Month: January 2020

The Four Stages of Outsourcing: Part II

Having an outsourcing solutions provider as a partner for your business may prove great benefits to both your company’s budget and operations. However, if your company will rush into an outsourcing partnership without going through the general process, your decision may hinder your business from being successful and from maximizing the partnership.

(This is the second of two parts discussing the four stages of outsourcing.)

As our previously published article, The Four Stages of Outsourcing: Part I, suggests, the general outsourcing cycle is comprised of four phases, namely:

  1. Strategic thinking
  2. Evaluation and selection
  3. Contact development
  4. Outsourcing management or governance.

In most cases, companies who went through the said phases are those who were able to enjoy their partnership with a solutions provider.

With the first two stages of the outsourcing cycle discussed in the first part of the article, your idea of outsourcing should now be tied to the fact that outsourcing plans should be carefully planned and evaluated, from the activities to be delegated to an outsourcing partner to the location where the outsourcing partner is based.

The third stage in the outsourcing process is Contact Development.

What is Contact Development?

The third stage comes in once you have already chosen the outsourcing partner for your business. Before proceeding to Contact Development, it is highly suggested to ask for a trial period for you to be able to gauge the capability of the outsourcing solutions provider.

It is after the outsourcing company was able to show that they are competent to provide the services necessary for your company’s business processes that you move on to the third stage. The Contact Development phase is where the agreements and legal documents are to be exchanged between parties. When it comes to outsourcing, the pricing is usually the main concern for companies because work quality can still be maintained with an in-house team, but at a more expensive cost.

It is in this stage where agreements with pricing are discussed; but even if this particular concern may already be brought up during the first two stages, it is during this stage where the negotiation and agreements take place. Among the important components of an outsourcing partnership are service level agreements (SLAs), non-disclosure agreements and pricing terms.

Once the legal documents and agreements are in place, your outsourcing venture is now ready to be commenced. It is in the fourth phase, the Outsourcing Management, where the relationship between the outsourcing solutions provider and the client is built. A healthy outsourcing venture between provider and client must be only not limited to just exchanging demands and outputs, but it must grow into a working relationship. An outsourcing partner that is trusted and preferred by many is able to work a relationship out of a business venture that can eventually lead to the client being comfortable with them. An outsourcing partner should be able to make suggestions on how to further make your business processes efficient instead of just agreeing on every demand made upon them.

About Infinit-O

Infinit-O provides its clients with a dedicated team of experienced outsourcing professionals to provide them with boutique outsourcing solutions, such as accounts receivable collection and sales outsourcing. Outsourcing solutions provided by Infinit-O allows their clients to gain a competitive advantage in their respective fields.

11 months ago No Comments Views

10 Zappos Stories That Will Change the Way You Look at Customer Service Forever

Companies that are devoted to their customers’ satisfaction reap loyalty and recognition that will reverberate across the business sector and beyond.

Such is the case with Zappos.com, an online shoe and clothing shop based in Nevada. The e-commerce website raised the bar high in terms of providing the best client experience, you’ve most likely heard about them too!

They have stood by their core values which includes giving their customers a WOW service—being unconventional and innovative in their approach. They have modified their customer service metrics from the usual call time, tickets opened, tickets resolved, response time, and the like to what they call a Net Promoter Score (NPS) and Personal Service Level (PSL) for each of their service reps.

Its goal is to identify how customers will frequently shop with them and share the experience with others as well as qualify the time spent with customers. And because they have invested time with their clients, the good feedback about their company and their services just kept pouring in.

So we have rounded up the Top 10 inspiring Zappos customer service stories that will challenge businesses how to become better at offering first-rate customer service experience:

1. The Best Man and his shoes

Jay purchased his shoes off Zappos.com for his best man stint mainly because they were the cheapest. Unfortunately, the courier routed his package to the wrong location and won’t be arriving on the day he’s supposed to wear it. So he called Zappos about his dilemma and immediately got his issue solved in no time. Not only did Zappos settle the problem by offering to overnight a replacement pair of shoes at no cost, but he was also even upgraded to a VIP account and given a complete refund.

Jay, blown away by the great customer service he received only has this to say, “Zappos has earned a customer for life — In addition to all of this, I originally ordered from them because they had the cheapest deal on the shoes I needed.

