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...]
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...]
Private Duty: When Healthcare Factoring Isn’t Really Healthcare Factoring
A look at why factoring services for private duty care and home healthcare are dramatically different in this article from PRN Funding. Home care recipients enjoy the many benefits of care in the comfort of their own homes. It’s easier for family members to be involved in the patient’s treatment and care, and being at home allows patients to minimize the stress of a sudden dramatic change in environment. A practical and financially savvy solution to shifting … [Read more...]
How to Identify a Fraudulent Factoring Deal
Discover the 3 red flags a factoring broker or company should watch for that can be early warning signs of a fraudulent deal. Some of the specific due diligence procedures factoring firms perform on new factoring candidates are cumbersome and/or costly. Because of this, it’s very rare that a factoring firm would ask a cash flow professional to conduct a thorough analysis as part of an early pre-qualification process. Furthermore, a factoring company won’t even do an in-depth investigation on a prospect until after … [Read more...]
Now is the Time to Sell Temporary Staffing Factoring
Discover why recent US labor statistics reveal that now is an excellent time for brokers to sell temporary staffing factoring in this article from Nikki Flores of PRN Funding. Did you know that many experts look at transitions within the temporary staffing industry to help make predictions about the future of our country’s economy? The reason is because the temporary staffing industry is deeply intertwined with all facets of Corporate America. Allow me to elaborate… … [Read more...]
Making Sense of Medical Factoring
Many factoring brokers steer clear of medical receivables factoring because they think it’s too hard to get a health care deal funded. I’m here to tell you otherwise. All you need is a general understanding of the types of companies that can benefit from medical factoring and a couple of strategic partnerships with the right health care factoring firms. … [Read more...]