Sunday, November 29, 2020

3 Ways To Outsource Your Billing Services Quickly



IMAGE SOURCE: ENVATO

The world of medical billing is continuously changing and under a great deal of stress in 2020. If your medical practice is just getting started or your billing department struggles to keep up, it may be time to move to a billing provider quickly.

Communicate Clearly


If you have a medical billing team in your office, announcing a move can create a great deal of stress. If you're going to let someone go, prepare them before announcing it to the rest of your staff.

Capitalize on employee choices. For example, if you've been thinking about outsourcing payroll, billing, accounts receivable, or accounts payable and someone is retiring, resigning, going part-time, or undergoing any other massive life change, now is your time to move to an outside provider.

Whenever jobs change or go away, the folks still in the office will get nervous. Gossips can gain a lot of power if you don't get on top of the information flow, so make sure that your team knows what's going on as soon as you've made a decision; you will take away the power of the rumor mill.

Also, be ready to consider other forms of outsourcing. If you've got someone doing payroll in-house, be aware that outsourcing can increase your privacy, information security and reduce tension in the office. Again, watch for significant life changes among your staff. Payroll can be quite contentious depending on the personnel, so finding a good time or reason for the switch can smooth the waters.

Choose a Billing Service with the Expertise You Need


The world of medical insurance is continuously changing and shifting on a state by state and company by company basis. There are medical billing companies in California that can support you effectively, no matter where your office is. Still, a medical billing company in Illinois may need some training to get up to speed.



Do your best not to become a test case. You need professionals who have skills in your state and specialty. The cheapest billing service may not be a bargain if you face upset clients or a disrupted cash flow.

Discuss your concerns with others in your chosen field. Review articles produced by professional organizations to see who is advertising their billing services in your industry. You need expertise specific to your field and your insurance challenges, if applicable, so be ready to check in with your colleagues to discuss how they have handled this challenge.

Do Your Homework


Study the reports provided to you. If possible, look for a company that can give you an up-to-date dashboard of services rendered by date and the billing status. If you notice a considerable slow-down in collections, track down whatever is causing the delay and strive to stay on top of the information transfer.

Be prepared for some resistance in-house, especially if your in-house billing team will be transferred over to other work. In your medical billing services contract, carefully review what information transfers are your office’s responsibility and what needs to be done by the biller. 

If there's a spot in the information flow that's consistently breaking down, get on the phone with your sales rep and not give up until the problem is ironed out.

Once you know where the breakdown is, consider setting up a scheduled check-in with your billing services provider. Create a weekly calendar reminder that features an email between

  • your billing services provider
  • your in-house coordination team
  • your office manager

That lets everyone know that you're monitoring this personally and striving to get things right. If you find that there is resistance from one area of the department, be ready to move people around to overcome this issue. You may also have to let people go if they are actively fighting the change.

As things get up and running with your new billing services provider, keep an ear out for any patient concerns. New billing providers may change your invoices’ format and look, which may surprise some of your older patients. If anyone has any issues with customer service, be sure you address it with your new provider.



Friday, November 27, 2020

4 Financial Investments That Help You Do Some Good in the World




When you invest your money, it's important to put it into investments that will offer you good returns. At the same time, most investors also find it important to allocate funds in ways that make the world a better place. Here are four of the best investments you can make if you want to do some good in the world while earning a solid return on your money.

Invest in Green Energy Stocks


The move away from fossil fuels and toward greener forms of energy will likely produce enormous amounts of value in the coming years and decades. Companies operating in the renewable energy sector are well-positioned to produce large returns while solving one of the fundamental problems of the climate crisis. 

Consider exploring stocks in these companies, as well as those that supply the raw materials required for new energy technologies.

Invest in Small Agriculture


Providing startup money to a small, local farm is one of the best things you can do to make a difference in the world with your investment. Local farms offer nutritious food at reasonable prices, often while practicing more sustainable methods of agriculture. If you're really feeling ambitious, you might even consider buying some land and farming it yourself as a business opportunity.