2. Free Toll for Massachusetts Turnpike Motorists

Zappos spreads good cheer for Thanksgiving. They teamed up with the Massachusetts Department of Transportation to cover the tolls on a particular section of the road from 5-7 PM back in November 2011. Massachusetts Department of Transportation CEO and Secretary Richard Davey said they wanted to make the drivers’ travel less stressful due to the holiday. Ain’t that thoughtful?

3. Record-Breaking 10-hour Customer Service Call

Contrary to the accepted call duration metric, Zappos doesn’t hurry its customers just to beat a call time requirement. This particular customer service phone call on December 8, 2012, was not even about a complaint. The Zappos customer service rep took time to have a conversation with the caller about living in the Las Vegas area which clocked in at 10 hours and 29 minutes!

While the phone chat may have gone beyond clothes and shoes, it still ended with the caller purchasing a pair of Ugg boots. One Zappos rep explains, “Sometimes people just need to call and talk…We don’t judge, we just want to help.

4. Refusing a Shoe Exchange

No, it is not bad feedback. Truth is, Sarah was a happy Zappos customer. She emailed Zappos to have his son’s Keen Kids Newport H2 sandals exchanged because one of its straps broke. A prompt reply was sent back to her saying that they will be overnighting her order for free and she doesn’t have to send back the defective pair.

When the shoes finally arrived, it was actually the wrong pair. She tried sending it back to Zappos but they refused. Instead, they told her to donate the shoes to charity while they overnight the correct ones to her.

5. Leather-Free Shoes for Vegans

As per Wikipedia, “veganism is the practice of abstaining from the use of animal products, particularly in diet, as well as following an associated philosophy that rejects the commodity status of sentient animals.” Hence the very limited options vegans have when it comes to purchasing food and other items like clothing and footwear. But Tabathia S. was so delighted for Zappos to consider vegans like her.

She posted this on Zappos Customer Testimonial page, “I just found out that Zappos added a category for Vegan shoes and products! You don’t even know how happy this makes me to find leather-free goods. I just forwarded the link to a group of about 150 people. Thank you so much. Keep it up and please continue to increase your offering.” How’s that for effective marketing?

6. Six Pairs of Shoes and a Bouquet of Flowers

This customer, whose mother’s left foot was numb and sensitive to pressure due to recent medical treatment, bought six pairs of shoes for her in hopes that one of them would work. But after receiving the orders, the mother called Zappos to explain her medical condition and to ask how to return the shoes.

Two days later, a large bouquet of flowers was delivered at her doorstep from Zappos, with a sweet get-well-soon message. Two days after that, the customer, her mother, and even her sister were all given VIP memberships granting them shipping on all orders without charges.

7. Sympathetic Gesture for a Grieving Customer

Zaz Lamarr needed to return some shoes to Zappos but her mother just passed away and was still coping from the loss that she didn’t have the time to do it. When Zappos emailed her to ask about the status of the shoes, she replied about what happened. Zappos took care of the shipping and had the courier pick up the shoes for her at no extra cost.

Zappos didn’t stop their customer care there. Zaz writes, “Yesterday, when I came home from town, a florist delivery man was just leaving. It was a beautiful arrangement in a basket with white lilies and roses and carnations. Big and lush and fragrant. I opened the card, and it was from Zappos. I burst into tears. I’m a sucker for kindness, and if that isn’t one of the nicest things I’ve ever had happen to me, I don’t know what is.” Now, that is what you call “going the extra mile.

8. A Handwritten Card to Remember

Beth, a blogger, first called Zappos because one of the zippers on the Ugg boots she purchased for an 11-year-old family member was broken. So Zappos arranged for the boots to be returned and will have the new pair shipped to them the next day. However, since the style was discontinued, they picked out a different pair which is cheaper than the first. Zappos refunded them the $30 difference and had the defective boots returned free of charge.

Two months later, the boot broke again so she called customer service once more. The replacement pair was actually $30 more than the defective one. But Danielle, the Zappos rep she spoke to, insisted that Zappos cover it, send a label with a free return of the defective shoes and ship the new ones the next day. And they followed through it.

You’d think the service ends there. Beth received a thoughtful thank you card in Danielle’s handwriting. She was so satisfied with the service she received that she blogged about it and encouraged her readers to pass along the story to others.

