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  • Revenue Cycle Management: What Is It And Why Is It Important?

    Revenue Cycle Management: What Is It And Why Is It Important?

    Revenue has always been the bone of contention in any industry, however, nowhere has it been a more pressing issue than in the healthcare industry. It’s rather difficult for the healthcare providers to deal with all the different regulations imposed on them and this leads to issues in collecting the correct amount of revenue. Collecting revenues within the healthcare industry is way more complex than it ideally should be, however, revenue cycle management is a tool that can be used by almost anyone to make it simpler and more efficient. RCM basically involves the processing of payments, handling billing, and most importantly- collecting revenue. Most people don’t know what it is and this leads to confusion that could have easily been avoided with a little bit of studying. 

    In this article, we’re going to take an in-depth look at what RCM is and why it’s so important for you as a healthcare service provider. You’ll be able to understand how it works and how it can help you make your revenue handling easier and more efficient. So without further ado, let’s get to it and find out everything you need to know about revenue cycle management. 

    1. What It Is

    As we discussed above already, RCM relates to the proper handling of billing, processing, and revenue collection. The entire cycle initiates when the customer makes a purchase and comes to an end when the payment is collected. There are many different types of businesses that handle this process very differently. For example, a retail store will be able to do both of these things at the same time which means that the cycle will be a very short-lived one. However, in certain cases like healthcare, it usually takes much longer because of the time difference between the patient coming in and actually having their issues solved. The hospital-based RCM process is usually a bit more time-consuming but it’s also very smooth. It enables you to bring in as much revenue as you’re legally entitled to and takes away the hassle that you might’ve had to face otherwise. Also, the statistics show that the global healthcare industry is set to grow further with each passing year, and this necessitates the use of RCM since such growth can’t be sustained without proper management. 

    2. How It Relates to Healthcare

    We’ve already discussed how RCM is a handy tool that can be utilized by most businesses that have to deal with transactions that last long. However, you might still be wondering how RCM can actually be implemented in the case of healthcare services and how the transactions can be improved. One of the biggest advantages of utilizing RCM is that it helps with claim preparation. Every claim that’s made has to be supplemented with the patient’s treatment details and usually, this is done right before the very first appointment and helps cover the patient’s insurance. Many people underestimate the role of RCM but the Importance of revenue cycle management can be seen with an aspect closely related to the claim itself- the claim submission which finalizes the entire process of making claims from the insurance company. This shows that RCM is useful not only for the healthcare service provider but also for the patients. It helps avoid unnecessary errors that can easily be avoided, but if you’re careless about these errors, it can lead to complications in the future. The complications that can arise due to the errors related to a patient’s claims can even take a serious turn into the realm of legal battles. You definitely don’t want to deal with the legal ramifications as it can lead to huge financial losses for you and that’s something that every business wants to avoid. 

    3. How It Can Help You

    Perhaps the most significant and the most sought-after benefit of implementing an RCM is the increase in revenue performance. Even though your revenue won’t increase magically just because you’ve implemented RCM, it’ll definitely help you bring it in faster, process it sooner, and save a lot on your expenses as well. Since the primary motive of you implementing RCM is to save money, this should be reason enough for you to adopt it. Even your visibility will improve quite a lot as your team can identify the core issues and inefficiencies in your systems which helps expedite all the processes. If you still feel that there aren’t many benefits of making the switch then you should think about the other aspects like the ability to demonstrate your value. You can very easily prove your organization’s prowess to the investors and stakeholders so that it’s easier to convince them. RCM will provide you with solid data that you can use to gain an upper hand and that’s something that you don’t want to miss out on. All in all, adopting an RCM is the best chance you can bring into the structure as it helps avoid all the frustrating parts of a business while helping you to improve the fundamental processes at the same time. 

