Monthly Archives: August 2014

5 Sure Signs Your Practice Needs to Outsource Medical Billing

Posted on August 28, 2014

Should we outsource medical billing to a third-party service provider or perform it in-house? This is one of the most important business questions that physicians of today ask. While some physicians feel that outsourcing is the best option, others want to maintain control over their collections through in-house medical billing. So, how do you know for sure if your medical practice or hospital should outsource medical billing?

Here are five signs that your hospital requires medical billing services. If your healthcare clinic is facing one or two of the following scenarios, then you may want to consider outsourcing medical billing services to India.

1. A high staff turnover: The problem of turnover is something that every industry faces, but turnover in the billing department can be very damaging. Since claim processing is integral to the lifeblood of a practice, replacements or new additions to your billing department will unavoidably lead to a slowdown in the processing of your claims.

2. An inefficient billing process: If your hospital has been seeing your collections drop, while the time to collect them keeps increasing, your clinic may be facing issues in your medical billing department. If you outsource billing to an experienced service provider in India, you can successfully reduce the number of rejected claims and also decrease the time it takes for your hospital to receive payments from payers.

3. A lack of technology know-how: If you are to carry out effective in-house billing, then you will need to make investments in the latest practice management software. Apart from buying and regularly updating the software, you will also have to provide adequate training to your staff. If your hospital does not want to handle technical issues or software upgrades (which can take up valuable time and effort), then think about outsourcing claims processing. Continue reading

Why Your Business Requires A SWOT Analysis

Posted on August 23, 2014

Conducting a SWOT analysis is a great way to think about your business in a whole new way. S.W.O.T is the acronym for Strengths, Weaknesses, Opportunities and Threats. By taking into consideration the strengths and weaknesses of your business, as well as the threats and opportunities that your company faces in the market is a great way to come up with a strong business strategy.

What is a SWOT analysis?

A SWOT analysis is an ideal framework by which you can quickly identify and analyze the external and internal factors that can have an impact on the future viability of a place, product, person or project.

What does SWOT measure?

Your company’s strengths and weaknesses are internal (For example: patents, location or reputation). You have the power to change these over a period of time, by carrying out some work. On the other hand, opportunities and threats are external (For example: prices, competitors or suppliers). These are out there in the marketplace, happening whether your company likes it or not. You do not have the power to change them.

What are the four elements that a SWOT analysis examines?

  • Strengths: Resources and internal attributes that support a successful outcome for your business
  • Weaknesses: Resources and internal attributes that work against a successful business outcome
  • Opportunities: External factors that your project or company can use to its advantage
  • Threats: External factors that could jeopardize your company or project

Continue reading

9 Ways To Approach Your Cold Leads

Posted on August 17, 2014

Is your business finding it difficult to covert cold leads into buyers? How do you approach a cold lead and give your business the best chance of making a good sale? Here are nine ways to approach your cold leads and convert them into prospective buyers.

  1. Find out good leads: Source good leads (names, email addresses, phone numbers and job titles) by looking through trade directories, buying lists of unqualified leads from suppliers or attending trade exhibitions. The better the leads fit with your customer profile, the more the chances of you converting them into buyers.
  2. Have definite aim: Be specific about what you want to achieve when you contact your leads. You may not always be lucky to make an immediate sale, but you can get an opportunity to give a presentation, offer a quote or send out a company brochure.
  3. Be sure of your message: When you start making cold calls, referring to a pre-written sheet of key messages can be very helpful in avoiding sudden mind blanks. The only thing to keep in mind while using a cold calling script is to not follow it too rigidly; otherwise you may end up sounding insecure.
  4. Train your staff: Train your resources on the product/service that you plan to sell, before they make any cold calls. Your staff should be able to answer any question that a customer asks, for example, information about your delivery time, product or company background.
  5. Start off right: Make your calls from a quiet place. Start by introducing yourself and use the name of the customer. Carefully consider the time you choose to make the call. For example, making Monday morning or Friday afternoon calls to busy business professionals may not be well received.
  6. Focus on the customer: Ask the customer about their requirements and the issues that they are facing. Pay attention to their answers and then present the ability of the product/service that can meet their needs. Be confident when you put across your message.
  7. Utilize different sales channels: If any of your cold leads have given their consent, you can also approach them by sending out emails, leaflets, text messages or direct mailers. You could also interact with them via social media. However, the best way to establish a strong relationship with your customers is through direct face-to-face meetings or conversations over the phone.
  8. Follow up promptly: Ensure that you do whatever you promised in your first approach, even if that means calling back at the end of the year or providing details about new offers.
  9. Measure the results: Make a note of how many approaches you made and then find out the result of each. Record how many turned into sales and obtain a conversion rate. Finally, carefully analyse the different approaches that you used and the results. This will help you understand which type of approach and which leads were the most successful.

