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PRN Funding’s February 2007 Recent 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.

An Ohio Nurse Staffing Agency Lands a Big Account

The owner of a central-Ohio nurse staffing agency was thrilled to land an account with Cleveland’s largest hospital system. She knew that the new account meant more business and she would have to recruit additional nurses. On the other hand, the owner also worried that she might have to dip into her personal savings account to make payroll when large invoice amounts went unpaid for weeks at a time.

Her first instinct was to approach her bank, but because she had such high concentration of work with one customer, the bank turned her down for a loan. Although her banker wasn’t able to help with the business owner’s financing, he suggested that she call PRN Funding, a factoring company local to the Cleveland area. Because PRN Funding already worked with the Cleveland hospital chain, they were able to purchase the owner’s invoices and advance cash quickly. No longer afraid that she would have to cut into her personal savings to cover payroll, the over of the temporary nurse staffing agency was able to recruit new nurses and start staffing them almost immediately.

A Southern Florida Start-up Medical Transcription Service

The husband and wife co-owners of this Miami-based medical transcription service decided to start out their business by employing themselves as the sole transcriptionists in order to avoid additional recruiting and payroll costs. When they started transcribing for a second medical clinic in southern Florida, the workload doubled, and they were faced with a difficult decision-turn down the work or find the cash needed to recruit and pay more transcriptionists within a couple of weeks.

After running a web search on “medical transcription funding,” the couple came across PRN Funding’s Web site. After perusing the site, they decided to submit an online application. Within an hour, a representative from PRN Funding called them back to discuss the details of their factoring services. Fast-forward one week later and the couple had plenty of cash to take on the second client’s workload.

A Growing Texas Medical Supply Company

As demand for his medical supplies from the Dallas, TX headquarters shot up, so did the length of time it took to get paid for this company’s goods. His current customers gradually started to increase their normal orders and at the same time, told him that they wouldn’t be able to pay for at least two months. In the interim, the owner had to continue ordering more supplies to keep up with his customer’s demand.

After chatting with a friend about his current cash flow situation, the friend explained how she was a certified cash flow consultant with the American Cash Flow Association. She had access to an accounts receivable funding company who could help keep his finances on track, and free up his time to focus on meeting his clients’ supply demand. Within two business days, the broker scheduled a conference call between the owner and PRN Funding. Three days later, the medical supply company owner presented his first invoices for funding, and he was well on his way to financial freedom.

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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