Category Archives: Business

How to Start Your Own Medical Business

The tremendous boom experienced by the healthcare industry in the last decade has given a spurt in demand within the allied industries as well, the medical billing sector being one of the biggest beneficiaries.

Medical billing is essentially the process of procuring payment from the insurance providers as well as the patients for the purpose of compensating physicians for the medical services they have performed. To achieve success in this technically driven business, it is important that the entrepreneur does the initial spadework and makes a concrete plan regarding how to start your own medical billing business logistic.

Knowledge and expertise

If you are still an amateur in the field of medical billing, you will need proper training and knowledge on two main aspects of this business, which is one of the more profitable small business options because it has a fairly small investment requirement. The two aspects of training are the capability of understanding technical terminology and establishing contacts for the purpose of networking.

The easiest way to gain the required expertise is to enroll in medical coding and billing classes. Such a course will effectively prepare you for a business in medical billing and counting, apart from touching upon various other important aspects, which will include:

1. Medical terminology

2. Anatomy

3. Insurance forms and related procedures

4. Coding systems

5. National diagnostic and procedural systems

6. Procedures for handling denied claims

7. Billing computer software

8. Soft collection techniques

9. Providing medical billing service

10. CPT codes

It also helps to keep abreast with changes within the industry and attend the seminars or workshops imparting training regarding any innovations in the field.

Equipment required

When considering how to start a medical billing and coding business, the next most important thing you will need to decide on is the equipment you might require for the purpose. The most important equipment required for this particular business includes:

1. A computer

2. High speed internet connection

3. Printer

4. Medical billing software

5. CPT coding manual

Medical billing business logistics

After you have gained the essential expertise, work out the basics of infrastructure and other logistics related to your medical billing business. The most important aspects could include:

1. Physical location of your business

2. Terms and conditions of service

3. Outline of the initial investment required

4. Nature and quantity of team members required

5. Range of services offered

Marketing your services

Once you have all the essential equipment in place and have gained the essential expertise, it is time that you build an effective marketing strategy to create adequate awareness about your services. Especially in the startup stage, it is advisable to create awareness by sending direct mailers to doctors, cold calling, and most importantly, networking in the medical billing community. In fact, it is also recommended to start marketing for your services from your personal physician’s office to begin with, which might give you an additional head start.

Getting a license

In case you are thinking of how to start a medical billing business from home, make sure you obtain the essential business license required to operate a home-based business. You might also need to be affiliated to certain centralized bodies and associations that are relevant to the industry of medical billing.

Conclusion

Sound knowledge and expertise in the technical aspects of the business of medical billing and counting is the cornerstone of success in this industry. Before you actually step into this kind of a venture, make sure you have gained all the essential knowledge and expertise in this field, along with fulfilling the basic licensing criteria.

Logistical Management

Your MLM business is off to a great start, your week has been stellar and now you’re preparing for a few conferences next week. Is your business ready for a rush of orders? I see that puzzled look on your face; remember you only have mastered 1/10th of business management. OK, slowly put the coffee down on the coaster and think about everything you have learned. You know marketing, communication, recruiting, creating leads, generating conversions, human management and leadership.

Nice smile, yes you can sip on your delicious coffee but please do care not to spill on this next statement. What do you know about logistical management of your MLM business? I see a bit of a confusing but it’s ok, over 90% of global businesses use a specialist or a group of logistic specialists to handle raw materials coming into their factories and then shipping them out as finished products. How does this apply to me? Every business uses some form of physical product and they must have it shipped to them for their inventory. They in turn sell or give away this product to prospects or to other businesses by mail or other transportation service.

I run my MLM Business online and rarely use physical products! Even so if this is true, you are still using logistical management to run your MLM business. Your upline sends you electronic materials and you disburse this material in either text form, audio or video formats to your network by email or on a website. You control how much, when and what the prospect will order by the information that you provide and the methods that you offer to purchase said material. Your distributors will disburse any physical product on their websites, catalogs or onsite products to new prospects and to other interested parties.

Your MLM business logistical support is a two way street, you can sit there and not control any physical product but you must manage your time, send in orders, confirm payments, provide information to the buyers and access data from your upline on delivery of new materials and data for your website. Communication is number one in the exchange of information between you and your distributors. As you grow in business, you may spend more time communicating with your company on orders, back orders, transit issues, commissions and other business aspects. Your distributors will come to you for answers about late shipments, canceled orders, commissions, improper order or damage products and more.