    These are some of the most crucial things you should know about a revenue cycle management system. Most people are unaware of one or all of its aspects since it isn’t a widely adopted system yet. However, if you choose to adopt it then you’ll be able to witness significant changes rather soon. If you are still on the fence about this decision then go on ahead and compare the businesses that have adopted RCM to the businesses that haven’t. The differences you notice will be more than enough to convince you to make the switch. We’ve only discussed the basics and there’s much more to it than what’s visible from the outside. Whatever your reasons are for adopting the revenue cycle management system in your business, the important thing is that you make the change soon so that you can safeguard your business from the legal battles and all the loss of revenue that might happen at any time. 

  • Transcribing Videos: 5 Tools and Tips

    Transcribing Videos: 5 Tools and Tips

    Many people need to transcribe videos quickly and accurately, which can be a challenging chore, yet one which can be immensely satisfying and useful if completed successfully.

    If you are struggling to stay on top of your transcription tasks, here are just a few top tools and tips to ease the strain.

    Automatic transcription is speedy but imperfect

    There are a whole host of tools which enable you to analyze video files and transcribe the speech they contain automatically, although there are pros and cons to many of the packages out there.

    Dovetail, for example, is one of the most popular solutions in this space, and yet it only offers an accuracy rate of around 85 percent. This might not be suitable for your needs, in which case finding alternatives to Dovetail is a good idea.

    Some services, for example, include both automatic transcription and the ability to outsource this to human transcribers elsewhere. This can be handy if you are on a tight deadline and you need accurate transcription ASAP, or you simply don’t mind spending a comparatively small sum to allow someone else to handle the often tedious task of transcription for you.

    Brushing up on your typing is sensible

    One of the main skills that a transcriber needs is a high per-minute word count when typing. If you are not especially quick at the moment, or you find yourself falling behind when the video gets speech-heavy, such as when multiple speakers are involved, it can really slow you down.

    The answer is to spend time practicing your typing using tools designed to increase your speed without sacrificing your accuracy. There are lots of software packages intended to teach touch typing, of which free examples like Typing.com are a good starting point, while premium equivalents like KeyBlaze deliver a more expert-led, transcription-specific approach.

    Don’t skimp on your audio equipment

    Your fingers may feel like they are doing all the work, but your ears are really the stars of the show when it comes to transcribing video.

    As such, if you are stuck with tinny headphones, or worse still the small speakers of a laptop computer, then your experience will suffer.

    Instead, invest in a high quality headset that not only delivers excellent sound, but also has active noise cancellation built in. This will ensure that you can give your full attention to what is being said, regardless of external distractions.

    Choose the right space

    Speaking of distractions, it might seem obvious but the environment you transcribe in can either help or hinder your speed and accuracy.

    Having a space which you can escape to and shut out the rest of the world is the ideal, for obvious reasons. It is also sensible to make sure your transcription setup is comfortable, because you could be using it for long periods. Getting a chair which is supportive and adjustable, rather than cheap and cheerful, is wise in this context.

    Break up your transcription sessions

    Last but by no means least, remember that you need to have a rest during very long stints of video transcription. If you don’t, you could find your typing speed tumbling and your accuracy taking a plunge, which will only protract the amount of time you have to spend making corrections later on.

    Compartmentalize your day, build in regular breaks and make sure to move your body as well as fuelling it with food and water. All of this should lead you swiftly towards your transcription goals without any of the usual speed bumps slowing you down along the way.

  • Online Tools That Can Help with Your Blogging Business

    Online Tools That Can Help with Your Blogging Business

    Blogging is a great way to make some money, either on the side or as a business, but it can often feel like pioneering a ship by yourself. If it’s just you and your laptop against the world, or you have outsourced some elements to employees, there is a lot to keep track of.

    Today, there are a lot of tools found online to make running a business a lot easier. There is a good chance that many of them will help you keep your head on straight. These apps and software additions can either streamline a task or sometimes even automate it, taking the tedious and frustrating off your hands.

    Take a look at our list of software and online tools that can help you out when running your blogging business.

    Trello

    If you need somewhere to keep organized, Trello is the platform for you. Sometimes an uptake in productivity only takes knowing what you are doing to kick in.

