Reasons for Outsourcing Revenue Cycle Management

Outsourcing is that one resource which has been introduced in the industry as one of the finest investment for best outcome, be it retail, be it writing, BPO, medical or many more.

Thus revenue cycle management is set to actually make sure that one is getting for the service he provides. This process is no doubt time consuming and exorbitant. Revenue cycle business helps healthcare services immensely to enhance their services like that of medical billing and medical coding.

Outsourcing provides some amazingly effective benefits

1. High revenue

Outsourcing helps getting higher revenue. It moves forward towards a hike in the regular amount a company produces in a specific period of time. It includes all other financial instructions like discounts, deductions, etc.

2. Cut on expenses

Outsourcing helps cutting on expenses through by various reasons. It takes enormous money while recruiting new candidates whereas outsourcing takes no recruitment.  but even then providing work which is high quality and is done by experienced professionals.

3. Helps expanding through capabilities

Your capabilities are a part of your expansion mechanism. But there are times when you lack of resources but not on capability. Outsourcing helps you manage your capabilities with execution. Just put your idea and get it outsourced.

4. Access to exceedingly talented faculty

Your faculty is extremely talented but there are fewer resources to bring them out. We understand, Introduce them to the head of talents. Get them outsourced their work and feel that they are talented. Let their talent work like an investment for you by just being smart.

5. Ability to concentrate on your core business

There are times when you lose the track, as you get indulged and often trapped in thousand other activities. These ‘’other’’ things shift your focus from your core business to the sideways. Outsourcing can help you not deviate from your motive. It helps you concentrate on your core business.

Outsourcing of Revenue cycle management thus helps you work efficiently. You certainly don’t need to compromise on your capabilities.  Futuristic Giga tech  pvt. ltd. is one of the best companies which facilitate other with outsourcing in different fields like health care, BPO, finance, banking etc.

Importance of selecting ICD 10 billing software

We are now moving towards to a phase where we demand accuracy, precision, and new technology to its best. Be it any aspect of any industry we demand just the best. Same is the case with medical institution, apart from everything being technologically spelled; there is still scope for better.

That betterment which medical industry is eligible to bring in it is the ICD 10 implementation. ICD 10 which is the new medical billing software will help medical institute grow immensely.

ICD 10 Implementation serves numerous benefits to health care professionals in various areas like

1. Quality Measurement,
2. Relationship Opportunities
3. Clinical Coding,
4. Monitoring,
5. Information Technology
6. Performance,
7. Reimbursement

Implementing ICD 10 will be a big investment for the medical health care centers as ICD 10 not only will ensure best results for the centers but the patients as well. The implementation at the end will give quality assurance about along with enhancement of health care centers. ICD 10 implementation will strengthen the health care centers along with assessing and monitoring patient’s health and safety.

Finally, ICD 10 codes Implementation helps in assessing and monitoring of patient safety while ensuring that third party coding and billing guidelines are complied with so that the overall efficiency levels of health care providers is enhanced

Futuristic Gigatech is working its best to implemented ICD 10 for the betterment of medical industry in every way possible. Through this service they wish to facilitate every patient along with the staff the best service.

Accounting & Finance services for your Business benefits

Accounting and finance play an existential role in the management of any business companies operate on money, and if you don’t control that money, you don’t control your business. By properly accounting for your company’s income and expenses, you can manage the flow of money and thereby direct the course of your business. It’s hard to improve upon a business if you don’t have a means to understand the past and learn from it. Good accounting is that means. By reviewing your company’s financial records, you can see not only where the money went but what good it did in the long run. In this way you can begin to assess how much value your company’s various expenses contribute to the overall operation. With that kind of information you can make informed decisions about which operations to downsize and which to grow. You will also be able to identify new areas where a little expense up front can pay big dividends later.

The goal of most companies is to make a profit, but the road to get there is one you have to build yourself. If your customers are buying more widgets and fewer gizmos, that’s something your records can tell you. And if your records tell you you’re not getting good enough returns from an outside advertising firm, you can make the decision to bring advertising in house, hiring a whole new department and fundamentally reshaping your business. Good strategy will take your business to richer destinations, but good strategy requires good information.

