General Business

The Best Tools for Market Research

Market research tools have come a long way. The innovation of these tools have made the arduous task easier and more seamless. This blog tackles identifying the best market research tools for your business and how to efficiently use them.

But first, let’s cover the basics.

What is Market Research and its importance?

A process of gathering information to improve, evolve and craft products and services that your customers both need and want. Without proper market research, you’d end up spending your company’s capital in wrong places.

Market research allows you to understand your customer’s behaviour, your competitor’s best practices and deduce marketing channels to grow your business.

To reap the full benefits of market research, you can leverage on the following tools for your company.

Best Tools for Market Research

  1. Social Mention

This is an online tool that enables you to gather real-time social media data on any site. By typing the website’s URL, the tool pulls all the social media mentions related to that site. 

Tool Strengths:

  • See social media footprint for your brand across all the media platforms without having to aggregate the data yourself
  • Data and search results are laid out in a simple and easy to read format
  • Discover where and why your competitors are being mentioned to help you tailor your own marketing efforts
  • Know the hashtag, sources, and keywords most frequently associated to a target URL
  1. Survey Monkey

A tool that gathers direct customer insights. You can create a survey or set of questions that are best answered by your customers to understand  lead generation, conversion rates and customer retention rate.

Tool Strengths:

  • Survey is both PC and mobile compatible making it convenient for your customers/respondents
  • Can be integrated with other softwares and platforms
  • Has reporting features that enables easy analysis of survey results
  • Very user-friendly, can create surveys with only few clicks
  1. Google Analytics

Although its entirety is not technically a wider tool in market research, Google Analytics can provide your customers behaviour whilst on your website. It shows which products are viewed most and it also illustrates what social media channels your customers are responding to.

Tool Strengths:

  • It automatically collect data that gives you immediate access to reports
  • Easy integration with third party tools basing on the strategy and the information you want to extract
  •  Find top marketing campaigns in terms of traffic and conversions
  • Determine the location of your best visitors
  1. GrowthBar

Perfect market research tool because it provides instant access to your competitors critical data points and their growth channels as well keywords that are working for them by giving you SEO, SEM, and Facebook advertising access.

Tool Strengths:

  • A simple Chrome extension that instantly allows you to do market research using your Google search page
  • Explore your competitors’ backlink data, social signals, keywords rank, best performing keywords and even spy on their facebook ads
  • most complete market research tool that is 100% free to try and more affordable than any alternative

Great Tool, Great Team

Having the right tool for your Research and Data Team is vital to help them accomplish their tasks easier and quicker. By doing so, your business’s overall efficiency and productivity can also increase. By having the right tools, it allows your R&D team to produce the most usable research that your company can benefit on.

But dealing with these tools can be overwhelming. Building a team of R&D experts and training them on utilizing these tools births another layer of operational responsibility especially and deviates your focus on your core responsibilities. In addition, there is a limited pool of talent in the research and data industry and the number of highly qualified candidates are in return shrinking.

One way to overcome this is by finding the right outsourcing partner who has access to world-class R&D talents who can equip and certify your team to put these tools to good use. The  tools mentioned above along with other market research tools can also be expensive and can  potentially break your bank. But with the right partner, you can save up to 70% on operational costs, yet assuring your team’s efficiency and productivity.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

We can build you a great, high-performing R&D team:

  • Research Analyst
  • Account Research Specialist
  • Business Analyst
  • Database Maintenance Specialist
  • Product Ops Developer
  • Cybersecurity Specialist
  • Systems Integration Developer
  • Threat Intelligence Analyst
  • Threat Landscape Analyst
  • Systems Administrator
  • Other R&D Experts

Let’s work together to build a great Research and Data Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

1 day ago No Comments Views

Skills and Credentials to Look for in an Accountant

Financial management is one of the most crucial aspects of business. According to The Business Journals, 80 percent of businesses in the United States fail within the first year mainly due to poor financial management.

This is why it is important for companies and organizations to build a great, high-performing team of accountants to effectively perform tasks such as analyzing and preparing financial records, computing tax returns, and ensuring that financial documents are accurate and in compliance with relevant laws and regulations among others. 

To effectively build a great accounting team, knowing the following certifications ensure that you are employing the best people for your business. Below are several certifications and licenses you have to take note.

Accounting Certifications and License

  1. Certified Public Accountant

According to international staffing agency Robert Half, the Certified Public Accountant (CPA) license is considered as the gold standard for accounting and finance in the United States. Granted by the American Institute of Certified Public Accountants (AICPA), this certification validates that an accountant has expertise in skills such as forensic accounting, tax, compliance, and risk management.

  1. Chartered Global Management Accountant

This financial certification, on the other hand, is granted by both the AICPI and the Chartered Institute of Management Accountants (CIMA) to CPAs working in business and government. This guarantees one’s competency when it comes to management accounting skills.

  1. Certified Management Accountant

Recognized globally, the Certified Management Account (CMA) certification demonstrates a professional’s mastery of critical accounting and financial management skills. This is granted by the Institute of Management Accountants (IMA).

Best accounting skills to look for

Beyond these certifications, there are also a handful of skills that an accountant must possess to be able to do their tasks effectively in the workplace:

  • Accuracy and strong attention to detail

When it comes to financial management, the smallest of errors can have serious ramifications to a business when left unseen. The responsibility of ensuring the accuracy of information falls on the shoulders of accountants so it is important that they are consistent in paying strong attention to detail when it comes to analyzing bulks of financial data.