    With Trello, you need only take a few minutes a week to add all the tasks you need done and you are on your way to getting them done. Create a checklist for every day of the week and tick off items as you go. Nothing will slip through the cracks since if you need to add something, you can at any point.

    If you have a big project coming up, you can break it down into smaller manageable pieces and see the progress climb as time goes on.

    If you are big enough to have employees, you can add them all to the platform, and assign them their own checklists. You can make sure the work is distributed evenly and that everyone is pulling their weight by watching their progress.

    Zest

    Benefits and bonuses are a vital part of keeping your team content and loyal to your company. You can encourage productivity and a better quality of work in employees that can enjoy benefits like dental, company cars, health care, etc. Plus, offering a bonus for good work will encourage productivity and good work in the future.

    But keeping track of all of it can be a pain. Understanding who is due what can be a job in itself. Luckily Zest has made things simple. You can administer your staff benefits with Zest’s employee benefits platform, which offers easy access to files and communicative features so that you can congratulate employees on their bonuses.

    Add and retract benefits where necessary on the simple platform with its administrative features that make administering benefits easy. Use automated provider and payroll reporting, benefit management and more to offer a personalized employee benefit experience.

    Zendbox

    If your blog involves an element of eCommerce, either by supplementing a business, or by selling merchandise to your audience, there is an element you should think about. It’s often forgotten for the fun of designing and perfecting a product, but it is just as vital: shipping.

    Getting the shipping wrong could be detrimental to your online business. Digital retail has taken away the element of face to face, limiting what customers can be unhappy with to a few key things: the state of the item, the item itself, and the shipping quality.

    With Zendbox, you can be sure that all your items are reaching their destination. Their easy-to-use platform works in tandem with all the major shipping companies, scanning the items at milestones to report to you where they are in their journey. Nothing will get lost again when the platform works with Royal Mail, eBay, Hermes, UPS, FedEx, Amazon and more.

  • 7 Strategies for Selling Your Bitcoin You Should Know About

    7 Strategies for Selling Your Bitcoin You Should Know About

    There are so many things that must be understood when it comes to cryptocurrencies, especially if you’re relatively new to this. If you’ve decided to invest in cryptocurrencies, then you should get your facts straight regarding the purchase of Bitcoin.

    Besides that, you should also gather as much information as you can when it comes to selling it. So if you’ve recently purchased a certain amount of bitcoin, and you’re not sure how you can sell it, don’t worry, there are a plethora of options out there.

    Nowadays, there are lots of people who are interested in cashing-out their bitcoin, which is why this article is here, to show you all your options related to this topic. Let’s see and uncover the best ways to sell it.

    1. Create An Exchange Account

    One of the easiest ways to turn Bitcoin into money is to make use of the exchange platform. Namely, they act as a mediator for the decentralized cryptocurrency by selling Bitcoin for you.

    There are lots of reliable and reputable platforms on the market, however, possibly the best one is Coinbase. If it doesn’t seem like the best option for you, then you can always select another line, like Bitfinex or Bitstamp.

    As far as Coinbase is concerned, it’s really easy to set up an account, however, there are some hurdles along the way that you will have to jump through. Depending on the country you’re coming from, you will have to obey certain rules.

    For instance, the website will ask you to send some ID forms. Now, this isn’t anything that’s too complicated, however, it does take a couple of days to process. If you sign up for this website, you will have better control over the sale.

    2. Determine A Currency You Want To Cash Out In

    What are your options in this case? If you’ve decided to leverage crypto, then you should opt for the currency you utilized to purchase the crypto. For instance, if you bought Bitcoin with EURO, then you should sell it for EURO as well. 

    On the other hand, if you want to cash out by using a different currency, such as USD, then you should look for a cryptocurrency exchange that trades USD and go there to trade.

    3. Transfer The Coins To The Platform

    If you’ve successfully created an account on a certain platform, now is the time to transfer the coins. You can either transfer your coins from the exchange wallet into any digital platform wallet on the crypto marketplace. 