Take a small break, we know this is a crash course but it is pretty simple to understand in motion. Think of it this way, if you shop online for candles or for shoes; the retailer confirms the order, payment, shipping, handles the product or ships from the warehouse, handles any internal problems, sends you any additional information regarding your purchase. Then they have to re order after a certain amount of orders to replace their inventories. This particular model can apply to the MLM industry that distributes physical products; while some individual owners may have physical stock on hand to help prevent a back log of orders to their prospects and members.

If you tend to have a physical inventory, you will have to anticipate warehouse capacity, seasonal ordering history, trends, future trends, current ordering history, develop a solid a delivery schedule from the company to your warehouse and other specialized topics. Other specific knowledge may include schedule deliveries from your warehouse to distributors and to individual buyers in a bulk fashion. Your inventory will have to managed for damage, stocking purposes, re stocking and natural events that can affect specific time tables, delivery formats, increase freight costs and other variable data that can be managed by a specialist.

This general crash course has provided an insight to two forms of logistical management. Either method will work and will take a serious commitment on your part to implement, troubleshoot and to adjust according to the past, current and future trends for your product. It sounds very difficult but a small network of suppliers is easily managed, especially if the product only comes from one or two suppliers and your company will handle their end on setting up their management, your goal is to keep the product moving forward and on time to your prospects and distributing networks.

Overview of Outsourcing Fulfillment Providers

Fulfillment companies offer a cost effective solution for warehousing and moving the inventory of businesses. Fulfillment providers are specialists in handling the labor-intensive aspects of business – working with customers, selecting and shipping products, overseeing supply chain management and even managing one-off marketing campaigns.

Client companies pass on order details to fulfillment companies. These specialized distributors ensure the right product is sent to the customer in minimum time through efficient shipping channels. As fulfillment companies store inventories of multiple clients, they can offer bulk discounts as the overheads get distributed.

Types of fulfillment providers

There are many types of fulfillment companies in the market. Depending on the business needs, companies can partner with the best provider that fulfills their requirements. Fulfillment companies are categorized as follows:

Marketing fulfillment firms

They work with businesses that have launched large scale promotions to sell goods. Businesses get the advantage of bulk mail discounts along with custom printing to tailor mail pieces to specific customer profiles.

Inventory management providers

These handle inventory warehousing and distribution for businesses, especially those that offer both retail and wholesale sales. These warehouses are typically located near commercial centers to facilitate faster shipping.

Automated order processing providers

These companies offer storage and shipping of direct-to-consumer products without the involvement of a business. The providers usually cater to e-commerce websites and call centers that demand immediate picking, packing and shipping of orders to customers.

Drop-shipping providers

Drop-shipping specialists accept orders for products that are not manufactured by the client business. This facility enables businesses to offer complimentary products and accessories to their customers without adding more vendors to their supply chain.

Return and exchange processing providers

Businesses hire these specialists to outsource labor-intensive customer service functions such as inspection of returned goods, sending replacements and handling customer credits.

Desirable qualities in fulfillment providers

There are countless fulfillment providers in the market. Companies should examine the services of providers in the following areas to select the best fulfillment partner for their business:

* Customer service: Businesses should get feedback on the quality of fulfillment services from previous clients of the provider. Customers hold businesses responsible for poorly packed, broken or incorrectly labeled shipments, not the fulfillment provider.

* Financial fitness: Fulfillment providers should be able to furnish financial statements to convince customers of their financial soundness. Bankruptcy of providers can lead to seizure of client business’ inventory.

* Testimonials: Businesses should ask providers about previous and current clients and get references from them. Many fulfillment companies publish client testimonials on their websites.

* Compatibility with third party logistics tools: Fulfillment providers should use systems that integrate with popular third party logistics software. This convenience tips the scales in favor of the fulfillment provider that can integrate with the business’ logistics software with minimum effort.

How much do fulfillment providers cost?

The charges of fulfillment services vary with the type of service. Providers may charge a flat fee per shipment, a fixed fee per order, or a cut of the customer sales.

Let the Business Consultant Handle the Logistics

Manage the flow of your products with a business consultant

This article explains what logistics are and how business consulting can help.

When it comes to business logistics is everything. To get a better understanding of how a business depends on logistics, let’s take a look at the definition. Logistics can be defined as is the management of the flow of goods, information and other resources, including energy and people, between the point of origin and the point of consumption in order to meet the requirements of consumers. Just that definition alone shows its importance.

