If you are a doctor or a practice manager, then you would have definitely faced this question: To outsource or not? The question of whether a healthcare practice should outsource medical billing operations to India is a tough question to answer. The right answer to this question varies from practice to practice and is based on a several factors, such as, the size of the local labor market, the state of the practice’s finances and the age of the business to name a few.
Whether it is billing, clinical services or revenue cycle management, your cash flow depends on them and hence the decision on outsourcing should not be taken lightly. Before you think about outsourcing, you must carry out a thorough assessment of your staffing, costs and volume metrics. This will help you determine what is right for you.
Read on to find out the pros and cons of outsourcing medical billing services:
Outsourcing is less expensive: If you are starting up a new healthcare clinic or if you are transitioning because of a staff member’s resignation, outsourcing is best financial decision that you can take. By outsourcing, you need not invest on hiring billing experts. You can also save on the cost of investing on expensive billing software, technology or infrastructure.
Benefit from transparency: Your medical billing service provider will provide you with regular performance reports, either automatically or upon your request. This way of working will provide you with unparalleled visibility into your medical billing operations without you having to manage or oversee any of your staffers.
Better consistency: By outsourcing, your service provider will be contractually obliged to carry out certain services for you, like appealing denials. You will also never have to worry about staffing, since it will be the job of your service provider to support your requirements all through the year.
Actionable Research recently conducted a survey on CPAs. Over 75% of CPAs felt that their clients do not have the required expertise to handle the intricacies of payroll processing. 68% suggested that their clients can outsource payroll and utilize their time on the other demands of their business.
In the past, businesses have handled payroll processing internally through in-house bookkeeping, manual bookkeeping or payroll software. However, with outsourcing coming into the picture, more and more businesses now prefer the expertise that a professional payroll service provider can offer. By outsourcing payroll, companies have been able to focus more on the strategies and processes that directly affect the welfare of their business.
Here are five reasons why several business owners find it more advantageous to outsource payroll:
1. Stay compliant with government regulations
Mistakes in payroll are costly, as errors can lead to severe penalties and audits. This is a situation that no business wants to face. According to a recent IRS estimate, every year, more that 40% of businesses in the United States pay heavy penalties that cost over $800. The penalties are usually for incorrect/late payments and filings. Another problem is that government regulations and rules are always being altered and it is difficult for businesses to keep up. On the other hand, your payroll service provider will always be up-to-date with the latest changes in tax rates, regulations and rules.
2. Save on time
Even if your business employs a large number of people, attending to in-house payroll processing can steal away a countless number of hours. As you might already know, a pay period is followed by another pay period, and each time you have to input a large amount of data. Later, you have to spend time double-checking for any errors. Payroll processing can take away time, that can be otherwise spent on other important activities, like customer relationship management. By outsourcing, you will only need to contact your customer service representative once during each pay period. Continue reading →
Let’s face it! Bookkeeping is integral part of any business (small, mid-size or large). However, this accounting process is very often neglected. In fact, according to recent surveys, some businesses fail to make a mark mainly because of poor financial management, improper bookkeeping or having no accounting records/books at hand.
Have you been paying little or no attention to your books? Failing to balance your books can have a direct adverse effect on how your business performs. Here are the top five reasons why your business needs to get the focus back onto bookkeeping:
1. Improved financial analysis and management
Cash flow management is something that your business should start focussing on right away. Once your invoices are delayed, there will be zero follow-ups on customer payments. Falling out on the supplier’s list of customers will eventually crash you down. However, all this can be corrected with bookkeeping. With accurate bookkeeping, you can systematize your follow-ups and invoicing, while making on-time payments to suppliers.
2. Fulfil your tax obligations on time
Bookkeeping can help you keep a track on all the information and documents required to accomplish your annual taxes. When the time for tax comes, you will no longer need to rush everywhere to hunt for your bills or try to remember your expenses. An organized Balance Sheet, Profit & Loss and Cash Flow also makes filing your Tax Returns a lot easier. Your tax advisor can also finally give you some sound tax advice instead correcting incorrect entries in your financial statements.
3. Enjoy easy reporting to your investors
With regular and accurate bookkeeping, you will no longer need to worry about reporting to your investors and sharing the financial status of your company. From graphs to charts and the lists of data, you can easily present everything to your investor right from your accounting books. Continue reading →
Document archiving, either physical or digital is a popular trend in the business world. Initially, it was only libraries who kept archives, but today commercial businesses, government agencies, universities, non-profit organizations and religious organizations all maintain archives of their documents.
Usually the type of documents contained in an archive depends on the type of organization maintaining them. While government agencies keep archives of their history, universities maintain archives of their research and businesses keep archives of their financial transactions. Companies who are a part of the legal, medical or financial sector have to maintain archives of extensive records.
What are physical archives?
Physical archives usually refer to the process of archiving paper documents. However, archiving important information like forms, medical records, legal documents, customer files or conference papers in paper may not be a good idea. Paper cannot be stored over a long period and things like moisture, mildew, mould or improper handling can all ruin your important data.
