Month: June 2018

Impact of FASB Updates on Hedge Accounting Standards

Impact of FASB Updates on Hedge Accounting Standards

Most Significant Revision of the Hedge Accounting Standard

The recent Accounting Standards Update (ASU) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities is a major development in the industry. The Financial Accounting Standards Board (FASB) has promulgated the update to improve and simplify the rules on Hedge Fund Accounting and address effectiveness concerns.

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How Can I Grow and Scale the Medical Coding, Billing, and Claims Processing for my Home Health Company?

Can I Outsource the Medical Coding, Billing, and Claims Processing for my Home Health Company? | Infinit-O

There are a number of new technologies and modern business processes that can help your Home Health Company grow and scale while keeping costs down and improving your business processes’ efficiency and effectiveness.

The elements of medical coding, billing, and processing can have a significant impact on the viability of your home health company. Because of this, it is important to have a dedicated team that handles these processes. One way to develop a team for these tasks is through outsourcing. It has been used to great benefit by most modern companies, and it is now more accessible than ever to most industries and organizations of any sizes. The key to successfully building a remote team is to find an outsourcing company with an established history of completing the tasks with accuracy, speed, and compliance.

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Improving Healthcare through Internet of Medical Things

Improving Healthcare through Internet of Medical Things

Vitals-tracking wearables, medication adherence tools, portable diagnostic devices, personal emergency response systems, and virtual home assistants – these are just some of the novel technologies made possible through the Internet of Medical Things (IoMT). It refers to a connected infrastructure of medical devices and software applications that can communicate with various healthcare IT systems. The global IoT healthcare market is predicted to reach $136.8 billion by 2021.

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Hiring Additional Staff vs Outsourcing

Hiring Additional Staff vs Outsourcing | Infinit-O

There are certain situations where hiring additional staff is the best choice for your business. If you need help in an area of core competencies then you should hire additional staff. Hire people who can help your company grow and expand. However, if you are looking for help in areas of your business that are outside of its core competencies then outsourcing is a great option. You can hand over those tasks to someone who is trained to complete them and devote your time elsewhere. Choosing outsourcing whenever possible will minimize your financial obligations and the impact growth has on your current personnel.

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Impact of GDPR on Healthcare Management

Impact of GDPR on Healthcare Management

GDPR and Healthcare

You’ve probably heard about the General Data Protection Regulation (GDPR), the recent European Union (EU) law. If your company processes personally identifiable information of EU citizens even if your office is located abroad, you’re bound by GDPR. The biggest impact will be on the healthcare industry. Special category data, which includes information about an individual’s health and treatment may only be processed within strict compliance rules. This data is now subject to higher standards of protection because much of the data being utilized in healthcare management is considered as sensitive personal data.

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Do I Have to Sacrifice Work Quality in Order to Reduce Labor Costs?

Do I Have to Sacrifice Work Quality in Order to Reduce Labor Costs | Infinit-O

For conscientious business owners, the idea of sacrificing quality in order to reduce labor costs is simply not an option. Saving on your labor costs is not worth the risk of disappointing your customers with a subpar product or service. However, escalating labor costs can ultimately lead to stalled growth and hinder your ability to serve your customers. Is there an option for reducing labor costs that does not come with a decrease in work quality? Fortunately, technology has opened up the options that business owners have for finding qualified labor at reduced costs. Outsourcing with a top notch agency gives you access to a highly trained pool of individuals who are held to exacting standards through a system of checks and balances. If you are unfamiliar with how outsourcing companies can provide high quality work at a lower cost, keep reading to learn about the processes they employ.

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Top 3 Cloud Accounting Tech Trends in 2018

Top 3 Cloud Accounting Tech Trends in 2018

Cloud Accounting is one of the most exciting developments in the industry that has made accounting a whole lot easier. The term “cloud” is a metaphor for wireless computing, which refers to all records and files stored remotely and accessible through the internet. This has enabled both business owners and accountants to access and collaborate on the same data anytime from anywhere.

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Where Can I Find Qualified Medical IT Support for My Home Health Company?

Where Can I Find Qualified Medical IT Support for My Home Health Company? | Infinit-O

Home health is a business that is always open. Some patients need 24/7 care which means that you always have nurses on the clock. In order to keep things running smoothly it is important that your on-duty staff have access to qualified medical IT support when needed. Finding qualified and around-the-clock medical IT support that you can afford may sound impossible. Fortunately, it is not an impossible task. In fact, you will be surprised at how simple it is to get and afford the medical IT support you need for your home health company.

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Is it Possible to Significantly Reduce the Cost of Labor?

Is it Possible to Significantly Reduce the Cost of Labor | Infinit-O

Many business owners view increasing labor costs as an inevitable part of running a growing business. While there are additional costs that come with business growth, you do not have to give in to the idea that there is no way to significantly reduce your current cost of labor. In fact, there is a simple solution that can help the majority of businesses reduce labor costs. That solution is outsourcing. Two of the major ways outsourcing can reduce costs is by allowing you to pay only for the services you need and avoid many of the overhead costs related to bringing on additional employees.

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Are You Spending Too Much on Labor?

Are You Spending Too Much on Labor | Infinit-O

Labor costs are a big expense for many business owners. If you own a growing business then the money you spend on labor is likely at or near the top of your list of expenses. As with any of your expenses, it is a good business practice to evaluate what you are spending on labor costs from time to time. There are a few questions you can ask yourself to help determine if you are spending too much on labor. Are my profits decreasing despite continued growth? Am I paying a premium to get routine tasks completed? Am I getting behind when it comes to hiring and training the additional labor the business needs? If you answered yes to any of these questions then you may be spending too much on labor in certain areas of your business. If you determine that you are, in fact, spending too much on labor then you need to look into options for reducing those costs.

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