Some companies have a hard time keeping up with this. If this area of the business is neglected, it can cause many problems such as unnecessary expenses and a decrease in profit. Some companies will look at turning to a business consulting firm who has individuals who specialize in logistics. By doing this, they are ensuring that things are being done and in a timely manner.

A business consultant will handle the logistics scheduling. They will make sure the products are coming in at the right time. They will also be over the management portion of logistics. This could be things like inventory management, fleet management and making sure orders are filled. If there are global imports or exports, a consultant can oversee that also.

If a business owner or manager is not quite sure of how to handle these things on their own, seeking the help of an outside source is beneficial. Logistics is what makes the business world go round. It helps to have someone who knows what they are doing and that can get the job done when handling things such as this. If an owner hears the terms logistics, imports and exports, it may make their head spin due to the lack of knowledge in the department. It can seem overwhelming and feel like it is too much to handle.

Role of Dedicated Vehicles in Logistics

The importance of effective logistics management does not need any justification in today’s times. Top management in each organization very well understands the changes a slight variation in logistics operations can bring to the top-line and the bottom-line. With such an important role to play in business, logistics team also owns the responsibility to deliver the deliverables as required. This, in turn leads to generation of innovative ideas and their implementation in logistics field to improve the business results.

One of the typical and lesser known applications is that of reverse logistics. It stands for the operations related to reuse of products and materials. In normal course, logistics brings materials towards the customer. However, reverse logistics picks up the material from the final destination for delivery at a place normally sending the consignment. Reverse logistics plays a pivotal role in the organizations dealing with remanufacturing or reconditioning operations.

The basic raw material for remanufacturing operations lies in form of old aggregates across the entire span of end customers, or channel partners appointed by the organization to transact with customers. These old aggregates are received during the sale process which exchanges old aggregate available with customers by reconditioned aggregates. The customer, in addition to the old aggregate has to pay an additional price for the exchange.

Reconditioning cycle begins with the pick up of old aggregates from sources specified by the organization in its business process. As mentioned earlier, these old aggregates serve as the vital raw material for initiating the reconditioning process. Moreover, usually product range reconditioned by organizations contains more than one model. Generally, the reconditioning process goes on an apple for an apple model; which implies that the model of reconditioned product shall be same as that of old product received. Thus, in order to meet production requirement, sufficient number of old aggregates of each model must be available for reconditioning in addition to normal new components being used in production.

The amount of effort and expertise required to pick up material from different locations (and that too where you are dependent to a very great extent on different agencies which may not be in your complete control) and bring back to plant is very different to the process of despatch of aggregates from plant or warehouse based on orders. More so when this single step serves as the trigger to start the production line, which in turn can initiate despatches, and ultimately, the sale. Everything, beginning from follow up with the channel partner where the old aggregate is located for availability and packing, to lining up with transporter for arrangement of vehicle, proper documentation and finally despatch has to be well in tune of time. And then you have also to accommodate for unpredictable but practical hurdles that come in way of this operation.

In order to streamline the logistics operations, especially for organizations involved in reconditioning business, deployment of dedicated vehicles is of great help. These vehicles are entirely at disposal of organization. The vehicles may be deployed through other transporters on agreed upon terms, or can be owned by the organization itself. As the movement of vehicles is entirely controlled by the organization, these can be used as and when required. The use of modern technologies like GPS may be further used for better vehicle tracking and enhance the effectiveness of operation.

Dedicated vehicle operation has multi-faceted benefits in a long run. Some of these are listed below:
1. Despatch of finished aggregates, picking up of old aggregates, and even picking up of raw materials from suppliers may all be planned en-route thus helping not only reduce the transit time but also transportation cost.
2. In case the consignee is located in a state which requires state road permit for in-warding material, use of such vehicles results in reduction in the number of road permits being used.
3. Delivery and pick up of materials involving locations where it is not easy to find a suitable transporter may be effectively done by dedicated vehicles.
4. The chosen vehicles may be custom made as per specific requirements.
5. Drivers of dedicated vehicles may be chosen and trained as required for enabling smooth operations.
6. There is definitely an improved level of reliability on self controlled vehicles, which helps in planning the operations in a better way.

Logistics Vs Transportation

These days, transportation is the key element that can help a country moving with great pace. Without the availability of proper logistics or transportation medium a country’s economy can’t keep moving. Both these aspects are the prime wheels that can keep the economy on a great level. Distributing goods and other materials can’t be possible if a country’s logistics and transportation is not strong enough. If your country is going down with the storage of food stuffs like wheat then with the help of strong logistic availability you can import these materials form nearby countries.