There is no sure guarantee that paper can even survive for a short time period. Because of the short life of paper, microforms (microfilm and microfiche) were invented in the eighties. Microforms are more durable than paper, but because of their small size, they can be easily damaged. Another disadvantage of using microforms is that they require bulky equipment to view the information. Continue reading →
You have made a decision to start outsourcing in 2014, but before you do that, you want to know about the key factors that will make your outsourcing project a success. Read the following 5 P’s of outsourcing to gain a better understanding on how to and how not to manage an outsourced project:
The success of an outsourcing project heavily depends on the people in your offshore team. No matter how solid your process is or how well your requirements are defined, you will still need the right people doing the right things in your outsourced project. Make sure to co-develop a recruitment process along with your service provider, so that you can be equally involved when it comes to interviews and screening tests. This way, you will be able to build a strong and dedicated team that will bring in long term results for your company.
Before you sign on the outsourcing contract, make sure that you have a common understanding on how you and the service provider will work together. To start off, you will need to devise and document a process, along with the people who will be involved from your end. Make sure to describe in detail about who is responsible for what part and how you will be making your requirements. Also mention about the project management tool that you will be using and how you will be using it. Remember to ask the service provider about how you will communicate (methods, meetings and systems) and about the steps involved from the inception of the project until the implementation.
When engineering or manufacturing companies think about outsourcing, they think about job cuts and work sent overseas. However, this is not entirely true. When outsourcing to India, most engineering companies can leverage numerous benefits that do not result in lost projects or job cuts. Outsourcing engineering can be a win-win situation.
Over the last 15 years, India has been the most ideal destination for engineering services. Whether it is structural engineering, detailing, CAD conversion or cost estimation, you can get almost any engineering work done in India, at an affordable cost and within a fast turnaround time.
Indian engineers are technically superior and have hands-on experience in providing engineering solutions to different industries. By outsourcing engineering services to India, you can be assured of top-notch quality at a reasonable cost, because the cost of labor is very less when compared with the US, UK or Europe.
It is a known fact that India tops the list of world’s favourite outsourcing destinations. Ample number of skilled resources, use of latest technology, time zone advantages and cost-effective services are just a few of the reasons for India’s popularity. But are other outsourcing locations far behind or are they catching up with India? Let’s look at the top five emerging outsourcing destinations and weigh their pros and cons:
Argentina is seen by many companies as an ideal location for outsourcing. This nation has a large labor pool of English-speaking programmers and professionals who are highly educated and tech-savvy. Argentina also has a robust telecom network, diversified industrial base and ample office-space. The country’s cultural similarities with the West make it an attractive outsourcing location. The government of Argentina has not done much for the outsourcing sector in the last decade. The country has also suffered economic problems related to external debt, capital flight, inflation and budget deficits.
Bulgaria is now becoming a competitive outsourcing provider, by rising above other outsourcing locations like the Czech Republic, Slovakia, Poland Russia, Hungary and the Ukraine. The country’s relatively low cost, strong education system, good production quality and cultural affinity with the West have made it a favorable location. Bulagarian developers are much sought after, as they are well-versed with C++, Java and open source. However, the cost of outsourcing to Bulgaria can be more costly when compared to outsourcing to Africa or the Middle East.
Have you heard a lot about RPO (Recruitment Process Outsourcing) but have still not tried it? Are you not yet convinced if RPO services are for you? If yes, then read further to get to know five great reasons why your business should invest in RPO services right away:
1. Get access to the best talent in the industry
Have you hired new candidates and trained them to do the job, only to later find that they are not the right match for your company? Such a mistake can be costly to your company. This usually happens because the candidate’s resumes and the first few rounds of interviews that you conduct don’t often reveal the real picture. However, this is not the case when you outsource IT staffing to a company who has years of market experience and the proficiency to gauge a potential candidate’s talent. With outsourcing, your firm can recruit the right resources, without having to go through the process of hiring or training. Outsourcing can also help you find the best resources within the shortest possible time.
Outsourcing is one of the most effective business strategies that companies of today employ to stay competitive. Outsourcing not only helps to keep the cost down but also promises better efficiency, on-time deliveries, access to world-class technology and a marked increase in revenue.
Does your company want to leverage the benefits of outsourcing, but you have no clue on how to outsource? Put a full stop to your dilemma, with our quick guide on how to outsource in six easy steps.
Are you struggling to grow your business? If yes, then it may be because you are trying to do everything yourself. Recent research has revealed that the biggest reason why entrepreneurs struggle to grow their business today is because they are wearing too many hats!
If this is the way your business functions, it’s time to put a full stop to doing everything in your business. Being a superhero in your business may not be the best thing. In fact, it can result in a dangerous, downward spiral that can have repercussions on your firm’s efficiency and productivity. The way out of this problem is to outsource to a virtual assistant. Instead of trying to do it all yourself, you can now leverage your time by simply outsourcing to one or more talented virtual assistants.