9. Timmy Wants to Chat About Timmy

This particular one was taken from Zappos Live Chat. The chat support was given to Timmy who had a quirky request which Zappos most happily indulged. He basically just wanted to verify the quality and flexibility of Zappos’s chat agents. Read on:

You are now chatting with Jonathan
Jonathan: Hello Timmy. How can I help you?
Timmy: do you know how wide the G-Shock Atomic Solar – AWG101 SKU #7403774 is?
Timmy: I mean, how big a wrist it would fit?
Timmy: Timmy has a big fat wrist
Timmy: Timmy need to watch grande
Jonathan: I’ll see what I can find out for Timmy.
Timmy: awesome. and can we please continue to talk about Timmy in the 3rd person? Timmy likes to boost Timmy’s ego by talking about Timmy that way
Jonathan: Jonathan would be happy to neglect the use of pronouns for the duration of this conversation.
Timmy: Jonathan and Timmy shall get along just fine
Jonathan: Will Timmy be able to measure Timmy’s wrist?
Timmy: Timmy’s wrist is big, but not Biggie-Smalls big. Timmy doesn’t have the required measurement instruments.

For sure both of them were all smiles after that chat support, as we were writing this. Just as you are smiling now, reading this.

10. Zappos CEO Tony Hsieh’s Personal Story

Tony Hsieh, CEO of Zappos, has shared this story with almost all the presentations he was invited to. It was his personal story that he most fondly narrates to his audience.

Hsieh took his clients out for a night in the town so when the bar closed they all went back to their hotel room. One of his clients craved pizza but the hotel’s room service was closed for the night. Hsieh suggested that this client call Zappos for this request, even though his company is a fashion retailer. He was confident about his company’s customer service.

Of course, Zappos did not deliver pizza, but the rep who took the call at 2 AM, found three pizza parlors that were still open near the hotel and made the order for the client.

Our Takeaway

There are too many good Zappos customer service stories but we can only list ten. Zappos was able to cultivate a culture that offers only outstanding customer support. They make customers so satisfied that one actually describes Zappos as “Happiness in a box.”

Our takeaway: make every encounter with customers count. Give them a unique experience, and you’ll be sure to reap benefits from years to no end.

This curation is also available on Slideshare.

Nowadays, the traditional landline phone customer service that businesses have may not serve your customers well—considering that we’re living in the technology era. Having customer support in other types of networks such as online and mobile are some of the customer assistance services we have, which can take your entire customer service to a whole new level. Learn more!

11 months ago No Comments Views

Accounting Personality Traits & Qualities of a Good Accountant

An accountant’s work requires a high degree of precision and a certain degree of level-headedness.  Their’s is a detail-oriented environment where minor oversights can have huge consequences on a client’s business. A single digit carelessly added or absentmindedly removed will have a domino effect on how the accounting books will look like, how decisions will be made, and what those books say about the financial health of a company.

With so much riding on these professional’s shoulders, clients must be careful in selecting an accountant who will do the bookkeeping for them. Accountants should possess certain characteristics that will allow them to do their jobs well. We’ve compiled ten traits of an accountant that we believe are very important. Take a look at this list and see if you agree.

Infinit-O Accounting Outsourcing Blog Trends

1. Updated with the Latest Accounting Trends

It’s not enough to have a solid grasp of the basics. Accountants must constantly stay abreast with the industry’s generally accepted accounting principles or GAAP, as well as any changes in tax laws. Attending refreshers, going to conferences and seminars will help keep her up to speed on the latest in accounting trends. Technological advancements are also evolving at lightning speed, and turning away from these changes will be a huge disservice to clients and the business.

2. Organized and Structured

Staying on top of all the figures, paperwork, and data that accountants deal with daily requires good organization skills. It saves time because they have a system that allows them to find the information they need efficiently. Having a manageable structure to follow during their day to day work week frees up their energy and resources to analyze, research, and do their number-crunching duties without unneeded distraction.

Infinit-O Accounting Accurate Paperwork

3. Accurate and Detail-Oriented

These traits are crucial in the work accountants do. At the very least, the numbers they are working with have to be accurate and correct. Doing due diligence should be second nature to them, and not something that they need to be reminded with constantly.

4. Accountable

No surprise here: accountants must be accountable. No finger-pointing allowed; they know that whatever the outcome of their work turns out to be, the buck stops there, exactly where they are. Let’s face it: even the most detail oriented accountants who always do their due diligence are also human, and are, therefore, also fallible. There’s no shame in making an honest mistake that’s attributable to human error, just as long as these are not deliberate mistakes that happen too often. Keeping detailed accounts and accurate reports will come a long way in spotting where and how such inaccuracies came about (see trait no. 3).