This is also where organizational skills come into play as accountants deal with not just huge quantities of data but also a variety of different systems that need constant maintenance and updating. They should be able to structure their tasks without compromising the others especially during the busier times of the year.

  • Proficiency in accounting software

As more accounting firms and organizations adapt the use of accounting automation in their operations, accountants should be able to navigate finance-specific software programs with ease. These programs range from spreadsheet platforms, enterprise resource planning (ERP) systems, business intelligence softwares, and many more that are used for managing different accounting activities.

  • Analytical and critical thinking skills

The mere profession of accounting is analytical in nature so it is important for accountants to be quick on their feet when it comes to identifying the appropriate techniques to be used in executing extensive financial analysis as well as in interpreting financial data and analyzing patterns and potential issues in the information. That is why you should also look for a team who is aware of  F&A regulations, taxation laws, GAAP and Sarbanes-Oxley.

Once faced with errors and discrepancies, accountants should be critical in making firm and calculated decisions to solve these problems by considering all variables and potential risks in developing effective solutions.

  • Good communication skills

More than just analyzing data, accountants should also know how to properly present it in a concise and organized manner that even numbers-savvy individuals can understand. Verbal and writing skills should also be refined to be able to relay information properly and avoid errors due to miscommunication.

Accounting is important for a business, may it be big or small, because it helps you keep your financial affairs on track, ensures that your business is in compliance to relevant laws and guidelines, and gives you the opportunity to make future projections for your business. With a highly-skilled and competent team of accountants on the job, you are guaranteed to be on your way to success.

Building a Great, High-Performing Team

One  great way to build a dedicated team of accounting professionals is by finding the right outsourcing partner because their speed to market hiring process allows you to have the best fit accounting talents for your company in only 30 days with 70% savings on operating cost.

With an outsourced team at your service, you can focus more on daily operations and achieving your business goals. More importantly, the right outsourcing is ISO-certified and GDPR-compliant, and has a well-established Information Security in place to ensure that your company’s books and confidential financial information are kept secured. 

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing F&A team! Here are some examples below:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

4 days ago No Comments Views

3 Methods to Amp Up Your Healthcare Team

Having a competent and skilled team of healthcare professionals is key to quality patient care and in the long run, it can guarantee business’s success. According to the National Academy of Medicine (NAM), a great team of healthcare specialists each play an important role in patient treatment. With varying skills and experiences, they collaborate and coordinate for the common purpose of meeting patient needs. And to ensure reaching the goals of your organization, we listed ways to amp up your healthcare team.

Top 3 Methods:

It is important to constantly introduce improvements to your healthcare team to certify the quality and efficiency in the service that you provide. To help you out, here are some practical ways to make your healthcare team more effective:

  1. Encourage trust and collaboration

In general, teamwork is what makes a team great. Effective teamwork, as stated in the aforementioned NAM report, depends on the members’ ability to trust one another and communicate a mistake, question, or suggestion without apprehensions. It allows them to learn together and collaborate regardless of positions and status.

In healthcare, teamwork is crucial for patient safety in terms of minimizing errors that may result from miscommunication and misunderstanding as well as reducing factors that may lead to burnout in the workplace. Bringing a group of multidisciplinary healthcare professionals together is indeed challenging. With this, you can introduce initiatives that can strengthen teamwork within your team such as team-building exercises where they can feel more engaged and connected to their place of work, and regular huddles where the teams can briefly discuss concerns and updates for each department, which can increase awareness and encourage better communication.

  1. Incorporate telehealth in your operations

Nowadays, the power of technology has permeated every industry. For medicine and healthcare, telehealth is a welcomed innovation that entails countless benefits for patients, healthcare providers and your business.

By integrating digital and communication technologies such as computers and mobile devices, it makes healthcare services remotely accessible to patients and most importantly the medical professionals. In effect, it improves the healthcare delivery system, allowing your team to manage diagnosis, treatment, charting and communicating to the patient and with each other more efficiently.

Incorporating telehealth in your operations is one sure step to enhance your healthcare team in such a way where they can expand their workload and avoid overworking themselves since through virtual visits and online consultations, making their schedules more flexible. In return, as your team accepts more patients and renders more services, you can expect a growth in revenue in your business.

There are still a plethora of benefits that telehealth can provide your business ranging from increased patient satisfaction and engagement to creation of a digital portal for your patients. To experience these, you may want to consider the option of adding an outsourced telehealth support in your team today.

  1. Know the importance of an RCM team for your business

When it comes to the business side of healthcare, a highly skilled revenue cycle management (RCM) team is what you need for success. This group of people composed of medical coders, billers, and other specialists handles important transactions such as patient scheduling and registration, insurance eligibility verification, medical coding, claims submission, claims management, payment collection and reporting.

Just like in telehealth services, outsourcing a dedicated RCM team can do wonders for the improvement of your overall healthcare team. For one, it allows the rest of your staff to focus more on caring for patients as they do not need to handle the time-consuming administrative tasks and paperwork anymore.

You can also expect an increase in care efficiency and enhanced patient experience when partnering with the right outsourcing company because of their access to certified and high-performing RCM experts. Together with the use of technology, this can significantly reduce standard billing errors such as incorrect name of the patient and wrong CPT codes, which can elevate your healthcare facility’s reputation and help you deliver the best service to your patients.

Virtual RCM team is also key to increased revenues linked to accurate coding and billing rules and timely reimbursements, and reduced operating costs as your outsourcing partner can look for a team of highly trained and available experts for a fraction of your local cost.

How build a great team 

Find a trusted healthcare outsourcing partner.