Well, logistics and transportation, these two words are strongly connected with each other. Both goes hand on hand and without one there is no mean for the other! The thing is to look for is that whether or not one can survive exclusive of the other? This question can be answered by knowing the exact senses behind both of these unique services.

So, transportation means the allocation of goods and resources from the original destination to other point. There will be five modes for transportation such as:

  • With the help of animals
  • By Air Way
  • By Road
  • Through Railway services
  • Through Water Channels (Ship or Cruise service)

Sometime we are also using a combined medium of transportation to obtain fast and better results. The whole transportation depends on several processes such as packing of goods, managing it properly and lastly the transportation preparation. Maintaining a proper coordination throughout the whole process is simply impartial. But transportation may need a dual mode to deliver the materials when it’s all about maintaining a quick time frame. Here logistics will come into play.

Logistics is known as the practice of managing goods and supplies from the prime source to the user. Any country can take a look at how logistics is important for its development? Logistics is a necessity that needs to be added with every vital section of a country. Whether it’s a Government office, a health agency or a big business sector, logistics is an important aspect for each of them to keep things moving smoothly. However, business logistics is the most important one in this segment because it offers maple focus on speed and quantity. This is enough capable of delivering materials in the right frame of time and place. The cost is ideal and the proper combination of man power and other resources has made business logistics so popular.

Logistic Consultants Work

Business is all about making money unless of course it is a non-profit set out to free the world of injustice. One thing all business owners for profit or not have in common is that they are always on the lookout for cutting costs. This is truer now than ever before with the constant shifts in our economic culture. Business’s are no longer frivolous when it comes to who is offering services to them and at what costs. It is no longer a given that business owners will stick with old suppliers if new suppliers offer the same services at lower rates. More businesses turn to consultants to keep their businesses running efficiently.

One business affected by the economic down turn is the shipping industry. The competition is increasingly high to deliver high speed delivery at reasonable costs locally, nationally and globally. This in turn affects industries relying on these services for shipment of their products and for their product shipments. Logistic services firms are called in to do a complete supply chain audit for companies. With this a company can improve their receiving and distribution expenses and maintain or improve upon existing quality.

A supply chain audit starts by doing a freight analysis. This is done to determine where the business stands as of the moment the logistic service team walks in. Later on this will help provide a starting point to measure future results. The analysis will look into two major areas that can increase costs substantially which are the actual freight costs and fuel surcharges.

It is important that a supply chain audit is thorough. Logistic service firms will audit and evaluate shipment lanes, shipment volumes and discounts, rate and class categories, fuels surcharges and current pricing arrangements. It is important for the logistic team to get information on where the business is in comparison to industry averages to see how much room is open to negotiate better terms for their client. There are several tools that are used as benchmarks within the supply chain industry such as; air freight, small parcel, ground freight, international/global freight transportation, truckloads, ocean, rail, canal, warehousing or a combination of services.

A supply chain audit provides a logistic team with the information it needs to optimize logistic services within the company. The next step after knowing where issues exist, after negotiations and answers are given is to implement the plan and make the necessary change to the businesses logistic division to maximize mode optimization.

A Rundown On Logistics

Two of the most important sectors that help move a country’s economy are logistics and transportation. Both are important cogs in the wheels of economy since they help bring in and distribute goods and materials. For example, if there is shortage of wheat and rice in Malaysia or Vietnam, other South Asian nations can help in providing supplies to satisfy the need.

Logistics and transportation are two words closely related to each other. As a matter of fact, with the example given previously, both processes are done hand in hand. But the question is can one really survive without the other? Or is there no absolute difference between the two and that both logistics and transportation are referring to the same entity?

Transportation refers to the means of distributing goods, supplies, resources, information, people, and energy from the original point to the destination point using any of the five modes of transport: animal-drive, air, road, rail, and water, or a combination thereof. Since transportation is concerned only with moving the supplies, someone has to take care of handing, packaging, managing the time the goods are fetched and delivered, and maintaining coordination, especially when inter-modal or a combination of two or more transport modes is used. That’s when logistics comes in.

Logistics is defined as the process of managing goods, supplies, resources, information, people, and even energy from the source to the user. Any country can testify how important logistics is for its health. Logistics is not just a company that gets your airmails delivered promptly. Logistics is found in every department of a government, from the military to health agency, from education to infrastructure agency, and of course, the time-conscious world of commerce. This application of logistics is more popularly known as business logistics.

Business logistics, unlike military logistics where the concern is focused more on speed and quantity, is more concentrated on delivering the exact item, at the ideal time and place, at an ideal price, using an efficient amount of energy, man power, and financial resource. It is the business of most couriers in the world.