Infinit-O Accountant with Clients Outsourcing

5. Client-Centric

It’s not enough to have a knack for numbers. Accountants must also understand their clients and the type of business their clients have. Having a solid grasp of your client’s business requirements and goals will enable you to decipher what types of economic methods or accounting rules will meet your client’s business needs. An accountant’s views and advice will make them even more valuable to their clients, and give them a good reputation that will earn positive recommendations and more clients down the road.

6. Team Player

The stereotypical image of a lone accountant doing their number crunching in their own cubicles is an inaccurate picture of what accountants actually do. They typically work in teams and have face to face meetings with clients and other decision makers on a regular basis. They are therefore required to be generous with what they know; sensitive to other’s needs, and be supportive of their team’s goals. They have the ability to work with different types of personalities.

Infinit-O Accounting Blog with Bars and Charts

7. Creative

They’re not solely left brain thinkers. The ideal accountants use their creative sides, too. They make use of right brain thinking to come up with fresh ideas and creative strategies to solve client dilemmas that don’t always show up in textbook cases. Paradoxically, being organized and structured in how they approach their day to day responsibilities frees up their minds for out of the box thinking, which are solutions that benefit clients.

8. Trustworthy

The information accountants work with are confidential in nature. This is why professionalism is an important trait that they must always abide. Not only is this the right and ethical way to go about their business, but having a reputation for trustworthiness will win them more clients in the long run. Trust is something that is not easy to build, and it’s a trait that must be taken seriously in order to earn good feedback from clients.

Infinit-O Accounting Outsourcing Blog Communication

9. Top-Notch Communication Skills

Having the ability to interpret jargon and complicated accounting concepts into ideas that can easily be grasped by clients is an invaluable trait that an ideal accountant should possess. An accountant that is able to interact easily and get their ideas across clearly to anyone is a major asset that clients and employers always look for.

10. Ethical

A strong sense of integrity and an inclination toward honesty are traits that inspire confidence in an accountant’s work and professional practice. This is a trait that should extend into their personal lives as well, because an accountant who has the ability to be morally upright and live as an upstanding citizen is someone who will most likely obey the rules of law. Being a law abiding citizen means that this trait will show up in how they do the accounting books as well: one that is within generally acceptable accounting laws and one that is obedient of all relevant laws.

Make sure the person who handles your finance and accounting has these accountant personality traits!

Infinit-O is a trusted F&A solutions partner that can help you build and operate a dedicated team of accounting professionals of every level including certified public accountants designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.

11 months ago No Comments Views

What makes Best Buy’s social media presence so effective?

Just over a year ago, Best Buy was in bad shape.

Declining sales and competition from successful retail giants such as Walmart and Amazon nearly drove the company’s original founder to buy back the store chain for $1 billion out of his own pocket and turn it private, according to Forbes.

But since then, Best Buy has experienced a modest rebound, with stocks undergoing a steady increase for most of this year already. The company has found success by digging into its unique and highly effective social media presence.

In fact, social media management and research service Conversocial recently released a report ranking online customer service interactions among 100 leading retail companies. Of those 100, Best Buy came out on top as the only organization to receive a full five stars. According to Internet Retailer, the study looked at specific metrics such as average response time when fielding customer inquiries over social media channels, as well as how many inquiries the companies cared to respond to at all.

What can businesses learn from Best Buy’s social media presence? And how can an outsourcing company achieve the same level of success? Here is a closer look into what makes it all work for Best Buy:

Low average response times

Best Buy knocked out all other competitors in the Conversocial report with an average response time of 14 minutes on all social media channels. The company also successfully responded to 42.1 percent of total customer inquiries over both Facebook and Twitter. Outsourcing social media efforts to a BPO company can especially help small businesses that lack the resources and time to constantly check feeds and respond to multiple inquiries. Best Buy already demonstrates strong face-to-face customer service through its in-store Geek Squad program. But much of these fast response times on social media inquiries can be attributed to customer-service-specific accounts.

Previously, the company utilized the @Twelpforce handle as an official Best Buy Twitter account devoted exclusively to fielding customer questions and concerns about any product. The account achieved more than 47,000 followers before recently merging over to the already existing @GeekSquad handle, where it continues to operate in much of the same capacity.

The right people

Because the company encourages such a large online customer service team, all new Best Buy sales clerks are trained in social media from the very beginning. As a result, the people contributing to the @GeekSquad account are often the same helpful employees found on the showroom floor of any Best Buy chain in the U.S.