Continue reading

What To Look For While Outsourcing Data Entry?

What To Look For While Outsourcing Data Entry?

Posted on August 9, 2014

Your business is keen on outsourcing data entry services to India and tapping into the innumerable benefits that the country offers. However, before you jump into outsourcing, take some time off to pick and choose a reliable data management service provider, instead of just hiring the first company that you find.  This is very important, as only an experienced service provider with expertise across verticals can provide you with accurate data entry.  Here are some tips on how to get the best Return on Investment ( ROI) and make a good bargain while outsourcing data entry to a service provider in India.

1. Clearly state your requirements: Hold a meeting with your employees and find out your exact data entry needs. Do you need data entry on a one-time basis or for an on-going period of time? Does your data entry require specialized skill sets in a particular field? How fast do you want your data entry to be completed? Also keep in mind, the growth of your business and if you will need additional data entry services in the future. Clearly stating your requirements will enable you to narrow down your search on the best service provider.

2. Look at the cost: Outsourcing is a great way to reduce your overheads and minimize your operational costs. Keeping this in mind, search for a service provider who can offer your business with quality data entry services at an affordable price. Ask for a price quote from your list of potential service providers and then compare the price.

3. Check for quality and accuracy: It is important that the service provider you choose follows Quality Assurance processes, otherwise you may end up with data that is inaccurate. Find out if the service provider follows a Quality Assurance process where the data is checked for errors and then rectified. Ideally, there should be quality checking system at each step of the data entry process. By insisting on quality, you can be sure of accurate data. Continue reading

How To Make the Most Out Of Print Marketing

Posted on August 2, 2014

With the world making the shift towards easy and cost-effective online/email marketing channels, you may wonder if print marketing is dead. Companies are not sure if they should venture into print marketing and print out catalogues, brochures or newsletters.

Today, every customer gets an astounding amount of digital communication, and almost every new message is quickly replaced by the next email, tweet or Facebook status update, within a matter of seconds. Printed marketing material on the other hand is more tangible, has a higher-impact and can result in a higher ROI, as print media stands out in our current cluttered online world.

Investing in direct marketing can help you stimulate the sense of your customers and even create positive brand associations. This will make the communication between you and your customers more memorable. The best part about print media is that it cannot be filtered out with spam filters.

Having talked about the advantages of print media, you need not abandon one for the other. By successfully merging print and digital channels, you can increase your success and achieve a high ROI.

To get the best out of your print marketing, make sure that your print material contains the following three basics:

1. Customize your message

There is no one who knows your target audience better than yourself. Even if your print material is creative and well-designed, it cannot leave an impact on your customers, if it is not appropriately written for your target market. A good way to start is to customize each mail with the customer’s name. You can also use purchase and search history to choose images based on your customer’s gender, age, interests, occupation and points in the buying cycle.

2. Offer compelling solutions

Spend some time researching on the needs of your customers and offer a compelling solution, as to why they should contact you. Ensure that your message clearly states how your company can help prospective customers. After a customer contacts you, send out a follow-up correspondence that thanks the customer for the purchase. Do include a reminder to buy a complementary item, an offer to refer a friend or inform the customer about an upcoming sale.

3. Use an interactive/interesting format

Engage your customer with print pieces that demands their attention and interaction. You can use personalized messaging, innovative folds or attention-grabbing post-press finishes like die cutting, UV coating, embossing, foils stamping, metallic inks, dimensional mailers or scratch off coupons. For example, you can send out post-cards with scratch-off coupons.
To make the most out of marketing campaigns, develop and integrate a cohesive campaign across print and digital marketing channels, along with relevant and personal messages. Continue reading