Oscar Nominations for Best Small Business Opportunities

Saturday, March 6th, 2010

We’ll know Sunday night whether it is “Avatar” or “The Hurt Locker” or a dark horse that takes home the Oscar for Best Picture. Starting a small business can feel like starring in an Oscar winning movie. By pouring your heart into your own business, you can build your own skills while influencing your supporting cast and convincing critics of your performance. But to be a winner, you’ll have to overcome the challenges presented by the market, by offering the best possible product or service to the right customers. Of course, you won’t have the luxury of dissolving away to a montage during the toughest parts of your journey.

Entrepreneurs predict five strong oscar worthy nominations for the best small business idea in 2010, along with their inspiration from the silver screen:

1. Athletic Trainer

The demand for freelance athletic trainers has grown in many cities where former gym members need help with home workouts. Retired athletes perform well in this field, where professionals often earn over $42,000 annually. With help from a web site design firm, you can create a content rich website with workout videos, exercise tips and techniques, client testmonials and even allow for your clients to login and monitor the progress of their own workouts.

Inspiration from 1976 Oscar For Best Picture: Rocky

If a parade of sequels has dulled the impact of the original Rocky, revisit 1976’s Best Picture. Of course, you might not have to work your training clients as hard as Mickey pushes Rocky. You’ll just have to help them choose to be “climbers” instead of “tomatoes.”

2. Concierge Service

Overbooked executives often need help running errands and making reservations. Stressed-out parents crave assistance with child day care scheduling and social planning. Concierge services charge between $30-$50 per hour to help both of these market segments manage their time more effectively. Credit card processing services allows concierges to charge fees to clients automatically upon the completion of each task.

Inspiration from 1956 Oscar For Best Picture:  Around the World in Eighty Days

One of the splashiest films ever to win Best Picture, this 1956 adventure features literature’s most celebrated valet: Passepartout. You may never have to fight a bull or climb the ropes of a hot air balloon for your clients. But, like Passepartout does for Phineas Fogg, you’ll frequently save the day.

3. Freelance Writer

Despite pleas from peddlers of get-rich-quick formulas, few paying markets exist for travel reviews or daily musings. However, freelance copywriters can earn $48,000 or more per year by generating quality content for clients. Office Equipment leasing can help outfit growing writing services with computers, scanners, fax machines, and other tools of the trade.

Inspiration from 1998 Oscar For Best Picture: Shakespeare in Love

Life as a writer has always had its challenges, especially if you follow the fanciful story of 1998’s Best Picture. The film projects modern writers’ biggest frustrations–from writers’ block to quarrels with clients–onto Elizabethan England’s creative community.

4. Career Counsellor

Career counsellors help clients navigate challenging professional decisions. E-commerce solutions allow clients to purchase career planning services ranging from access to executive jobs, automated tip sheets to live coaching sessions. This way, career counsellers can earn $40,000 or more per year matching job candidates with productive new careers.

Inspiration from 1970 Oscar For Best Picture: Patton

In today’s economy, it takes a commanding presence and visionary insight to get the most from people. It’s no surprise that the first few moments of 1970’s Best Picture, Patton, have become a visual cue for powerful leadership in business. Just don’t slap any of your customers–the film will show you why this could be a career-limiting move.

5. Nursing Home

More Americans than ever require at least occasional on-site assistance from trained medical professionals. Nurses, EMTs, and other graduates of medical training courses can earn $15-$20 per hour by helping patients recuperate from home. Online marketing campaigns including search engine optimization and pay per click can help you grow your small business quickly as users search for home based halthcare professionals for their ageing parents on Google, Yahoo and Bing.

Inspiration from 1975 Oscar For Best Picture: One Flew Over the Cuckoo’s Nest

Don’t take this particular suggestion as inspiration, exactly. Instead, review Louise Fletcher’s Oscar-winning portrayal of the vindictive Nurse Ratched as an example of how not to offer patient care. 1975’s Best Picture remains at the top of critics’ lists of all-time top films for its darkly humorous view of patient-practitioner relationships.

Finding The Best Supporting Actors and Actresses

Starting a business during a recession might sound crazy. However, many of America’s most successful companies actually launched as small businesses during economic downturns. As larger companies lay off experienced workers, you can use the current economic climate to attract skilled talent who can help you make an even bigger impact on your customers. By filling a high-demand niche in your community and by running a frugal organization, you can set up your new business to win its own oscar worthy awards.

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How to Measure Medical Billing Performance?

Tuesday, February 16th, 2010

Healthcare practices have increased their revenues by greater than 20% using outsourced medical billing services. Medical billing is a complex task that involves medical coding, insurance claims and HIPAA regulations. Manual billing is understandably error-prone and medical practices end up dealing with denied and rejected claims that need several follow-ups resulting in outstanding receivables. 

Before hiring a medical billing service, medical practices should examine:

  • How the medical billing service measures its performance, and
  • How it solves payment bottlenecks and issues?

Key Performance Indicators (KPIs) to measure medical billing services are:

Collection ratio

Gross collection ratio compares the amount claimed by the medical practice with the amount paid by the insurance company. Net collection ratio adjusts the amount claimed by the practice to the amount allowed by the insurance agency.

Time between billing and collection

The number of days between the billing and its collection indicates the effectiveness of the billing process. Ineffective and tardy follow-ups adds to the time a payment stays outstanding.  The standard for timely payments varies across different medical areas such as dentists, chiropractors and doctors.

Number of past-due payments

Medical billing firms usually segregate past-due bills into categories of 60, 90 or 120 days past due. They try to uncover common characteristics of these claims such as the Current Procedural Terminology (CPT) code. After isolating the common characteristics, medical billing companies can try to analyze the cause of delays for that category of claims.