    Now, before you do so, just make sure that you are utilizing someone who is reputable and reliable (this refers to the vendor), meaning, that it’s somebody who doesn’t have any problems with the safety or security of funds in their possession. 

    This is of huge importance and something you should always keep in mind, because if something negative occurs once you transfer the coins, you will not have enough resources for recovery.

    4. Place A Sell Order

    If you’ve decided to use Coinbase for this purpose, then you will quickly realize that it’s not difficult at all to make a sale. All you have to do is click on Buy/Sell from the menu and then go straight to the Sell section.

    Then you should click on Bitcoin since this is the currency you’ll be choosing, and then just make sure the proper destination is chosen for the funds in the Deposit To department. If your bank account is linked to your account, then you will be able to choose it there for a direct transfer.

    Furthermore, now you should check the connected wallet to see the amount of Bitcoin you have and then pick the amount you wish to sell.

    5. Direct Trades

    If you want to be more involved in the trades that you are currently part of, then you should opt for this alternative. What’s great about it is the fact that it provides you with more control during this whole process and allows you to choose how much to sell.

    First, you will have to set up an account and then register as a seller and then once again deal with that whole identity verification process that is similar to the one that you’ve experienced on an exchange platform.

    Once you’re done with it, you will have to accentuate that you want to sell some Bitcoins, and then at some point, potential buyers will contact you if they are interested. During this process, you will only be communicating with the buyer, there will be no third parties.

    6. Face-To-Face Transactions

    Another simple way of selling your Bitcoin is precisely through face-to-face transactions. There are lots of people nowadays who simply want to meet up in person and then sell their own Bitcoins.

    Now, if you’re considering this option, then it would be recommendable if you understood how to send your Bitcoin and deal with the platform or crypto wallet. Bear in mind that the value of Bitcoin constantly changes, hence, it would be smart to get yourself familiar with the price (at the time you’re selling it) before you meet up with anybody.

    A majority of traders employ rates from reputable exchanges. Moreover, you can always rely on services like Cointelegraph’s Bitcoin Price Index to reveal the newest price of the crypto asset. In various countries, you can go to shops to perform this exchange.

    7. What About ATMs?

    Another great way to sell your Bitcoins is via Bitcoin ATMs that can be found in a lot of different places in the world. Now, before you choose this option, make sure to see if it’s available in the area you live in.

    Moreover, this service lets people deposit their money into a machine and then get the same amount of bitcoin in return. Remember that some machines have daily withdrawal limits, while there are those that demand verification from a team member of the ATM’s owner.  

    If you’re a newbie who isn’t too familiar with this whole crypto scene, then things may seem a bit confusing at the beginning. That’s precisely why you should carefully go through this article to get all your facts straight.

  • Top Tips On How To Buy A Business Car

    Top Tips On How To Buy A Business Car

    It’s not easy to find the perfect vehicle for your business. But, with the right research and preparation, you can make it happen! Here are our top tips on how to buy a business car without all the stress.

    Know What Kind of Vehicle Will Work for You

    The first step in buying a business car is to know what kind of vehicle will work for you. Do you need something that can accommodate a lot of people or cargo? Or would you be better off with a smaller, more fuel-efficient option? Consider your needs and budget when making your decision.

    If you frequently transport clients or customers, you’ll probably want something with a lot of space, like an SUV or minivan. But if you mostly drive around town and don’t need a lot of extra room, a smaller car might be more practical. On the other hand, maybe the luxury vehicle would be perfect for your new business. For example, this Lincoln dealer advises that an executive with a new business would be better off with something like Lincoln. This way, you can make a great first impression on potential clients.

    Start Researching

    Once you know what kind of vehicle will work best, it’s time to start your research. Look at different models and features until you find the one that suits your needs and budget and is good quality and reliable. You can check out specific makes and models or compare different types online or in contact with a sales representative at a local dealership. For example, if you’re interested in buying a Chevrolet, visit the Chevy website to browse through their cars. Or, if there’s a Lincoln dealership near you, stop by to take some vehicles for test drives!