The right partner can help you build a great and dedicated healthcare team composed of experts for your unique telehealth, RCM and other healthcare needs. It can assure you of minimal denial and turnaround time for your claims while optimizing reimbursement. There is also no need to worry about spending so much on telehealth equipment and training staff as your outsourcing partner can streamline and make it more affordable for you with a 70% savings on operational cost.

When it comes to healthcare, the right outsourcing partner is ISO 27001:2013 and ISO 9001:2015 certified and HIPAA- and GDPR-compliant because they understand the importance of securing your company and patient’s data.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

We can build you a great, high-performing Healthcare team composed of:

  • Medical Coders
  • Medical Billers
  • Patient Concierge
  • Clinical Abstractors
  • Patient Concierge
  • Medical Review Specialists
  • Care Navigators
  • Outbound/Inbound Collections
  • Other RCM Teams
  • Other Healthcare Support

Let’s work together to build a great Healthcare Team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

1 week ago No Comments Views

How to Win the Number Game and the Value of a Great F&A Team

Business is a number’s game.

To get full control of your company, knowing where money is going and coming from is your leverage in effectively navigating a business towards success. If numbers such as income and expenses are managed effectively, it builds a strong avenue for potential growth and achieving your goals by creating strategies to weather unexpected financial downturns.

But how do you win the number’s game?

By building a great F&A Team.

Since all businesses, regardless of industry, depend on tactical financial management, you need to have a great finance and accounting team to keep your company headstrong in the number’s game because they play a key role in guaranteeing your win.

We listed 3 reasons how they can secure your success:

  1. They keep clean financial records

Finance and accounting both essentially record your company’s past, present and future financial activities. Although finance focuses mainly on future acquisition and accounting leans more on tracking your past financial transactions, they are your ledger in tracking income and expenses on your current and future operations.

Through them, you can maintain accurate data of your financial activities that can help you understand your business’s cash flow and preempt future acquisitions, potential savings and prospective revenue.

  1. F&A circumvent legal problems

A team of F&A experts make sure that they adhere to important business laws because they know that overlooking a minor detail could have major implications to tax management and extirpate a company. Poor financial records can lead unavoidable audits and possibly face unnecessary legal troubles.

Reliable and responsible F&A team ensures statutory compliance is practiced accordingly by following economic laws and regulations. On top of it, they are also ISO 27001:2013 and ISO 9001:2015 certified. They make certain that liabilities such as sales tax, VAT, income tax, and pension funds, to name a few, are appropriately addressed.

  1. Help develop financial strategies

A high-performing F&A team not only keeps a clean financial record and assists you in avoiding any legal problems, they are also your ally in developing financial strategies to keep your business growing and helping you achieve your financial goals. They can generate financial reports and thoroughly analyze your company’s books which you can use to have a better understanding of your company’s cash flow giving you an avenue to develop optimal financial strategies.

Business owners who have a better view of their fiscal records empower them to make informed financial decisions and map out plans to secure their growth and success. Lastly, knowing your current financial standing can also help you identify new areas of growth that can be used to create more opportunities for business accomplishments.

Challenges in building great F&A Team

The next step to secure your victory in the number’s game is to employ the right experts and build a great F&A team. But, there are two hurdles in doing so; salary and available talents.

Higher and Increasing Salary

Finance and accounting belongs to the high paying talents in the job market. A US Bureau of Labor Statistics (BLS) records that the median pay for a Financial Analyst in 2014 was $78,620 per year, $37.80 per hour but it is projected to grow by 12% in 2024. Accounting on the other hand has a median pay of $65,940 per year, $31.70 per hour and is projected to increase by 11% in 2024, which is also an above-average growth rate.

This means that to build an F&A team means to invest on the right people because employing them requires paying a hefty amount for their salary. 

Shrinking Talent Pool

In addition, there’s a limited pool of talents for the F&A profession in the US.

Finance and accounting talents aged 55 and up have increased in the past 10 years. This makes the talent pool of younger, experienced and highly qualified candidates shrinking. Although there are fresh graduates and novice F&A professionals in the pool, companies prefer those that have years of experience making the hunt more challenging.

Right Partner, Great Team

One sure way for a business to build a great finance and accounting team is by finding an outsourcing partner who has access to the talent pool talents while ensuring up to 70% savings on operation cost. A premier outsourcing partner will take care of scouting the best fit people for your company and employing high performing finance and accounting specialists that match your unique needs. Because of their access to world-class talents and a speed to market hiring process, you can easily build a great F&A team and focus more on navigating your business towards success.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

We can build you a great, high-performing F&A team! Here are some examples below:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 weeks ago No Comments Views

Top 3 Teams to Build for RCM

Without a doubt, a team of skilled RCM experts expand growth significantly.

And building a great RCM is every healthcare business’s goal. Employing the right team makes your organization successful. That’s why, it is imperative that you know the top 3 RCM teams to build for your company.

Importance of Creating the Right RCM Team 

One of the main goals of any healthcare business is having the right team in place to function at peak performance. You must include experts and specialists in various disciplines within the Revenue Cycle. In this article, you will not only know what teams to build but the skills to look for.

Assembling RCM experts is never easy. However, with the right outsourcing specialist you can be confident that you are getting the absolute best. The goal is always to improve the services offered to your patients and ensure that your medical team is not overworked. By recruiting a great RCM team, healthcare becomes more efficient and effective.

The top three positions for your RCM team are: 

  1. Medical coders

Medical coders are an important member of the RCM team because they are the backbone of converting patient’s records as readable medical codes for different healthcare personnel. With medical coding, modern healthcare care becomes connected.

