Home Care is a Great Opportunity for the Factoring Industry

Don’t let the term medical receivable fool you. The rapid growth in home health care is creating opportunity in the factoring industry similar to traditional staffing. According to a (not surprising) 2010 AARP survey, 9 out of 10 older Americans said they’d rather be cared for in their homes than in a nursing home. As the baby boomer generation ages, Medicaid had to evolve to meet the needs of this large demographic. The Affordable Care Act (ACA) introduced a number of new incentives that made it possible for seniors and the developmentally disabled to receive care in the comfort of their homes, rather than moving into nursing home facilities. The ACA created new options and incentives to encourage states to provide home and … [Read more...]

A Nation Divided by Healthcare Options Poses Challenges for Medical Factoring

The expression of a house divided goes back to the beginning of the Common Era and further, if a linguist was to trace it. Sam Houston spoke it most famously in 1850 when he claimed “A nation divided against itself cannot stand” during a debate on the Compromise of 1850. Eight months into full Affordable Care Act coverage, it appears that we are once again a nation divided – this time, into the states that chose to expand Medicaid and the states that did not (including the four that have not decided either way). When factoring healthcare receivables, it is important to be familiar with each state’s policy and what the implications may be for your business. Medicaid Expansion Expansion of Medicaid ties in to the tax credits available to … [Read more...]

New Medicaid Incentive Creates Opportunity for Home Care Factoring Growth

An Affordable Care Act program designed to incentivize home and community care over nursing homes will create a huge growth opportunity for home care staffing agencies in participating states. The Balancing Incentive Payments Program is a $3 billion dollar program that will match state spending for alternative care at higher levels through September 2015. To qualify, participating states must have lower than 50 percent current Medicaid spending on home and community care. They must also demonstrate that they are making it easier for patients to access treatment alternatives to nursing home facilities. Seventeen states are currently participating in the Balancing Incentive Payments Program: Arkansas, Connecticut, Georgia, Illinois, … [Read more...]

The Affordable Care Act May Boost Demand for Staffing Factoring

The Affordable Care Act will give an unprecedented number of previously uninsured consumers access to affordable health coverage and care. This has a number of implications for the temporary staffing industry, and will create opportunities for the savvy factoring professional to expand their business. Companies looking to minimize their healthcare costs, or avoid the employer mandate entirely, will need to manage their employees’ hours to stay below the 30-hours-per-week benchmark or reduce their full-time staff below 50. Temporary staffing allows companies in this situation to fill talent gaps without compromising their position, which is both boon and burden to the staffing agency. Factoring for temporary staffing provides solutions … [Read more...]

Ongoing Due Diligence Ensures Healthy Factoring Relationships

Every business that extends credit to its clients understands the importance of due diligence. Just as most people would not blindly hand over a stack of cash to a stranger on the street, factoring companies do not begin purchasing invoices from clients whose businesses they do not understand. Once the client relationship is established, it is easy to become comfortable with the routine of purchases and collections and ignore due diligence entirely. This complacence can prove disastrous for the client relationship. Tax issues, debtor concerns, and client malfeasance can all fly under the radar until the situation requires a more serious (often legal) response. Fortunately for factors, a variety of services exist to make the process … [Read more...]

6 Online Reputation Management Tips for Factoring Brokers

Factoring brokers rely heavily on word of mouth and positive endorsements to drive business growth. No matter how large or small your factoring broker business may be, people are probably talking about it somewhere on the web. Potential clients are Googling your company name, commenting on your social media updates and blog articles and most certainly checking out any reviews that have been posted regarding your services (or leaving their own review). Any content posted online about your business makes the difference in gaining or losing clients. Regularly tracking what is being said about your company online is more important than ever. All it takes is one bad review, mock Twitter account or an angry blog post to go viral and your … [Read more...]

The Do’s and Don’ts of Factoring Trade Shows

It’s that time of the year again… tradeshow season is upon us. Tradeshow exhibiting is a great way to attract new factoring business, but it’s also time consuming and expensive. Since relationship building is hard to quantify, sometimes it’s difficult to determine the value of attending industry shows or marketing events. PRN Funding has attended many shows across various industries. Based on our experience, we have compiled a list of trade show do’s and don’ts to help make your next trade show exhibit a rewarding experience. Do... Research Ask questions before considering any trade show. What’s the audience demographic? What types of companies will be exhibiting? How will the trade show contribute to business goals? Being … [Read more...]

Funding for Long-Term Care Facilities

Factoring is a good option for nursing homes, and yet finding the right medical factoring company is often a challenge. A look at the problems and solutions in this article from PRN Funding. “A test of a people is how it behaves toward the old…the affection and care for the old, the incurable, the helpless are the true gold mines of a culture.” -Abraham J. Heschel As birth rates decline in developed countries and the population ages, we must consider how we are going to treat the elderly among us. According to the US Centers for Medicare and Medicaid Services, over 12 million people will need long-term care by 2020; that comes out to about four out of every ten elderly adults entering a nursing home at some point in their lives. At … [Read more...]

Home Health Care Labor Law: Dated or Needed?

A change in labor law has implications for factoring companies and brokers that deal with home care or staffing companies. Once in a while, you come across an article or a news story that really and truly surprises you. The recent NPR article “Home Care Aides Await Decision on New Labor Rules” was one such. It might not sound all that attention grabbing or newsworthy on the surface, but when you have been working with home care agencies for years like … [Read more...]

The Affordable Care Act, Medical Staffing and Factoring

A look at what the the Affordable Care Act means to medical staffing and factoring brokers. Love it or loathe it, the Affordable Care Act (ACA) is a reality for businesses. While portions of the bill have been implemented since its 2010 passage, the major provisions don’t take effect until 2014. This year it is important to be in-the-know about how the ACA will impact your business--either that, or get blindsided by penalties and fines. It is also important to keep in mind, though, that anything that creates turmoil also creates opportunity. … [Read more...]