    You’ll also want to choose options like color, engine size, mileage allowance, storage space, etc. If you aren’t sure what the best options are, talk to a sales representative. They should be able to help you get the most out of your car and explain any fees or extra charges.

    Be in Negotiations with a Sales Representative

    An important part of buying a business car is being in negotiations with a sales representative. If you feel comfortable going alone, do it! But if you’d rather have someone there to help, bring along a trusted colleague or coworker.

    When it comes to the price of the car, don’t be afraid to negotiate! Start by offering an amount that’s lower than what you’re willing to pay. Then, negotiate back and forth until you reach a fair price for both you and the dealership. It’s important to remember that there may be hidden fees, so be sure to ask about those as well.

    How To Get The Best Price Without Hidden Fees

    Did you know that buying a car can be cheaper than leasing one? It’s true! Of course, not everyone can afford to purchase something brand new. If this is your situation, don’t worry – there are plenty of other options out there. When buying used, it’s important to negotiate the price before agreeing on anything else. Once that’s done and both parties are happy with the deal, then you can proceed with completing the sale.

    The same rules apply if you’re able to afford a new car – negotiate the price first. However, because there aren’t any used cars, in this case, be sure to ask about add-ons such as rustproofing and extended warranties. These may seem unnecessary, but they can actually save you money in the long run!

    Once you’ve found the perfect car and negotiated the best price, it’s time to finalize the sale. This usually involves signing some paperwork and paying a certain amount of money upfront. If you’re not sure what to expect, be sure to ask the dealership what the process will be like.

    Get a Car Loan if You Need One

    If you don’t have the cash on hand to buy a business car, don’t worry! You can always get a car loan from a bank or credit union. This will help you get the car you want without having to save up for it.

    When applying for a car loan, be sure to compare interest rates and terms from different lenders. You don’t want to end up paying more than you have to in interest! This is especially important if you plan on getting a used car. Be sure to compare rates for different cars so that your loan lasts as long as possible, which will also help lower your monthly repayments. And remember, always make your payments on time, so you don’t damage your credit score.

    Choose the Insurance

    Once you buy a business car, it’s important to choose the right insurance, you might as well need to get SR22 insurance. You want to make sure that you get a cheap sr 22 insurance, so you can keep your costs down. All businesses need some kind of protection in case something goes wrong. Auto insurance is no exception! When choosing your policy, consider things like deductibles and liability limits. Make sure they fit your budget while providing enough coverage for you to operate effectively.

    You can also ask about discounts when choosing your plan. For example, if you own or rent multiple properties, there are likely additional coverages that are offered at discounted rates – ask about them! And if possible, work with an agent who can recommend companies that offer the best prices on auto insurance plans. That way, you’ll get the coverage you need while saving money at the same time.

    Ask About Delivery Costs

    Once you’ve paid for the car and signed all of the necessary paperwork, it’s time to take delivery! But before doing anything else, ask about delivery costs. This is where a sales representative should be able to assist! Tell him or her what kind of vehicle you’ve purchased and how soon you need it delivered. The dealer may offer free shipping, or they might arrange for an appropriate third-party shipping service to deliver it directly to your business parking lot.

    Buying a car for your business can be stressful and complicated, but it’s also one of the most important investments you’ll make in your company. Follow these tips to help navigate through the process – from finding the perfect vehicle for you and getting the best price possible with no hidden fees!

  • 6 Ways To Improve Communication Between Your Employees

    6 Ways To Improve Communication Between Your Employees

    Communication is one of the most crucial aspects of our life; it allows us to plan, talk, and disagree with one another. Communication is essential in business; without it, the workflow would be disrupted, and misunderstandings would be common. We’ll attempt to show you some techniques to increase general communication and, as a result, the pleasant mood in your company.