While most couriers have their own vehicles, such as air planes, ocean jets, trucks, and ferries, it is not really necessary for business logisticians to have their own means of transportation. In cases like this, trucking or shipping service providers are hired to distribute the commodities.

For example, in sending goods to a country where air travel is not available, the courier gets the services of a shipping company, and additionally, a trucker to help in delivering the goods once the ship has arrived. The courier has the responsibility to choose which ship and truck provides the fastest yet efficient handling of the supplies. A courier might also need a place of storage or a warehouse company, especially when there is a need to stock the goods while waiting for the trucker. Most shipping companies, however, do have their own warehouses.

Between Logistics And Modern Business

A lot of different associations throughout the world have put up logistics measures. These companies found these indicators may actually guarantee efficient and timelier assistance. Relating to recognize the reason why logistics are really essential to businesses, they happen to be significantly crucial in a retail suppliers. Producing and also purchasing of products almost all be based upon well timed delivery of the elements of the complete program.

The reason why logistics are only much important for an industry? Logistics relates to several programs linked to each supply chain and supply chain may be public or private. For supply chain, logistics specifically checks strategizing, execution associated with services and supplies on the point of basis to the point of end point. Business logistics work to offer either the inbound logistics and / or outbound logistics. A qualified logistician might control various products administration procedures, travelling, shopping, warehouse, and so on.

You need to understand the fact that logistics of one line of enterprise is going to be different via various styles of organizations. Certainly no logistics department is really the exact. It is true perhaps for organizations of common quality.

To find the consequence with global logistics, it is helpful to think about below list:

• Logistics is critical for any firm’s option and also emergency.
• Logistics is absolutely extremely well defined by end users as well as as via analysts.
• Logistics has not been regarded as a job choice.
• Logistics works to a universal position. For so many international companies, the logistics unit has grown just like an armed excavation subject having barriers in all places you might move.

Logistics isn’t only in regard to organizing organization as well as resource organization, but it is equally about precisely how firms go about their period and what change it has on the rest of us.

Significance of logistics has risen because of the following trends:

• Manufacturing output has reached the best stage
• Improving IT trends
• Increased travelling costs
• Great improvements on inventory attitude
• Greater utilization of pcs
• Enhancing capacity of suppliers
• Declination with industrial regulations
• Globalization
• Spreading from manufacturer product line
• Common adaptations around commodity philosophy
• Highly innovative logistics functions

Efficiency in Life Science Logistics

Transportation is key in determining the efficiency of life science logistics, which involves the movement of products, goods and materials. There has been much progress in terms of the management principles and techniques that serve as the foundation of logistics systems. The proper use of management principles facilitates improvements in delivery speed, load movement, operation costs, service quality, facilities usage and saving energy.
The Role of Logistics
Logistics incorporates processes which move and handle materials and goods, starting at production, through the sales process through to customer satisfaction. The Life Science process also includes the point of waste disposal. The most effective logistics systems aid in adding business and facilitating competitiveness.
Transportation and Logistics
Logistics systems require well developed transportation processes to function properly. Without transportation, logistics cannot perform adequately. Great transport systems for Life Science logistics provide a higher degree of efficiency through reduced operational costs, and by promoting service quality. Both private and public sectors need to contribute for improved transportation systems. Well operated logistics processes can increase the competitiveness of any form of enterprise.
Increased Logistics Efficiency
Increased logistics efficiency involves anticipating how customer requirements evolve and then acquiring the funding, information, materials, technologies and staff necessary to meet the needs of customers. An improved transportation system is essential to customer fulfillment, through optimized goods and services production processes.
Transportation Costs and Logistics
The most important economic factor in business logistics processes is the transport system. This is because it is estimated that approximately one to two thirds of logistics enterprise expenses are spent in connection with transportation. At times, objective market restrictions may need to be addressed with regard to transportation costs. When life science logistics adjusts transportation costs, the system becomes more efficient, thereby also increasing production delivery.
Influence of Transport on Logistics
Transportation is a key component of all logistics activities. Therefore, transport methods greatly influence production processes and sales systems. The value of transportation will vary according to each industry. For example, small volume products that are high value and yet low weight, will have lessened transportation costs. Larger, heavier, lower valued products will incur a much larger part of the production budget, with increased transportation costs. These are factors that need to be considered when evaluating sales and profits. When transportation is more efficient, it generally costs less, increasing the bottom line for any enterprise.