With accurate coding, medical billers and insurance companies can work together to secure fast billing processing. Medical coding serves to classify all medical procedures and treatments in easy-to-understand codes that enables all healthcare professionals to comprehend the medical journey of a patient. Also, medical billing relies on medical codes to ensure that all healthcare providers are paid for their services and all claims are handled smoothly and efficiently for patients. 

Primary skill to look for:

Analytical and evaluation skills

Medical coders review patient records and identify different illnesses, symptoms, diagnoses, procedures and treatments and assign specific codes to each element. It is then expected for them to have good analytical and evaluation skills because there are illnesses and treatment that may appear similar yet are categorized differently.

Also, since coders translate medical documentation into a uniform set of codes, this makes them the backbone of cataloging patient information essential for tracking patient outcomes, organizing clinical databases, and maintaining population health statistics and accurate billing. Simply put, wrong coding merits wrong billing.

  1. Medical billers

Another team to add in your RCM are medical billers. It is probably one of the most critical components of any healthcare business practice because they secure revenue. A team of skilled medical billers is responsible for submitting medical claims to insurance companies which is critical for the financial cycle of your company.

Medical builders have specialized knowledge on payments, bill adjustments, claim follow-up, claim denial resolution, and collections management. All of these components must be managed correctly to guarantee revenue flow.

Primary skill to look for:

Attention to detail

Medical billers work with vast information and convert them into claims to submit to insurance companies. Therefore, they need to have precise attention to details to make sure that your healthcare business is compensated properly, the patient is billed correctly, and timely payments are made.

Although the medical biller is not directly interacting with the patient and involved with care, he or she should have a good understanding of medical terminology to be able to discuss medical bills with both insurance carriers proper billing is accounted for.  Intricate attention to details allow them to identify codes properly and eliminate any billing errors.

  1. Patient Concierge

This team enables patients to easily inquire about a doctor’s schedule, the type of tests they need to submit before a consultation or inquire about the lab test schedule and corresponding fees. They also maintain quality patient experience while improving patient satisfaction by assisting patients during their check-in processes and answering any inquiries or concerns the patient might have about their health concerns. They are the first “touch” in a healthcare provider’s facility, so even by speaking over the phone, they already must show empathy and genuine care.

They also reduce long wait time by managing calls, appointment-setting, and other administrative patient needs. In fact, a survey talks about how 90% of patients are satisfied with their care through patient concierge, and around 97% mentioned that the healthcare provider they are in contact with takes a personal interest in their health than those in a traditional clinical setup.

Primary skill to look for:

Communication Skills

In the healthcare industry, effective communication is a must. However, a patient concierge specialist should have the ability to work with complex information such as medical diagnosis, assessment and proper charting to communicate the patient’s concerns accordingly and refer them to the right healthcare specialist.

All information must be communicated accurately and in a truly clear and precise language. In addition, they need to convey the proper message to different healthcare staff and provide accurate data and analysis so patient’s concerns are understood and communicated precisely. Ideal communication involves not only speaking but also the ability to listen to the patient with their concerns. If the patient feels that their needs are promptly heard and addressed, this can result in high patient satisfaction.

Building Top RCM Teams

Building the right team creates a well-oiled RCM process. And turning to a trusted outsourcing company to help you build this team gives you access to a world-class pool of talents all the while saving up to 70% operational cost without compromising quality of work and maintaining operational excellence.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing RCM team composed of:

  • Medical Coders
  • Medical Billers
  • Patient Concierge
  • Clinical Abstractors
  • Patient Concierge
  • Medical Review Specialists
  • Care Navigators
  • Outbound/Inbound Collections
  • Other RCM Teams
  • Other Healthcare Support

Let’s work together to build a great  RCM Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 weeks ago No Comments Views

Here’s Why Your Healthcare Team is Exhausted and What You Can Do About It

No matter how skilled and efficient experts are with their jobs, healthcare workers are still humans who get tired and burned out at the end of the day. Stress and lack of rest can affect their performance and morale in the workplace resulting in low productivity, decreased patient satisfaction, and replacement costs. All of these can hurt your business if gone unaddressed.

The blog provides practical tips on how to avoid burnout and healthcare fatigue.

Why are they exhausted?

To alleviate this problem, you need to first determine the factors that make your healthcare team exhausted to know what areas need to be improved on and to better support your workers. Generally, the high workloads in healthcare is one of the main reasons why health workers are tired. In a study on the relationship of workload, burnout, and job control, it is found that “an increase in the workload was significantly associated with higher job exhaustion.”

A recent report from the CIPD and Simplyhealth also listed workloads as one of the top three causes of stress-related absence in the workplace together with management style and relationships at work.

High workloads can be attributed to the shortage of trained staff due to the unequal demand and supply for different healthcare professionals nowadays, and the multifunctional nature of healthcare professionals which allows them to take on several roles within their practice, adding to their workload and even leading them to compromising other core responsibilities.

With more tasks on their plate, healthcare professionals resort to extended working hours, missing out on adequate rest and work-life balance. Eventually, this will lead not only to exhaustion but to low morale among the employees as well.

What can you do about it?

Just like any other workplace, communication is important in healthcare. Assure your employees that you are open to listen to them when it comes to issues and concerns in the workplace. By doing this, you can also have an insight on things you need to look into when it comes to employee management and such. Recognizing achievements and rewarding good performance are also things you can do to make them feel appreciated for their efforts and will most likely drive them to do their best at work.

