Monthly Archives: April 2015

In-House or Outsourced Medical Billing: Which to Choose?

Posted on

Have you been unable to decide if you should outsource medical billing or manage the process in-house? Read on to find out more.

The right answer to this dilemma will vary from practice to practice and will be based on a range of factors, such as, the state of your practice’s finances, the age of your business and the size of your local labor market amongst others. You will also need to evaluate your practice’s volume metrics, staffing and cost to find out what is best for you.

In-House Medical Billing

The Pros

  • Retain and exercise hands-on control over your financial operation through in-house billing
  • Better return on investment, if you have already invested on trained medical billers and medical billing technology
  • Closer proximity and more accessibility to your in-house billing department, where problems can be quickly addressed

The Cons

  • The cost of billers’ salaries, providing employee benefits and buying technology systems can be more expensive than outsourcing medical billing to a third-party
  • If your managers do not keep a stringent eye on your medical billing operations, you will have to deal with discarded superbills, ignored encounter forms or unappealed claim denials
  • If your medical billing department has only two to five medical billers, your cash flow and operations can get stalled even if a single employee quits, takes a vacation or takes a leave of absence.

Outsourced Medical Billing

The Pros

  • If you are starting a new practice or facing a transition phase, because of an employee’s resignation, outsourcing medical billing will make the most financial sense.
  • A professional medical billing company will supply you with detailed performance reports either automatically or upon your request.  These reports will give you visibility and transparency on your medical billing operation, without you having to manage or oversee any problems.
  • Experience enhanced consistency, as your service provider will be obliged to perform services, like appealing denials. You will also never have to worry about staffing, as your service provider will support your needs all through the year.

Continue reading →

It’s Time to Move From Raster to Vector Images

Posted on

Wondering why you need to do away with your raster images and move towards vector images? Read on to find out more about raster to vector conversion.

If you are from the manufacturing or mechanical engineering industry, you will be in constant need of complex, yet accurate drawings. Though raster images were popular in the past, they are resolution dependent and do not yield very accurate results. If you have been still using raster images, it is time to move towards vector images, as a vector image can yield more accurate drawings and images.

With raster to vector conversion, you can quickly and effortlessly convert uneditable paper drawings into accurate vector files that can be edited in the CAD software of your choice. The converted files can be saved in any vector format (WMF, EMF, EPS DXF, or AI). Once your file is converted into vector, it can be effortlessly read by any CAD program like AutoCAD, Corel Draw, Adobe Illustrator, Microstation, VectorWorks, TrueCAD or FastCAD. In fact, raster to vector conversion is a direct replacement for traditional tracing and digitizing which could be less accurate and more time consuming.

Why use vector images in CAD programs?

CAD programs can import and display raster files, but you will only be able to look at the file or trace it. You will be unable change or edit it. This happens because CAD programs can only work with vector files. If you wish to edit a raster file in your CAD program, you will first need to convert it into a vector file through raster to vector conversion. Once the file is converted into a vector file, you will be able to import it into a CAD program and edit it easily like any other drawing you have created in your CAD program.

How is a file converted from raster to vector?

  • A paper drawing is scanned by using a scanner and a raster file is created
  • The file is converted from raster to vector through raster to vector conversion
  • The vector file is imported into the CAD program
  • You can easily edit your vector drawing in your CAD program

Continue reading →

Why Opt for Syndicated Research?

Posted on

Did you know that syndicated research can help you develop business building strategies, provide you with in-depth market information and offer actionable insights? Read on to find out why you must use syndicated research. 

Did you know that measuring the effectiveness of your brand, building up competitive intelligence and creating sustainable business strategies is an absolute must if you want to make a mark in your industry? The best way to go about this is to invest in syndicated research. Through research, you can find out about brand positioning, emerging trends, product usage and customer behaviour.

With such detailed information, your company can make precise data-driven decisions to make sure that you get the maximum ROI (Return on Investment). You will also be able to make the most out of your marketing spend, focus more on the right market segments and even adequately prepare for changes/developments in the market.

Understanding syndicated research

Syndicated research is the research conducted in an area that may be of interest to multiple organizations within a specific industry. Most often, the market research firm conducting the study will leverage its industry expertise and experience to determine the scope and subject of the study. One of the biggest benefits of syndicated research is its cost efficiency, as the same research results will be purchased by several companies. This spreads out the cost of performing the research among several organizations. Investing in syndicated research is a cost-effective way of gaining valuable market insight.

Apart from developing business building strategies, syndicated research can also provide you with actionable insights. With in-depth information on your market, customer behaviour, emerging trends, product usage and other emerging trends, you can strengthen your company’s position, plan business strategies and take actions that enhance business growth and bring an increase in revenue. Continue reading →

Should you Choose Xero Over QuickBooks?

Posted on

How do you make a choice between Xero and QuickBooks? Which software is better? Read on to find out which software you must choose.How do you make a choice between Xero and QuickBooks? Which software is better? Read on to find out which software you must choose.

If you are keen on installing an accounting software on your hard disk, then go ahead with QuickBooks. However, using Xero is a great way to take advantage of technology. It is anonline accounting solution and not a streamed down version of a desktop accounting software. Xero offers quick dashboard access. You can also match your transactions in Xero. There is also a handy discuss tab where you can classify your bank transactions.

QuickBooks on the other hand has to be installed on a hard drive and the cost of the software increases with every new user. This software also requires a server for multiple users. If you want to share information with a CPA, you will have to give access to the server or exchange the downloaded file. Another disadvantage of QuickBooks, is that it forces you to update its software every few years.

Both these products are great for bank synchronization, bank reconciliation, accounts payable, accounts receivable, inventory, invoicing, bill management, payroll, financial reporting, cashflow and document sharing to name a few.

Xero Vs QuickBooks

1. Easy bank reconciliation: QuickBooks and Xero enables users to sync bank accounts and download bank transactions, but only Xero allows you match previously recorded transactions with your bank transactions at the click of a button.

2. Bank rules for quick transactions: Bank rules are used to define how a bank transaction will be recorded. While Xero has hand this function for a long time, QuickBooks only incorporated bank rules into their system last year and is yet to catch up with Xero. Continue reading →