Buy a Campsite


Although everyone is aware of the merits of real estate investing, most people overlook the potential of campgrounds as sources of income. Owning a campsite allows you to collect tent or RV parking fees on a property that requires minimal hands-on involvement. 

Best of all, campsites allow you to help people get away and relax in nature during their leisure time. These properties can be a bit difficult to find, but a good campsite or RV park broker should be able to help you select the right site.


Get Into Peer-to-Peer Lending


One of the most direct ways to make the world a better place through your investments is to fund loans through peer-to-peer lending. These small loans allow people to fund projects, pursue education, consolidate existing debts, or even start their own small businesses

As a peer-to-peer lender, you can personally select the loans you choose to fund, allowing you to help make the lives of others better. This form of lending offers decent returns, often competing with or even slightly exceeding the broader stock market.

These are just a few of the ways in which your investment activities can help make the world a better place. Although it's always important to earn a good return on your investment, you can also gain the satisfaction of doing good while increasing your wealth.




Thursday, November 26, 2020

How to Make Running Your Business's Finances Smooth and Simple




Business owners must strive not to complicate their money. It is easy to mismanage money in your own bank account, but the results are disastrous if you're running a company. The following are tips to simplify the running of your business's finances.

Focus on Problem Areas


Every company has one or more problems that are ruining their finances. For one company, the main issue is collecting on unpaid invoices, but for another, it's the purchase of expensive equipment that is not earning returns of investment. Pinpoint the exact causes of your financial problems in order to increase your chances of finding the right solution.

Use Cloud Accounting Software


When you download software onto a computer, you must use that particular computer to access your financial records. It's even worse if the records are kept in an accounting book. You must carry that book around and risk the confidentiality of your business if it's stolen.




The solution to this problem is cloud accounting software that allows you to manage your information online. Work conveniently in any location in the world without having to use the same book or computer.

Hire a Financial Expert


Have at least one person on your staff who is an expert on business finances. This could be an experienced bookkeeper, accountant, or manager who has handled taxes, accounting, loans, or investments. This is the professional that you and the rest of your staff will go to if they have financial questions.

Monitor Your Records Daily


Make a daily habit of monitoring the finances. At the end of each day, review the accounting records to check for discrepancies that could be honest mistakes or the early signs of fraud. You prevent a financial disaster by fixing small mistakes that are usually easy to spot.

Resolve Your Debts


Reduce the debts that are dragging your company down. There are debt consolidation or settlement options that allow you to combine numerous debts into one reduced, affordable monthly payment. Review all of the refinancing and payment plan options available to debtors.

Every business needs a smooth plan to prevent financial problems and grow the company over time. Find simpler ways to pay your business's taxes, manage expenses, pay creditors, and other tasks. Avoid borrowing more loans until previous debts are paid off. Monitor your financial information on a regular basis. Apply your common knowledge to improve the running of your finances.




Wednesday, November 25, 2020

How to Find the Best Business Credit Report




When you provide a service or sell a product to a customer, you want to be paid promptly. When you place an order with a vendor, you want to be assured they have enough financial stability to buy the raw materials they need to produce the goods you have purchased. 

When other companies have underlying financial problems, it can hurt your business and your cash flow. This is why it is important to know the financial health of companies you do business with.

It is also important to know how lenders and other companies view your financial health. Your credit history can make a difference when it comes to getting approval for a business loan, negotiating repayment terms, or getting credit from a vendor or supplier. 

All of this information is available in a business credit report. But how do you know which is the best business credit report for your business?

The Best Business Credit Report


The best business credit report is the one that provides you with the information you need to make good business decisions. Three major credit reporting agencies provide business credit reports:

  1. Dun & Bradstreet
  2. Experian
  3. Equifax

Unlike consumer credit reports that use similar standards for measurement and reporting, each business credit report agency uses different information and metrics for reporting financial health.

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Dun & Bradstreet Business Credit Report


Dun & Bradstreet produces a score, which they call Paydex, that measures the payment history.

D&B gathers information from trade references. It bases Paydex scores solely on information from companies that report your payment history. Scores range from 0 to 100.