More importantly, you need to find ways to effectively manage the workload in your healthcare business so that you avoid getting your staff overworked. These two sure fire ways can be the solution you need:

  1. Employing telehealth in your operations

The field of telehealth empowers how patients, doctors, nurses, and other healthcare professionals experience healthcare. Regardless of the service needed—whether a doctor’s consultation or prescription—patients conveniently access these through smart devices such as laptops and smartphones. The physical distance is crossed with the quick, real-time access of a virtual one.

Among its many benefits is the flexibility in scheduling, which helps in workload management. Since telehealth can be used virtually anywhere and anytime, healthcare professionals have more freedom in their schedule and can balance their workload for the week, for example, by offering extended hours or even weekend operations without requiring the physical office to be staffed. With this set-up, work-life balance among workers can also be attained or improved.

You can look into expanding your healthcare staff by employing RCM experts as part of your Telehealth operations. Outsourcing a great RCM team can do wonders for your business. It allows you to focus more on caring for patients, increases revenues, and is cost-efficient. More importantly, it lightens the load of administrative tasks which contributes to managing the overall workload in your healthcare facility.

  1. Hiring back-up support

When all else fails, it’s never wrong to add more people to your team if it means getting the job done without sacrificing the well-being of your employees and patients. Outsourcing your healthcare workers and even telemedicine services as back-up support is one the best ways to manage workloads without breaking the bank when compared to simply hiring staff members.

Through a trusted healthcare solutions partner, you would be able to build a dedicated team of well-trained healthcare practitioners & RCM professionals specifically designed for your unique needs. Your company can also save up to 70% on operation costs employing an outsourced team and guarantee excellent work quality and performance on the job.

The right partner also has speed to market hiring process of 30 to 45 days of hiring to onboarding, your hospital staff can focus on their core function to provide care and treatment while your outsourced back up support team takes on operational responsibilities.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing RCM team composed of:

  • Medical Coders
  • Medical Billers
  • Clinical Abstractors
  • Patient Concierge
  • Medical Review Specialists
  • Care Navigators
  • Outbound/Inbound Collections
  • Other RCM Teams
  • Other Healthcare Support

Let’s work together to build a great, high-performing RCM Team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 weeks ago No Comments Views

4 Reasons How Outsourcing Health Informatics Can Transform Your Healthcare Business

Healthcare organizations are feeling the heat to maintain all aspects of their health informatics service while still functioning on a tight budget. With the increase of healthcare demand due to the pandemic, health informatics through telehealth services are now being more utilized.

Hence, outsourcing health informatics has become quite common practice due to the cost savings and enormous benefits of welcoming skilled and dynamic professionals to an HC team. In this article, we will explore the leading 4 ways that outsourcing health informatics is transforming healthcare businesses. 

The Popularity of Outsourcing Health Informatics 

A recent Black Book poll looked at 1,600 hospital executives and 807 CIOs to find that about 34% of the organizations were expected to dramatically increase their level of HI outsourcing over the next two years. The poll also revealed that a dramatic 58% planned to outsource for experts with health informatics certifications to bring in new skills and value so they can stay on top. Without a doubt, welcoming expert health informatics personnel onto the team provides optimum technology resource skills and improved patient outcomes. 

Advantages of Outsourcing Health Informatics 

Clearly, cost reduction, access to the latest technology, data security, patient empowerment, improved communication/information exchange, and access to specialized, skilled professionals are just a few of the advantages of outsourcing health informatics.

Any healthcare business or practice wants their healthcare team to have quick access to all patient history, clinical notes, lab results, medications, x-rays, and more. In addition, they can quickly collaborate with each other from one convenient platform. Patient satisfaction is also crucial, especially since the healthcare industry has become so competitive. Without a doubt, patients benefit from better outcomes and are also able to have full access to their health records, so the entire experience is vastly improved on all fronts.

1.    Substantial Savings by Outsourcing 

So you got a great EHR system. Now you need a great team to operate and utilize the EHR, right? You have two choices, one is in-source with high price talent and the other is to outsource and save 70% with the same talent. 

All companies want to save money and stay within budget.  In fact, in some areas of the United States, the high-cost labor involved in bringing in in-house seasoned individuals to maintain critical applications is extreme and out of the budget of most businesses. Outsourcing is the perfect affordable solution to save up to 70% on operational cost and still work with seasoned professionals. 

Cost Savings Calculator

The cost of healthcare continues to go up every year. With inefficient information sharing and errors continuing to throw a wrench in the system, HC businesses must step back to figure out ways to cut cost while still maintaining a high level of care and service. Trying to fall within or under budget is a nightmare in many cases. However, outsourcing has become a cost-effective way to stay on top of technology and offer superior communication for everyone involved. 

2.             24/7 Operations 

A great outsourcing partner operates 24/7/365. This ensures that more work is being completed as compared to a regular 9 hour shift in-house staff. 

Outsourcing health informatics welcomes in the creme de la creme of skilled professionals who can seamlessly perform RCM related tasks and can support cutthroat HI softwares and apps. They work round the clock like any other healthcare professionals with a similar 24/7 shift in a hospital. This means that charts are coded almost real time and other RCM functions are completed promptly.

3.             Staying on Top with Technology

The value of health informatics lets a hospital or care center businesses stay on top of technological advances without breaking the bank. With the right outsourcing company, they will comply with the necessary software updates you need for your company. 

