not be a problem.

After completing the required documentation, the medical staffing agency owner placed three nurses into the facility the following week, and received the first advance on her receivables. No longer having to worry about making payroll, the nurse entrepreneur was able to close a second deal with another local hospital, which doubled her business in less than a month.

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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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