PAYDEX SCORE

PAYMENT TIMING

100

30 days before due

90-99

20 days before due 

80-89

Pays by the due date

70-79

15 days past due

60-69

22 days past due

50-59

30 days past due

40-49

60 days past due

30-39

90 days past due

20-29

120 days past due

1-19

120+ days past due



Experian Business Credit Report


Experian gathers information from both suppliers and lenders. The credit reporting bureau also uses public records, such as liens, judgments, and bankruptcies. Experian examines payment history and available credit as part of its calculation. Scores range from 0 to 100, with a score above 80 considered to be excellent credit.

EXPERIAN INTELLISCORE

RISK

0-10

High Risk

11-25

Medium to High Risk

26-50

Medium Risk

51-75

Low to Medium Risk

76-100

Low Risk


Experian’s Intelliscore risk dashboard includes a Financial Stability Risk Rating along with a rating for repayment risk. The Financial Stability Risk rating is on a 1 to 5 scale. A low score lets lenders and suppliers know there is a low risk that a business will default or face bankruptcy during the next 12 months.

Equifax Business Credit Report


Equifax also gathers information from both suppliers and lenders. They also review public records such as liens, judgments, and bankruptcies. Equifax also evaluates business payment history and available credit.

EQUIFAX PAYMENT INDEX

PAYMENT TIMING

90-100

Pays bills by the due date

80-89

Some bills paid 1-30 days past due

60-79

Some bills paid 31-60 days past due

40-59

Some bills paid 61-90 days past due

20-39

Some bills paid 91-120 days past due

1-19

Some bills paid 120+ days past due.


Equifax produces a Credit Score risk report that ranges from 101 to 992. A high score indicates a low credit risk. Scores over 556 generally indicate a good business credit history. 

The Business Failure Score uses a scale between 1,000 and 1,710, and a score in the lower range indicates a company is more likely to go out of business or seek bankruptcy within the next 12 months.

Finding the Best Business Credit Report


If it sounds complicated, it can be because the agencies report things differently. To find the best business credit report, you need to compare the different reports and choose the one that provides the information you need while considering how the information will be used.

If you are considering applying for a business loan or need to negotiate credit terms with a vendor or supplier, you should pull a credit report on your business. 

If you are extending credit to a new customer or considering working with a new business partner, you should pull their business credit report to ensure you manage risk responsibly.

Whether you are checking on your business or evaluating another business, a business credit report will arm you with the information you need to make better business decisions and negotiate with confidence.

Accredit allows you to find the business credit report you need without signing up for any long-term subscriptions.





Friday, November 20, 2020

The 2020 Quick Guide To Solve Debt Quickly




Struggling with debt has reached epidemic levels in America. According to recent data, there is massive growth in consumers' ratio approaching credit card companies to declare a debt settlement. 

The majority of these consumers have been facing many problems because of non-response from their credit card companies, making them more pessimistic about trusting banks and lenders.

Where To Turn?


Today, the U.S. economy has a severe problem, with millions of families facing many issues due to their increased dependency on lines of credit. However, they are facing financial issues and a lot of mental and physical stress, due to which they have resorted to bankruptcy

With this, it is a common practice among consumers to choose debt settlement programs because this process of debt elimination can help them avoid many problems in the future.




Now, if you consider these facts, you will see a clear picture. Debt settlement programs are a legitimate solution to these issues, and consumers can easily avoid many financial problems, such as having precious personal items repossessed. 

These programs help consumers consolidate their loans into a single loan amount that can be manageable and paid down quickly, which can be done by approaching a legitimate relief service.

Who to Trust?


First of all, do your homework and know which companies are sincere and yet another parasite out for your blood. That might be dramatic, but it's shocking how many of these companies prey on struggling families and individuals.

Not only will a lot of credit card or lending companies refuse to negotiate or settle a debt with you, but a lot are also unwilling to deal with individual debt relief companies as well. This is because of their dubious dealings in the past. 

It's crucial that you study up on these companies. Read any reviews you can online, look them up in the Better Business Bureau, and ask any friends or colleagues if they have dealt with any companies like this in the past.