In many cases, it is simply impossible for the HI team to have the skill and experts needed to handle all the various software and EHR applications. However, the right outsourcing partners can build a great HI team with required expertise and competencies that can stay up to date with the latest HI technologies. They can also ensure that the tools used by the HI team are streamlined with your company’s required software updates and versions.

4.             Enhanced Security 

In addition, with the advances in technology come vulnerabilities that are a significant threat. A healthcare facility can easily become the victim of a full-scale cyberattack. In 2017, McAfee reported that the healthcare industry was the number one most attacked realm due to an increase of malware by 67%.  Clearly, the importance of protecting vital systems and data from a hacking attack cannot be overlooked. Thankfully, outsourcing helps substantially by avoiding such missteps and being ready to instigate innovating emergency protection measures when necessary if a security breach should occur. 

Data confidentiality has never been more important for patient privacy. Medical professionals have been turning to blockchain technology and methods of data encryption to stop data breaches and compromised files. Health informatics stays compliant with health security rules, policies and  all the other parameters needed to maintain patient privacy such as HIPAA and DPA2012 compliant.

Lastly, Always seek an outsourcing company that offers state-of-the-art information security to ensure that all data and patient information stays confidential and safe. 

To Sum It Up

The contribution of health informatics in healthcare is substantial and essential. Therefore, finding the right outsourcing partner for your business is crucial to reach your company’s growth and success. They can build you a great team of HI experts with access to an impressive pool of talent through their A+ recruitment team and speed to market hiring process of 30-45 days time period of hiring to on-boarding, all the while allowing you to save up to 70% on operation cost. The right partner will take care of complemental operational tasks while you focus on achieving your business goals.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Below are some examples of Health Informatics experts that we can recruit to build a team just for you:

  • Clinical Data Processor
  • Nurse Informatics
  • Clinical Data Analysts
  • EHR Onboarding Specialists
  • EHR Account Managers
  • Electronic Medical Record (EMR) Keepers
  • Medical Coders
  • Medical Billers
  • Clinical Abstractors
  • Patient Concierge
  • Medical Review Specialists
  • IT consultant specializing in HI
  • Other Healthcare roles

Let’s work together to build a great, high-performing Healthcare Team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 weeks ago No Comments Views

5 Skills to Look for in a Medical Coder

Medical coders play an important role in a healthcare business as they are involved in revenue cycle management. Specifically, they are tasked to translate patients’ medical reports that are utilized by insurance companies to reimburse the provider. With a role as crucial as this, it is a must to hire medical coders possessing the adequate credentials to do their jobs effectively.

The Edge of Skills and Certifications

Education and certification are among the first things you should look for in an applicant. But nowadays, a college diploma or anything of the same regard may not be enough. They should also have at least six-month training experience or even better, a certification from accredited organizations like the American Academy of Professional Coders (AAPC) or the American Health Information Management Association (AHIMA).

When it comes to skills, on the other hand, the following are what your applicants should possess to ensure they can perform well on the job:

5 Top Skills of a Medical Coder

  1. Attention to detail

Since they will be working mainly in assigning alphanumeric codes to different medical procedures, diagnoses, and medications, having a strong attention to detail is a valuable skill a medical coder should have. A coder who is detail-oriented can easily identify the smallest differences between codes and will not be mixing them up, which if happens, is very dangerous to the patient.

Coders should also be able to handle various paperworks and documents without sacrificing quality.

  1. Knowledge and understanding of medical terminologies

Medical coding is not just a clerical job. It also requires coders to have extensive knowledge of anatomy and physiology, disease processes, pharmacology, the different classification systems, and more to be able to properly assign diagnostic and procedural codes to terminologies.

At the same time, they need to have expertise in various code sets for diseases and other medical ailments like the ICD-10. Each disease has its own unique ICD-10 code, and the codes are updated from time to time. As a result, medical coders need to keep abreast of the large number of current codes, and they need to be aware of any changes made.

  1. Computer literacy

To make coding more accurate and faster, medical coders now use coding software programs like Epic, Centricity, AdvancedMD, Homecare, Homebase, DrChrono, Nextivity and others to input correct procedure and diagnosis codes. Most healthcare facilities nowadays also have digital databases that medical coders should know how to navigate.

Not only do medical coders need to be familiarized with these programs, they must also be excellent in typing, preferably with 10-key speed and accuracy.

  1. Good communication and interpersonal skills

Since medical coders don’t often interact with other healthcare staff face-to-face, they need to have effective english communication skills and interpersonal skills to be able to communicate well with doctors, nurses, surgeons, and other healthcare professionals, and discuss patient records effectively even through other channels.

This is important to assure that vital information doesn’t get lost in translation, may it be verbal,  written or computer-mediated.

  1. Ability to work independently

The nature of the job for medical coders does not require them to be always under close supervision of a manager. This is why they need to have the focus and drive to finish tasks on schedule even with the presence of distractions in the environment. Even without constant external feedback, they should maintain productivity and good performance during work hours.

By outsourcing this function with the right partner you’ll be able to build the right team of medical coders that can work with minimal supervision.

Building a Great Team

Not all medical coders are the same so it’s very important to carefully select those who have the right credentials and skills for the job. By doing this, you are assured of accurate reimbursements and documentation of patient care history. Incorrect coding can not only harm your business but patients’ lives as well.

Medical coding is a high priced job in most markets. In fact, according to data from the American Academy of Professional Coders, the average salary in the US of a medical coder is $54,890, 2019. 

But the right outsourcing partner with an excellent recruitment team will have access to world-class talents, increasing your chances of building a great medical coding team.