Best Buy is a large retail corporation that can easily afford such a robust social media presence. But smaller businesses with limited resources can still incorporate many of Best Buy’s strategies into their own social media operations by hiring the right social media outsourcing company. 

11 months ago No Comments Views

Outsourcing Goals: Start with the Big Picture

Planning an outsourcing engagement requires careful consideration of both strategic and tactical issues. Tactical issues include work descriptions, processes, service level requirements and so forth. The main strategic consideration is how outsourcing is aligned with overall business goals. We suggest companies start by creating an overarching strategy to guide tactical planning, implementation and life-cycle success.

There are three strategic levels of outsourcing that are typically considered:

  • Business Efficiency – This approach is used where the goal is to maintain existing processes and service performance, while cutting costs.
  • Business Enhancement – This approach builds on the efficiency option but adds the goal of improving services through process improvements, reengineering, new technologies, etc.
  • Business Transformation – This approach extends well beyond the efficiency and enhancement options. Here the focus is making step-change improvements in business performance through fundamental changes in the way the business operates.

Clearly, each strategy requires a different level of commitment, so that is why we recommend considering strategy first. Below are some questions that can help think through the strategic options:

  • What are my top business objectives?
  • What is currently more important, cutting costs or creating value?
  • Do we need to improve operations or improve the business?
  • What are our competitors doing, or going to do? Do we want to think in terms of being more competitive or outmaneuvering the competition and possibly changing the game?

Finally, we find that many firms, especially those new to outsourcing, focus on efficiency only. We believe there is a tremendous opportunity to extend into the business enhancement strategy with just a little more planning and engaging an experienced, quality oriented partner.

We hope this is helpful and look forward to your feedback.

11 months ago No Comments Views

Philippines’ Healthcare BPO Industry: 100,000 Employment Opportunities and $1 Billion Revenues By 2016

According to the January 2013 report of international business advisor and research firm Everest Group, the healthcare BPO is a “hidden jewel” of the Philippines, having grown fourfold over the past two years. The Philippines healthcare BPO’s revenues increased from $102 million in 2010 to $460 million by the end of 2012, making it one of the fastest-growing sectors in the IT-BPM industry of the country.  And it’s not slowing down anytime soon — the report also cited that by the end of 2016, the Healthcare Information Management (HIM) sector targets to achieve $1 billion in revenues and employment opportunities to 100,000 Filipinos.

The 4th Healthcare Information Management Outsourcing Services Congress (HIMOSC) last November 12, titled “Intensity 10: Propelling Healthcare Information Management to Exponential Growth”, provided a venue for key industry players, providers and the larger business community to address issues and trends in healthcare outsourcing towards exponential industry growth. One of which is the impact of healthcare reforms on the healthcare industry, that was discussed in the session “Harnessing Opportunities in Healthcare Policies.”

Addressing Challenges in Healthcare Reforms

Healthcare regulations and laws such as ObamaCare, Medicare Modernization Act, Health Insurance Portability and Accountability Act (HIPAA), and the recently-signed Philippine Universal Healthcare law, are opening up great opportunities for the continued growth of HIM industry in the Philippines. But how will the industry deal with the challenges that arise from it?

According to Jeffrey De Jesus, Infinit-O’s VP for HIM and Client Solutions Group and a panelist for the healthcare policies discussion, the projected 100,000 employment opportunities and $1 billion revenue by 2016 are doable, “as long as we have the proper information, formation, transformation, and education. The Philippines has to become an ideal place for HIM. We have to help people understand that there’s a job opportunity here.”

Information

De Jesus was joined by the Department of Health (DOH) Undersecretary Hon. Teodoro Herbosa and HCCA Health Connections Vice President for PH Operations Michael Burbach in the panel. The discussion included queries about several regulations and laws related to the global healthcare industry, specifically ObamaCare.  De Jesus states, “It opens a new horizon of opportunities. There are US companies that are looking for services that don’t yet exist.”

For proper information, the industry must have all the details to provide the best possible solution. DOH’s Undersecretary Herbosa says, “Understand what the government is doing for healthcare so you can offer the right solution”.

Transformation

For proper transformation, De Jesus cites a challenge of, “making the Philippines as the ideal place for HIM”. In an article citing Dr. Josefina Lauchengco, president of the Healthcare Information Management Outsourcing Association of the Philippines, she said that “The Philippines’ competitive advantage in the growing Healthcare BPO sector is built on the availability of talent pool, strong cultural affinity with the United States, and medical know-how that leads to good customer interaction skills and efficient delivery of niche services.”