So, Increase your financial agility & gain maximum business value with Futuristic Giga Tech. Ongoing pressures to optimize business performance have prompted many finance executives to look for new approaches, including outsourcing of the finance & accounting organization. FGT is perfectly suited to help your company transform into a high-performance organization that streamlines processes, maintains compliance and cuts costs, all while letting you focus on your core competencies and grow your business. For more detail you can visit -: http://futuristicgigatech.com/

Hire a Professional RCM company for Effective Logistic Decision Making

RCM stands for Reliability Centered Maintenance. A small group of people with extensive equipment knowledge and engineering experience applies a logical information-gathering and decision-making process to a piece of equipment.

RCM is used to determine the best possible maintenance schedule for any equipment optimized according to the operating conditions on site. Hiring a professional RCM company will be a wide move because the entire process accommodates the following factors in overall environment and background conditions in which you use equipment:

• What do you expect from the equipment in regards with safety, the environment, output, and product quality and customer service?
• Loses that you will face when your equipment fails.
• When you apply RCM to your equipment, you will produce a maintenance schedule which contains only necessary tasks to keep the equipment performing.
• Using RCM indicates that you can be confident that money from your maintenance budget is being spent where it does the most good to achieve inherent equipment reliability and availability.

By targeting maintenance spend according to the consequences of failure and your expectation with the equipment, the following consequences may occur:

• Undesirable consequences of failure are either eliminated, avoided or reduced.
• The equipment breaks down far less often.
• When a failure occurs, the operator and maintainers are much more likely to handle it

We at Futuristic Giga Tech create custom RCM methodologies. We are the best RCM Company in Bangalore, and we believe in delivering scalable results.

 

 

 

 

Business benefits of data security

Running a new limited company or small business, you will necessarily be dealing with all sort of different personal data and information. The Data Protection Act 1998 puts a number of obligations on business to ensure that this data is not abused or used in a way which might compromise the customer or private individual to their detriment.

Data security is critical for most businesses and even home computer users. Client information, payment information, personal files, bank account details – all of this information can be hard to replace and potentially dangerous if it falls into the wrong hands. Data lost due to disasters such as a flood or fire is crushing, but losing it to hackers or a malware infection can have much greater consequences.

Data compromise and breach can lead to strong fines for potential compliance violations and high-profile public disclosure embarrassment resulting in huge financial losses. Protecting data with strong encryption on the hard drive mitigates this risk and must be a top priority for any organization.

Thorough data security begins with an overall strategy and risk assessment. This will enable you to identify the risks you are faced with and what could happen if valuable data is lost through theft, malware infection or a system crash. Other potential threats you want to identify include the following:

• Physical threats such as a fire, power outage, theft or malicious damage
• Human error such as the mistaken processing of information, unintended disposal of data or input errors
• Exploits from corporate espionage and other malicious activity

Now come to the solution

While part of the solution lies with reviewing how sensitive data is stored on the central administrative systems and how such information is made available to campus departments, our bigger problem is that sensitive data is spread far and wide throughout campus, including on staff laptops and desktops and on local file servers.

As often as not, this information is no longer relevant to current work and the person using the computer is not even aware of it.  The most common problem is files dating back to when Social Security numbers were still being used as a general identifier.  Sometimes these are files from a previous user of the computer.

Finding where confidential data is stored, removing what is no longer needed, and appropriately securing what must be retained is the best step we can take to improve data security.  In departments that have not yet implemented a formal data cleanup process, some two-thirds of staff computers are storing other people’s confidential information.

Futuristic Giga Tech Pvt Ltd.  proudly says it guides on the principles of CAPA (Corrective action and Preventive action) by employing the security measures and educating the employees to be responsible and the corrective actions on people who fail to oblige the regulations.

 

Benefits of RCM services

Revenue cycle management (RCM) is the process that manages claims processing, payment and revenue generation in the field of healthcare industry. It uses the modern technology to keep track of the claim process which makes easy for the healthcare provider to follow the same while doing the billing and addressing the related issues which allows for a steady stream of revenue.