A trusted healthcare outsourcing partner can help you build a dedicated RCM team that can assure you of minimal denial and turnaround time for your claims while optimizing reimbursement. When it comes to healthcare, finding the right outsourcing partner can assist you whether they be growth, better productivity or simply bottom-line cost savings of up to 70%. ISO-certified, HIPAA- and GDPR-compliant are also crucial things to consider for a great partnership to secure your company and patient’s data.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Infinit-O Key Benefits:

Below are some of the experts we can gather for the unique RCM and healthcare needs:

  • Medical Coders
  • Medical Billers
  • Clinical Abstractors
  • Patient Concierge
  • Medical Review Specialists
  • Care Navigators
  • Outbound/Inbound Collections
  • Other RCM Teams
  • Other Healthcare Support

Let’s work together to build a great, high-performing RCM Team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

4 weeks ago No Comments Views

Top 3 Tools to Use for Finance and Accounting

Dealing with financial reports and keeping up with expenses manually can be a tedious and exhausting process. Just like any other industry, finance and accounting also has its own set of challenges and one major pain point is the growing demands of technology and process efficiencies.

Traditional finance and accounting internal systems and infrastructures are now deemed to be obsolete. As a result, it is now more important than ever to use the right tools for your finance and accounting team. However, an overwhelming number of tools are marketed to help improve efficiency and make F&A tasks easier and quicker. Yet, choosing the best tool for your finance and accounting team can be quite challenging as well as building a team that has proficiency in utilizing these tools.

Knowing the top 3 tools for finance and accounting is your ticket to increase your F&A team’s productivity and improve their efficiency .

Top 3 F&A Tools

  1. Accounting Software

There are now plenty of modern and effective software being offered. However, before deciding on what accounting software to use, it is crucial to ensure that it has features catering your business requirements (e.g. POS software integration, cloud-based entries, or tax information)

Here are some of the new and top-rated accounting software in the industry:

●       Sage One

Sage One is one of the current leading industry providers for accounting software solutions. A cloud accounting and invoicing software designed for small and medium business owners. It can also help bookkeepers and accountants do their jobs quicker and more efficiently .

Its advantages are; easy inventory tracking, automated sales tax rates, project tracking, and flexible user permission. However, the reports it generates are not freely customizable.

●       Zoho Books

Zoho Books is part of the Zoho application family. It boasts an impressive selection of accounting tools fit for both finance and accounting teams and business owners.

The notable features of Zoho Books are it’s easy invoicing, tracking expenses, monitoring bank transactions and inventory tracking. It can also generate cash flow statements and balance sheets.  It can also connect with other Zoho applications such as Zoho expense, CRM, Zoho Subscriptions, and many more.

●       QuickBooks by Intuit

QuickBooks by Intuit is one of the traditional software that was able to keep up with the growing demands of technology today. It is a user-friendly software that can be used even by non-finance and accounting experts.

It has a bold promise in helping you save at least 8 hours of work in a month. It creates a comprehensive dashboard, invoice tracking and creation, automatic expense categorization, VAT tracking, and calculation, among others.

2. Expense Tracking

Expense tracking is paramount for any company. It is an extremely tedious job, especially when there are a handful of expenses moving in and out. Although some accounting softwares already includes expense tracking features, a dedicated and specialized expense tracking tool is still a must.

Here are some expense tracking tools to consider.

●       Rydoo

Rydo is one of the top choices for specialized expense tracking software because of its affordability. it also has international expense tracking, which will do wonders if your business deals with a lot offoreign deals.

●       Expensify

Expensify is a good tool for expense tracking because it is user-friendly and convenient. It is easy to load information and provides prompts on what are the next steps. It also has a reminders feature that alerts you if there are documents not yet submitted and file. It also has notifications for books for  reimbursement.

3. Billing Tools

Among all the finance and accounting duties, billing processes can be the most time-consuming and tedious.  Licensed professionals with years of experience can still find billing duties to be challenging. However, it is a good thing that there are now softwares specially designed to make billing more manageable.

●       SuiteDash

SuiteDash is a billing tool best suited for small to medium-sized businesses. It has features such as client portals, invoicing, project management, and file sharing.

It is a fully integrated cloud-based platform that combines most commonly used business tools so finance and accounting teams and business owners don’t need to go through the frustration of learning other platforms that don’t work well together.

●       Nexway Monetize

Nexway Monetize allows easy implementation of billing plans and subscription models tailored to a specific business. It is best suited for SMB and large enterprises. This customizes invoices a lot easier. It also has a feature allowing you to send foreign client invoices in their local currency and language.

●       Zoho Invoice

Here’s another member of the Zoho application family. It is designed for business owners and freelancers. Like other Zoho applications, this one is easy to use and allows you to create a fully customized invoice so that you can get paid quicker.

Great Tool, Great Team

Having the right tool for your finance and accounting team is vital to help them accomplish their tasks easier and quicker. By doing so, your company’s overall efficiency and productivity can also increase. With that, it’s easier for you to see whether your company is earning the revenue you expect, allowing you to make quick and accurate financial decisions. 

Dealing with these tools can be overwhelming. Additionally, building a team of F&A experts and training them on utilizing these tools birth another layer of operational responsibility especially if there is a limited pool of talents in the F&A industry and the number for highly qualified candidates are shrinking. One way to overcome this is by finding the right outsourcing partner who has access to world-class F&A talents who can equip and certify your team to put these tools to good use.