Raise Awareness of Alternative Career Opportunities

De Jesus also adds that there’s a need to “help healthcare/medical people to understand that there’s a job opportunity here in the Philippines.” Since 2001, the Philippines has produced over 1,000,000 nursing graduates, yet a lot of them are forced to take a different path because of the lack of job openings in their chosen degree. There is a need to raise awareness among unemployed Filipino in the healthcare industry that there are alternative career opportunities provided by the HIM sector.

No matter how cliché the statement, “Health is wealth” can be, it is definitely something that each individual should take into account. Need not worry though, because we can provide your medical institution all the assistance you’ll need through our exceptional patient services such as billing, coding, and even back-office responsibilities.

11 months ago No Comments Views

9 Must-Follow Social Media Influencers on Finance

Twitter is more than just a virtual space for the latest Hollywood Twitter wars, personal rants, and daily 140-word reports on what everyone is eating for breakfast.

For those who understand the great possibilities that it offers, it’s recognized as one of the most convenient tools for quickly sharing information and for keeping up with the latest news and trends in industries where new knowledge is highly-valued – like financial tips, news, and how-tos.

For small business owners, following top social media influencers on finance is one of the easiest ways to get updated with the financial industry. According to their Klout scores, we list down 9 must-follow influential tweeting individuals on finance. These peeps could help you make a well-informed and carefully executed financial plan for your business. 

Nouriel Roubini

www.twitter.com/Nouriel
Roubini is an economist and professor at New York University’s Stern School of Business. He anticipated the collapse of the U.S. housing market and the worldwide recession in 2008. He is the Chairman of an economic consultancy firm, Roubini Global Economics.

Christine Lagarde

www.twitter.com/Lagarde
Lagarde is the Managing Director of the International Monetary Fund (IMF). She’s the first woman to become finance minister of a G8 economy and is the first woman to head the IMF.

David K. Waltz

www.twitter.com/davidkwaltz
Waltz is a Fortune 500 Financial Officer who is the author of the Treasury Cafe, a blog which empowers people in the strategy and finance sectors with tools, information, and insights.

Ben Chu

www.twitter.com/BenChu_
Chu is the Economics Editor of The Independent who heads the publication’s blog. He provides financial advice and personal views on the economy in both national and international perspectives.

Karl Deeter

www.twitter.com/karldeeter
Deeter is a financial adviser/analyst at Irish Mortgage Brokers & Advisors. He also blogs about finance at http://www.mortgagebrokers.ie/blog/.

Colin Williams

www.twitter.com/ColinTWilliams
Williams founded Humble Financial Services Marketing in 2011, which provides specialist strategic advice to help businesses grow. He tweets about strategic finance and marketing tips and tactics for the social world.

The Numbers Guy

www.twitter.com/WSJnumbersguy
Carl Bialik is a journalist for Wall Street Journal. He is the creator and writer of the weekly Numbers Guy column at the paper’s website. He writes about the use, and particularly, the misuse of numbers and statistics in the news and advocacy.

Chris Smith

www.twitter.com/AwesomeFinance
Smith is the author of Securing Your Financial Future and the creator of the Awesome Financial Future web series. He gives hints and tips about investing in long-term funds to necessary everyday spending, and how to get the most out of your cash. He’s the “man on a mission – to raise the personal finance IQ of young adults everywhere.”

Irene Aldridge

www.twitter.com/IreneAldridge
Aldridge is the author of High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems. She is an investment consultant, financial advisor, portfolio manager, a recognized expert on the subjects of quantitative investing and high-frequency trading (HFT), and a seasoned educator.

Is there anyone else you think should make it to the list? Let us know.

Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth.

11 months ago No Comments Views

Outsourcing in Healthcare Industry: 5 Reasons to Do it

The global healthcare industry’s interest in outsourcing has grown massively in recent years due to the industry’s drive to reduce costs while still being able to provide quality healthcare service.

Before, the industry limited their outsourcing to medical data entry and medical transcription. But with the growing awareness that outsourcing has greater benefits for healthcare organizations and hospitals, many are looking into outsourcing healthcare information management systems, clinical research, Big Data, medical billing, and IT needs to keep patient data secured among many others.