First-pass payments and denial rates

First-pass pay rates refer to the number of claims that are paid immediately after submission. Denial rates refer to the number of claims that were rejected and needed follow-up. This metric helps medical billing companies analyze the cause of delays in the payments. The most common causes are incorrect CPT code, misplaced claims and denied services.

Patient liability

The billing desk of a medical practice collects any patient charges, such as copay or payments from patients not covered by health insurance. The percentage of patient liability is an indication to the medical billing service to adjust patient collections at the time of service.

Transparency and Reporting

Medical billing companies manage the billing process through web based medical billing software and tools. This offers transparency in the process and allows the medical billing service and the halthcare practice to work together to resolve any open issues. The online dashboard makes it possible for healthcare practice to measure the performance and results of outsourced medical billing.

The complexities of medical billing makes medical billing companies a healthcare professional’s best friend.

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Calling Expensive Doctors

Friday, February 5th, 2010

Healthcare costs can be a significant expense in your family’s household income. Health insurance can help, but even insurance costs are rising. In fact, 2009 saw a rise in the number of uninsured people in the US. Information technology has helped bringing down costs, but most healthcare experts believe that aging baby boomers will put a strain on our medical resources and drive healthcare costs even higher.

Every process within any business has a price tag. Healthcare professionals can bring down the costs of their healthcare practices and operations by outsourcing medical transcription and medical billing services.

Healthcare professionals can save on overhead costs by working with a medical transcription service. Medical transcription companies have qualified personnel on roll – retired doctors, medicos, and trained personnel – working around-the-clock. Doctors can save precious time by talking into voice recorders while observing patients. The audio files are sent out to medical transcriptionists who convert the auditory data into text reports that are proofread and checked for quality before being sent back, often within the same day. Many medical transcription services use Computer Aided Medical Transcription (CAMT), which makes transcription faster and cheaper.

Medical billing companies save both time and money for a healthcare practice. Professionals with expertise in medical billing codes and regulations file claims on time and follow up rigorously when required. Accurate claims reduce the rejection rate of claims by health insurance companies, thereby ensuring timely collections and lesser follow up. Medical billing firms manage accounts receivables and streamline the revenue management cycle. An electronic medical claim filing system combined with electronic medical records (EMR) system improve the quality of patient care by saving time and increasing efficiency. A medical practice can save thousands of dollars by outsourcing its medical billing needs.

The Internet has made it possible for healthcare practices to streamline their operations while increasing profit streams. With the increase in profits, the doctors can now focus on their core competency of providing healthcare to the aging US population while passing on some of their cost savings to the patients.

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Hot or Not in 2010?

Friday, January 22nd, 2010

Medical providers, health insurers and software vendors have been in a tizzy ever since the news of implementing the ICD-10-CM code system and expected compliance with the new Hitech Act that has hit the circuit. Though the extension of the deadline to October 1, 2013 has given healthcare providers some breathing space, this does not change the fact that medical billing companies need to start preparing for this significant change that will increase the outpatient diagnosis codes from 13,500  to 68,000.

With the massive decline in reimbursements in 2009 and frequently changing health insurance regulations, more healthcare providers are turning to medical billing companies to manage their medical claims processing. Healthcare practitioners  including hospitals and medical centers are more than happy to turn over the arduous task of filing error-free claims and other back-office operations to professional medical billing services firms.

Medical billing firms are always on top of the changing rules and policies surrounding medical billing. They have trained professionals who have experience and expertise in medical billing services.

Medical billing companies can help with:

  • Filing Electronic claims to reduce rejection rates and shorten the revenue management cycle
  • Identifying and eliminating bottlenecks in medical billing processes
  • HIPAA (Health Insurance Portability and Accountability Act) compliance
  • Analyze daily and weekly medical billing reports to resolve discrepancies, if any.
  • Patient invoicing and inquiries
  • Training front-desk personnel in copay and collecting outstanding balances
  • Medical transcription

Outsourced Medical billing can help shorten the revenue management cycle time resulting in significant efficiency gains in healthcare practices. With the substantial changes on the horizon, outsourcing medical billing can relieve the pressure off medical practices so that they can devote more time towards their profession and expertise – healthcare. Retiring baby boomers, increasing billing complexities and a new healthcare bill to be passed by the US congress will make outsourcing medical billing hot  in 2010.

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Fixing the US Healthcare System

Sunday, January 10th, 2010

Healthcare practitioners have a grueling work life balance. Dealing with life and death situations, giving health and hope can take its toll on healthcare professionals. Add to it the additional stress and worry of medical billing and claims collection  issues associated with running a healthcare practice.

One way a healthcare practitioner can alleviate some of the pressure is to outsource medical billing and claims collections.  There are several HIPAA compliant medical billing companies that are able to solve difficult medical billing claims issues resulting in increased revenues for a medical practice while reducing the costs. Additionally, medical billing firms do not have to be located in close proximity to a healthcare professional’s practice as they have online reporting tools that healthcare practitioners can access from their computer anywhere in the world.

The outsourcing of these back office operations such as medical billing and claims for hospitals and medical practices can help contribute towards fixing the broken US healthcare system, one of President Obama’s top agenda items that has the resulted in a bitter debate in the US congress and divided the country over the last few months, by significantly reducing medical billing and claims processing costs, savings that can easily be passed on to the US consumers and patients.

By bringing in these changes into the medical practitioners revenue management cycle, medical billing companies can also help reduce the stress and workload that comes with healthcare jobs which is likely to grow exponentially with the retirement of baby boomers in the coming years.

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