In addition, softwares such as those mentioned above, can already break your bank. But with the right partner, you can save up to 70% on operational costs, yet assuring your team’s efficiency and productivity.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Infinit-O Key Benefits:

Below are some examples of F&A expertise that we can recruit to build a team just for you:

  • Accountants
  • Bookkeepers
  • Finance Associates
  • Finance Specialists
  • Fund Treasury Associates
  • Other F&A positions

Let’s work together to build a great, high-performing Finance and Accounting team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

1 month ago No Comments Views

Licenses and Certifications Your Medical Biller and Coders Should Have

Having a competent and high-performing team of medical billers and coders is an important aspect in running your healthcare business smoothly and successfully as both are crucial to revenue cycle management. Medical billers submit and follow up claims with insurance companies to receive payment for services rendered by a healthcare provider while medical coders translate medical reports like diagnoses, medications, and procedures into codes that are used by insurance companies to reimburse the provider.

Medical billers and coders should be equipped with the adequate skills and knowledge needed in their fields including understanding how to read medical records and being familiar with the three key code sets among others to be more efficient with their responsibilities that are crucial to the financial resources of medical organizations. One way to ensure the credibility of your billers and coders is to hire those who are not just highly skilled but are certified by accredited organizations.

To help you out, here are different kind of certifications granted to medical billers and coders and the organizations that grant them:

Billing certification (Medical Billers)

American Academy of Professional Coders

Medical billers can earn their Certified Professional Biller (CPB) credential from the American Academy of Professional Coders (AAPC). According to AAPC, this certification guarantees that a biller has an understanding of various types of insurance plans, expertise in applying payer policy, Local Coverage Determinations (LCDs), and National Coverage Determinations (NCDs) for successful claim submissions; knowledge of CPT, ICD-10-CM, and HCPCS Level II coding guidelines; successful navigation of healthcare industry rules and regulations; an understanding of the life cycle of a medical billing claim and how to improve the revenue cycle; and expertise in effective claim follow-up, patient follow-up, and denial resolution.

American Medical Billing Association

The American Medical Billing Association (AMBA) offers their Certified Medical Reimbursement Specialist (CMRS) Exam, the longest standing and most thorough exam for professional medical billers. Those who pass the exam and qualify for the certification are recognized as competent and proficient in the field, and are committed to promote ethical and professional medical billing.

Coding certification

American Academy of Professional Coders (AAPC)

AAPC’s certifications for medical coders are nationally recognized and deemed as the gold standard in the healthcare industry. They offer multiple types of certifications for all levels of experience and types of specialties:

●        Certified Professional Coder (CPC) and Certified Outpatient Coding (COC) certification holders from AAPC have a proficiency in the correct application of CPT®, HCPCS Level II procedure and supply codes, and ICD-10-CM diagnosis codes used for coding and billing in a physician’s office and in an outpatient hospital or facility, respectively.

●        Certified Inpatient Coder (CIC) and Certified Risk Adjustment Coder (CRC) certification holders, on the other hand, have extensive knowledge in the correct application of ICD-10-CM diagnosis codes used for coding and billing for medical claims in an inpatient hospital or facility and used in risk adjustment payment models, respectively.

●        The Specialty Coding Certification is given to expert coders to demonstrate superior levels of expertise in their respective specialty disciplines. AAPC is currently offering over 15 types of specialty certifications.

American Health Information Management Association

The Certified Coding Associate (CCA) certification granted by the American Health Information Management Association (AHIMA) signifies that the holder possesses coding competency across all settings, including hospitals and physician practices and commitment to the profession. To be eligible to take the CCA exam, candidates must at least have a high school diploma. Having experience in coding or completing a coding training program is also recommended but not required.

Board of Medical Specialty Coding and Compliance

For experienced medical coders, clinicians and compliance professionals, the Board of Medical Specialty Coding and Compliance (BMSC) is the provider of specialty medical coding certification, education and training for them as part of its advocacy of creating a career ladder for medical professionals through multiple layers of coding and compliance education. As of the moment, testing for new candidates is not available and BMSC only allow recertification of the following:

●        Specialty Coding Professional (SCP)

●        Advanced Coding Specialist (ACS)

●        Certified Compliance Professional – Physician (CCP-P)

While having a certification is not a requirement to be a medical biller or coder, it is still a valuable credential that can help them stand out in a pool of applicants. Holding a certification shows that one has an extensive knowledge and tangible experience in the said fields. Certified billers and coders also have an edge over their non certified colleagues when it comes to staying up-to-date on regulatory changes that affect their practice. This is because they have to  complete a specified number of continuing education units every two years after being awarded with their certificate to maintain the validity of certification.

If you’re looking to hire certified and trained medical billers and coders, your best option is to outsource from a reputable company with access to trained professionals. Outsourcing can solve the common problems that arise during the hiring process including the shortage of qualified candidates and shouldering expensive training and recertification.

A trusted healthcare outsourcing partner who can help you build a great  RCM team such as certified medical billers and coders assures you an accurate deal with medical bills and claims as well as the resources to handle your claims quickly, with minimal denials, minimizing turnaround time while optimizing reimbursement. When it comes to healthcare, finding the right outsourcing partner can assist you whether they be growth, better productivity or simply bottom-line cost savings of up to 70%. ISO-certified, HIPAA- and GDPR-compliant are also crucial things to consider for a great partnership to secure your company and patient’s data.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Below are some of the experts we can gather for the unique RCM and healthcare needs:

  • Medical Coders
  • Medical Billers
  • Clinical Abstractors
  • Patient Concierge
  • Medical Review Specialists
  • Care Navigators
  • Others

Let’s work together to build a great Healthcare Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

1 month ago No Comments Views

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