According to Jonathan Clarke, Assistant Professor of Health Policy and Administration at Penn State University, “Outsourcing is something we should think about, especially when it fuels efficiency and expands access to healthcare, but we need to be intelligent about it so as not to put patient safety at risk.” He also stated that around 90% of the hospitals in the Unites States are outsourcing some services particularly radiology services.

We list down five reasons the healthcare industry should think more about outsourcing their non-medical operations:

1. Critical Mistakes are Avoided

According to Tom Lowery in his article entitled 8 Ways Outsourcing Can Help Hospitals and Patients, US hospitals leave about $125 billion on the table each year because of poor medical billing practices. He adds that 80% of medical bills contain errors. One factor that contributes to this is that some hospitals are not updated with currently changing billing rules and regulations. With outsourcing, healthcare organizations can have a dedicated team of trained professionals that focuses on billing purposes.

2. Reduced Training Costs

Healthcare organizations that outsource their processes don’t also need to worry about shelling out extra money for education, software or staff training since the outsourcing partner sees to it that their employees are up to date with the latest changes in standards and regulations.

3. Access to Expert and Trained Professionals

There is no need to spend time finding trained professionals for healthcare processes because they will be ready to take on the job as soon as an outsourcing partner is signed in. Employee acquisition and retention isn’t also a concern anymore since these will be handled by the outsourcing partner.

4. More Focus on Giving Quality Patient Care

With an outsourcing partner taking care of looking for a healthcare organization’s staff and training them, healthcare providers will be able to focus on the more important things in the business – in this case, giving the best quality of care for patients. Outsourcing will help providers to lessen their tedious administrative and managing workload, and allow them to provide a positive patient care experience and improve on it as well.

5. Top-Quality Results with Cost Reduction

The biggest advantage of outsourcing healthcare services is the reduced costs in healthcare operations. Outsourcing brings in huge savings with its low-cost manpower and infrastructure. Healthcare outsourcing can help save companies 30-60% of costs. Aside from taking care of staff acquisition and retention, having an outsourcing partner also reduces excess administrative costs since the direct benefit of outsourcing is financial surge.

The Philippines is Top Healthcare Outsourcing Destination

In the next few years, the Philippines is set to become the top healthcare outsourcing destination thanks to its massive qualified workforce, infrastructure, and technology. The country’s outsourcing industry has grown over the recent years and is forecast to hit $2.4 billion in revenue in 2016.

“The Philippines right now, with the way you’ve been able to show how successful you can be with other industries with BPO and other areas, healthcare is the industry where you could play the mark of the world leader,” said public sector and healthcare leader at PricewaterhouseCoopers (PWC) Southeast Asia Consulting.

With our extensive list of outsourcing services available, medical providers—either a Healthcare Payer or a Healthcare Provider, or those belonging to the Software-as-a-Service (Saas) industry or the Pharmaceutical industry, all of these can trust us with everything they need. Being ISO 270001:2005 certified, ISO 9001: 2008 Certified and Six Sigma qualified, we guarantee nothing but the best when it comes to improving your services.

11 months ago No Comments Views

Big Data in Healthcare and How Kaiser Permanente Uses It

Electronic medical records (EMR) has not only helped transform the medical information system to be better, it has also allowed the collection and subsequent application of Big Data that ultimately plays a major role in changing patient care in the process.

Even if Big Data faces much controversy and open data still has so many hurdles to go through in the healthcare industry, there is no doubt that this progress has pushed the industry straight into the information age and California’s Kaiser Permanente is showing what can be done with the huge influx of data they are receiving. Kaiser has been using data collected since 1993 in several ways, notably using this information to help treat the youngest patients – infants.

Kaiser Using Big Data to Help Care for Infants

Basing on the data sets maintained by Kaiser Permanente’s Division of Research (DOR) of vital signs of mothers and their babies who developed sepsis, doctors in Kaiser Permanente’s neonatal intensive care units (NICU) created an online calculator to determine the risk of sepsis in preterm and newborn babies.

According to Kaiser’s DOR research scientist Michael Kuzniewicz, MD, MPH, “Prior to the online sepsis calculator, a maternal fever of 100.4 or higher meant a trip to the NICU regardless of how a baby looked, or other risk factors, that meant separating the mother and baby, starting an IV, and putting the infant on intravenous antibiotics. Now we can be smarter on which babies we identify to evaluate and treat for infection.”

