General Business

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.

1 month 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 months 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 workload 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.

2 months 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.

2 months 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.

2 months 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.

2 months 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.

2 months ago No Comments Views

The Difference Between Finance and Accounting

Finance and accounting are usually lumped together. But understanding the key differences will allow you to better distribute fiscal responsibilities to the right people and create a great finance and accounting team for your business.

The Basics

The basic difference between finance and accounting is their core responsibility. Finance is the one exercising high-level control for your company’s financial strategy while accounting is taking in a more detailed look at your company’s books. To put it more simply, finance looks forward to plan future acquisition and accounting looks back to a company’s past financial transactions.

The Difference Table

To fully grasp the difference between these disciplines, let’s put it on a list.

Building a Team

With the understanding of how vastly different each role functions, the next step for a business is to employ the right experts for each department and build a great team to respond to their unique needs. Although both finance and accounting professionals almost have the same clients such as corporations (businesses), governments, and nonprofits, at the end of the day, you should carefully consider the right experts that best fit the role.

The table below shows the traits and characteristics per profession as a guide to know who to employ.

Finance and accounting decisions are tough especially if you’re trying to build your business from the ground up. At the end of the day, you should carefully consider all of the information including all the similarities and differences and decide which option best fits your business goals.

But it is also important to note that there is some level of difficulty in employing the right people for your finance and accounting team. Two major things to consider are salary and available talents.

Salary

According to the US Bureau of Labor Statistics (BLS), 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.

Talent Pool

There is a limited pool of talents for these professions in the US. The share of finance and accounting talent that is age 55 or older has increased from 2011 to 2017 hence the talent pool of younger experienced and highly qualified candidates is shrinking. Although there are fresh graduates and novice finance and accounting professionals in the pool, companies are more likely to employ those that have years of experience.

One way to address these hurdles is by building a great, high-performing finance and accounting team with the right outsourcing partner who has access to world-class talent yet assures a 70% savings on operation cost. The best partner will scout finance and accounting specialists to match them with your unique needs and help 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 F&A experts that we can recruit to build a team just for you:

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

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

3 months ago No Comments Views

Benefits of Outsourcing Revenue Cycle Management

The increased demand for care is placing a huge burden on medical service providers. While healthcare providers face challenges when processing essential business transactions due to limited IT integration and automation, collecting payments, tracking and coding claims, and determining the patient’s eligibility and authorization may add another layer of responsibility to them. 

Revenue cycle management (RCM) plays an integral role in managing these types of activities in the healthcare setting where it caters patient scheduling and registration, insurance eligibility verification, medical coding, claims submission, claims management, payment collection and reporting. In return, you can enjoy the benefits of outsourcing RCM in the healthcare sector.

Outsourcing RCM allows you to focus more on caring for patients

The administrative tasks and paperwork consume a lot of time and effort. Outsourcing RCM helps the healthcare staff focus on the other medical services of the institution and core activities of health care. All the team will have all hands on deck dedicated to patient care. Monitoring RCM may only distract them from maintaining high standards in medical diagnosis and intervention.

It increases care efficiency and enhances your patient’s experience

Outsourcing enables you to acquire highly skilled personnel with enough experience capable of achieving the quality output you desire. These personnel can achieve efficiency and develop strategies that optimize profitability. With skilled RCM professionals to be part of your team coupled with the right technology at hand, standard billing errors like entering the incorrect name of the patient, and wrong CPT codes can be significantly reduced. Error-free billing helps a healthcare facility improve its reputation and lessen unnecessary stress to your patients which results in a more pleasant care service experience.

It lightens the administrative workload

In the healthcare sector, paperwork and medical billing tasks are tedious and tiresome, especially during treatment updates and changes. It would be best if you got experts to avoid stress and frustration involved in learning new processes, rules, and procedures which can be effectively handled by RCM experts. They can take care of day- to- day RCM activities like patient scheduling and registration, insurance eligibility verification, medical coding, claims submission, claims management, payment collection and reporting.

It increases revenues 

The use of experts enables healthcare providers to optimize reimbursements. A devoted revenue management team streamlines and simplifies the recording and administration tasks, making it more controllable and transparent. The professional expertise guarantees effective management of services by applying accurate coding and billing rules leading to improved performance.

Your outsourcing RCM partner can ensure timely reimbursements because they don’t handle medical functions and can fully focus on collecting and verifying patient’s insurance and document the diagnosis and treatment correctly for proper medical coding. This gives you more time to focus on patient care and other billable patient activities. 

Cost-efficient

Most importantly, outsourcing RCM services should greatly reduce your operating costs. Local talent is costly, and RCM services require dedicated, highly trained employees and regular oversight. By contrast, a good outsourcing company will be able to quickly find highly trained and available experts for a fraction of your local cost.

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 needs:

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

Let’s work together to build a great Revenue Cycle Management (RCM) Team.

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

3 months ago No Comments Views

The Benefits of Outsourcing Finance and Accounting Services

A business is only as strong as its weakest link. Without an efficient accounting team  and processes, a business cannot generate quality financial reports and statements. Regardless of the size of the company, accounting is at the heart of a company’s success. 

Small and medium business owners face accounting challenges everyday, while they are trying to simultaneously service their customers and perform their core value proposition because they often do not have the workforce or the resources to get the accounting job done. Building an accounting team is quite difficult due to limited access to the talent pool and hiring skilled professionals at an affordable cost.

To overcome this, partnering with an outsourcing company to help you build a great accounting team can help you hyper focus on your business goals.

Cost Savings

When you in-source accountants, you will pay their salaries and benefits such as medical and life insurance including the purchase of all of the softwares and tools they need to get the job done. This is really expensive. But, if you build an outsourced accounting team, you can cut those operational expenses up to 70% off.

The savings that outsourcing partners usually provide is considerable without reducing quality of service and compromising productivity. They will take care of the employee’s salaries, taxes, benefits and other operational expenses while you still get the full benefit of a full-time employee.

Access to available talent

The accounting profession is experiencing a tightening pool of skilled candidates globally making the hiring process even more difficult. As a result, companies are spending more to hire skilled accountants by bumping up compensation offers and being more flexible on the negotiation requests from these professionals. In return the company will have to invest more to hire them.

But with the right outsourcing partner, you won’t have to deal with scouting accountants that will match your unique needs because of their access to world-class talent and A+ recruitment process.

outsourcing; finance and accounting; F&A, finance & accouting

Eliminate hiring process and cost

In connection with the above point, another great thing about third party accountants is that they will take care of the hiring process and filtering the best people for your company and making sure that they have the proper certifications and skills. 

Recruitment and hiring is time consuming. Dealing with this along with making sure that your business goals are being worked on may add another level of challenge you have to face. Aside from scouting and screening applicants, background checks and interviews, newly hired team members have to be trained on the ins and outs of your business to get them fully on board with your company’s vision. Your outsourcing partner can do all the necessary training to fully equip them.

Time efficient

As your business grows and you focus more on achieving your business goals, you will find yourself dedicating more time and energy on managing your growth and less on micromanaging non-core activities. Therefore, outsourcing administrative and financial tasks like bookkeeping and accounting help realign your resources on creating the business strategies. It will be bringing more revenue, as well as networking and building relationships with your clients.

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 F&A expertise that we can recruit to build a team just for you:

  • Accountants
  • Bookkeepers
  • Finance Associates
  • Finance Specialists
  • Fund Treasury Associates
  • Others

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

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

3 months ago No Comments Views

Newsletter

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

Scroll to top