    Utilize Group Chats

    If you want to boost communication, create this group chat a location where individuals can discuss their workplace issues as well as schedule some events. You may also post information about active activities there. They may also talk about what has happened in the past, potentially an amusing incident, which will allow them to get to know each other better.

    A group chat reduces the necessity for face-to-face meetings as well. Physical meetings that aren’t essential detract from your company’s efficiency. Many decision points that would have needed a meeting can now be decided via group chat. Email and teleconferencing are examples of traditional techniques of business communication that may restrict the natural back and forth of a fruitful dialogue. Using text to communicate enables a collaborative and participative approach to information exchange, which can increase the data quality. If you operate in a fast-changing business, you may need to convey crucial information in real-time. Your team will be able to share information and coordinate responses more quickly via group chat.

    Team Building Exercises

    One of the most important segments for your employees is to be a team. When they sense that they are a team, every assignment will be much easier. Once people feel that they belong to a certain group, they start to relax and get to know other workers better, and thus communication and understanding are reached. There are many businesses that work on the principle that you should not talk with one another, except if it matters for the job. This notion can be very problematic, people are never able to truly express themselves, rather they just do what they are told to, without much joy which over time can lead to depression, and anxiety. Team building exercises bring cohesion to the table, people start to know other staff members if the employees enjoy the company of other staff members, and when they think that you are part of the team also, it will make them more eager to discuss with their colleague what he or she should do, and that conversation will be more thorough because of them getting to know each other better. Also, these types of exercises train the people how to work together which will make for a more efficient unit.

    Organizing Events

    For some employers, this may seem like a time-wasting and money-losing option, but it is not in most cases. Employees love to get out of the everyday routine of coming to work, doing it, and then going. Because of this type of monotonous life, many cannot continue to work at a certain place or they do not do their job appropriately, with a sense of responsibility. Now, if you would throw a 2-hour event every month or two, your employees would be a lot happier, especially if they have something to eat there. These events should be loose, everybody just takes something from the buffet and walks around to talk with other people. Them getting to know each other will make a better connection between them and thus communication will be achieved easier. You as the leader need also to socialize with them, let them know that you are open to advice and help. Some people will perform a better job if they get to know their boss better and realize that you care about them. They may also give you ideas on what needs to be changed.

    Talk with Them about What Is Happening

    This suggestion is aimed squarely at managers. Because successful communication necessitates everyone being in the loop, one of the finest things you can do is keep your staff informed about what’s going on at work. Once they are familiar with some aspects of the firm’s dealings, they will be able to tolerate some decisions, especially if they agree about what needs to be done. Talking with them will also lead them to pitch in, and be involved more in the business dealings, giving advice, also they will talk about the business more between themselves which will result in better understanding what needs to be done. If your company includes its employees it will result in a cohesive unit that knows what their goals and task are. 

    Recognition

    It’s no secret that an employee’s level of engagement is strongly influenced by their amount of recognition (or lack thereof). In fact, one of the underlying reasons why employees quit their firms is a sense of being unappreciated and devalued. Give your staff what they desire, and communicate with them to keep them engaged. Recognize employee worth through techniques such as praise from top management, more autonomy, or meaningful awards. If you give the most hard-working of them a raise or promotion, the others will see that if they work hard they, can move up the chain. It is very important in this segment to be fair and just, you don’t want someone to think that a certain employee was not deserving that post because it would lead to the opposite mindset from the one you are seeking. Because the employees see how they would get rewards if deserving, then they would want to talk with others so that they can do their tasks quickly and well. 

    Positivity

    Nobody would like to work in a hostile environment, and when that is the case, the last thing you want to do is to talk with others or the boss about how to get something done. You as the head of the business should be talkative, ask your employees about their problems, do they need some help, what can you do for them. 

    Without proper communication, company’s are destined to fail. So keep in mind that you need a proper environment to establish good communication which is brought up over time.

    Note: Thinking of getting a business car? Read this guide.