The Kaiser sepsis calculator for neonatal care isn’t the only accomplishment done with Big Data. These system-wide health care implementations for newborns and preterm infants are all because of the data received from the patient information:

  • The identification of effective strategies to reduce dangerous bowel infections in preterm infants (called necrotizing enterocolitis)
  • Reductions in the number of days infants spend in the NICU
  • Fewer blood-stream infections associated with central intravenous lines
  • Greater percentages of high-risk infants born at Kaiser Permanente facilities with high-level NICUs, eliminating the need for infant transport

Big Data Helps Kaiser Hit Statewide Benchmarks

Even with issues of patient privacy and the debate about whether who benefits more on Big Data usage, the patient or the medical company (hospital or pharmaceutical company), Kaiser has proven that Big Data can ultimately help improve patient care.

Allen Fischer MD, regional director of neonatology for the region, acknowledges that the data provided by the DOR is indispensable in helping clinicians plan their quality activities. This has been proven effective since Kaiser has been using Big Data to develop quality benchmarks and monitor hospital performance with records going back to the 1990s.

Big Data from a Medical Perspective

Modern healthcare systems produce massive electronically stored data on an ongoing basis. If this treasure trove of information is used for improving patient care and growing knowledge and research for developing effective treatments, we have successfully used the advances of technology to our advantage.

No matter how cliché the statement, “Health is wealth” can be, it is definitely something that each individual should take into account. Need not worry though, because we can provide your medical institution all the assistance you’ll need through our exceptional patient services such as billing, coding, and even back-office responsibilities. Learn more!

11 months ago No Comments Views

The Four Stages of Outsourcing: Part I

Infinit-O Outsourcing BPO services

(This is the first of two parts discussing the four stages of outsourcing.) Almost all partnerships that have been successful went through phases that define the actual process of engaging with each other, and that does not exempt the industry of outsourcing. Outsourcing could probably be considered as the industry that relies on solutions providers’ engagement, although seldom announced to the public due to non-disclosure agreements signed by both parties, with companies who seek their assistance to form a partnership. It is with outsourcing where collaboration between two companies, one being a BPO services provider and the other being a company offering different services, since the BPO companies today seem to be able to cater to any industry, keeps outsourcing up and running.

The outsourcing industry continues to prosper as companies realize the benefits of outsourcing and continue to look for an outsourcing partner that has the capabilities fit for their requirements and a partner that they can depend on. However, before both parties, the solutions provider and the client, can attain the peak of their partnership, they have to go through the four (4) stages in the outsourcing cycle. As stated in the article from website China Sourcing, included in the four stages of the cycle used in BPO outsourcing are the following: 1) strategic thinking, 2) evaluation and selection, 3) contact development, and 4) outsourcing management or governance.

The first of the four stages, Strategic Thinking, is when a potential client begins to consider delegating a part of their company’s processes to a solutions provider and sees if it suits their company’s policies and philosophies. It is important first to thoroughly assess whether outsourcing is correct for your business because even if outsourcing may cater to different verticals, there are still areas in which outsourcing may not be fit for a particular process of your business.

Once you have arrived at the conclusion that your business indeed needs outsourcing, it is now time to proceed to the next phase, which is Evaluation and Selection. It is during this phase where you, as an organization, decide on which of your business processes are to be delegated to an outsourcing solutions provider. It is important to determine which of the processes must be outsourced so as to further make your business operations more efficient and so as to avoid redundancy of work. Another important factor would be to determine whether your company wants to have an on-shore or an off-shore provider; there are many outsourcing destinations that you can tap. Although you can find almost all types of solutions providers in a particular country, it is highly likely that a particular location excels in one or two branches of outsourcing, such as the Philippines, which is now regarded as the number one destination for contact center outsourcing and may soon be for knowledge process outsourcing. It is highly suggested for potential clients of outsourcing companies to conduct a background check on the providers that they are eyeing. After all, they wanted an outsourcing partner that is preferred and trusted by many.

Outsourcing is not as easy as it seems to be because there are many factors to be considered. Outsourcing is indeed a cheaper option for companies but when done incorrectly, it may be even more expensive.

About Infinit-O

Infinit-O provides its clients with a dedicated team of experienced outsourcing professionals to provide them with boutique outsourcing solutions, such as call center services and data entry services, which cover different verticals. Outsourcing solutions provided by Infinit-O allows their clients to gain a competitive advantage in their respective fields.

11 months ago No Comments Views

Newsletter

Subscribe to our emailing list and get notified of the top stories on the web.

Scroll to top