There are also simple red flags to look out for. Like promises or "guarantees." Debt settlement companies can't promise to settle all of your debt for a certain reduced percentage (no one can). There is no "new government program available" that helps bail people out of their credit card debt. 



It would help if you also were wary of any company charging fees before they settle any of your obligations. This is important because you shouldn't have to pay anything until you reach a deal that you agree to. They also can't stop all debt collection phone calls or lawsuits. And a reputable debt collection company will never tell you to stop communicating with all your creditors.

What Can Debt Relief Companies Do For Me?


Once you do settle (so to speak) on a company you know you can trust, they can help you sort out exactly what you need and don't need depending on your specific situation. They should know which loans or debts should be tackled and which should be left alone (for now).

When consolidating what you owe, a company may be able to get your interest waived altogether, reducing your principal balance, having monthly payments reduced into a single payment that you can manage, and only have you pay off a fraction of the total amount you owe.

While some drawbacks can include your credit score is affected and possibly getting approved for credit in the future, the positives most likely outweigh these. You can avoid filing for bankruptcy and the looming prospect of repossession. Not only that, but did you know it also costs you money to file for bankruptcy? 

You can save thousands or tens of thousands of dollars that you otherwise would have had to pay not only in your balance but in interest, and you also get the added benefit of ending those harassing phone calls and emails every month or every few weeks.

The burden of debt settlement can be a long and scary road, but these are things you can do and avoid to make the journey easier. Remember that your debt does not define you, and you can always take your debt back into your hands and settle it the way you need to.




Thursday, November 19, 2020

Why Are Pre-Settlement Funding Companies So Helpful?




There are so many reasons why pre-settlement funding companies can help you and your family in a time of need. These companies can help you if you have certain types of pending legal matters such as car accidents, premises liability incidents, wrongful death, and other types of cases involving personal injuries, damages, and losses.

Pre-settlement funding companies can get you the financial help you need to pay your bills, keep your family well cared for, and soften the blow of some of the negative outcomes of accidents and injuries while awaiting the outcome of your case.

What Do These Companies Do?


Pre-settlement funding companies are entities that are in the business of offering loans to people involved in certain types of legal cases. These companies can provide you a pre-settlement loan, also commonly called a legal loan, if you are awaiting settlement or conclusion of your personal injury case.

Rather than being based on income and credit ratings like a traditional loan, pre-settlement loans are based on the facts of your case, along with its strength and potential value. Almost every lender of this kind requires that you have attorney representation in the case, and this attorney will also be able to review your loan documents should you choose this route.

Once your paperwork is reviewed by your attorney, submitted, and approved, these types of loan companies typically have a fairly quick turnaround. When your case is settled, your attorney will help you pay back the loan out of your final settlement amount.

Are They Right for You?


Before proceeding with a legal loan from one of these pre-settlement loan companies, make sure you have done your research and make sure this is the right move for you. As tremendously helpful as they can be, they may not be the best options for everyone.




Talk to your attorney and get their take on it. They are the best advisors you have in this situation. They will know if your case is one that qualifies and can give you good recommendations on which companies to use. Keep in mind that there may be fees and interest, as with any loan, and you will have to pay the loan back out of whatever your final settlement is.

What Can You Use Them For?


Pre-settlement loan companies and the loans they can offer you can be of great help in your time of difficulty. If you are hurt in any sort of accident, this may cause you to be unable to work as you did before or even work at all, leading to economic hardship. In turn, you may struggle to take care of routine bills like your mortgage or rent, electricity, car payments, and more.

Legal loans are designed to help with these exact things. You can use them to pay these types of bills, purchase groceries and prescriptions, and any other living expenses you may incur while waiting for your case to be settled. Oftentimes, these loans can be a lifeline to get people and families through while pursuing a personal injury or another type of eligible case.

Overall, pre-settlement loan companies and the services they offer can be an immeasurable help to people and families in need who have been negatively affected by a car accident or other injury-causing incident. They can assist you in paying your bills, staying current on your mortgage or rent, and make sure you are secure in your other living expenses while awaiting the outcome of your claim.

Start by chatting with your attorney to determine if one of the pre-settlement loan companies could be helpful in your situation. 




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