Some of the benefits of using the RCM in the healthcare industry are:

• The RCM process involves keeping track of claims in the system, making sure that the payments have been collected and addressing the denied claims, which can cause up to90 percent of missed revenue opportunity.

• Many healthcare providers are still struggling with the number and relationships of payment options that the modern patients bring to the table. RCM provides an opening to those healthcare institutions to support transactional activities with an eye towards pre transactional issues.

• Healthcare revenue cycle management solutions maximizes the revenue capture and streamline the billing and collection process with electronic claim processing, direct entry of Medicare claims, automatic secondary billing, remittance posting, document image retrieval, contract and denial management, and financial analysis.

• This system allows consumers to research healthcare costs, schedule appointments, receive online statements and make electronic payments as well.

With the growing financial pressures on healthcare organizations, RCM services can be implemented for the better performance of revenue generation.

‘Futuristic Giga Tech Pvt. Ltd’ is one of the Best RCM company in Bangalore which offers revenue cycle solutions to all segments of the provider groups including, small-medium or large sized hospitals, provider groups, individual providers, for-profit and not-for-profit hospitals, and for medical billing companies.

 

Futuristic Giga Tech Pvt Ltd is organising HBMA Spring Educational Executive Symposium(2015)

Make your plans now to join us for the HBMA 2015 Spring Educational Executive Symposium at the Hyatt Regency Orlando in Orlando, FL.

The Spring Symposium features an exciting array of sessions focused on the very best educational content around successful operations and exceptional performance for billing companies large, small, and in between.

HBMA Mission

HBMA is committed to advancing the healthcare billing and management industry through advocacy and by providing education, information and other valuable resources to its members while promoting high ethical and professional standards.

HBMA Certification : CHBME

HBMA is committed to the development and delivery of the highest quality educational program in the industry. As the professionals in the third party medical billing industry continue to strive for excellence, HBMA offers the opportunity for its Members to participate in the Certified Healthcare Billing and Management Executive (CHBME) Program, aimed at demonstrating to your peers – and most of all, your current and prospective clients – that you are dedicated to continuing professional education in this fast-changing, challenging industry. This rigorous program not only enhances the healthcare billing and management industry’s image within the wider healthcare community, but it also offers HBMA members an additional way to differentiate themselves from other billers, boosting their edge in this increasingly competitive field.

The Certified Healthcare Billing & Management Executive (CHBME) is designed for owners, senior management and compliance professionals of HBMA Member Companies. Participants in the CHBME Program have three (3) years to earn the CEU’s necessary to re-certify. HBMA offers a variety of educational programs annually that offer credit toward this program. Members can review their current credits and easily identify what credits are still needed for re-certification by accessing their My CHBME page in their personal account.

Get Started Today!

You can begin demonstrating excellence and marketing your professionalism  right now. Join HBMA and start on the road to certification as a CHBME today! While we work to improve the CHBME application process, all application requests will need to be emailed directly to headquarters at  info@hbma.org.

If you are not a member of HBMA yet, please join us today-: http://www.hbma.org/spring15. Visit this link & get registered.

Work culture- Key to organizational success

 

There are certain goals which an organization needs to achieve with the help of available resources and manpower. Work culture plays a vital role in assembling these resources and manpower in order to give maximum productivity without overlooking the quality aspect. The culture by and large refers to the values and attitudes of employees which they display in their company.

A healthy work culture is paramount to extract the best out of the employees and in order to drive a sense of loyalty towards the company. Certain advantages which a good work culture can tolerate are:

• Quality service
• Employee satisfaction
• Employee retention
• Reputation building
• Enhanced productivity by team work
• Transparency in the company

Companies are focusing to bring more and more innovative ways to upgrade their work culture in order to have a long term benefits. ‘Futuristic Giga Tech Pvt Ltd’, have employed six tools to foster the innovative work culture in order to become the Best RCM and Medical coding company. With a clear mission, we have strategically implemented the combination of values, behaviors, climate, resources, process and success into the innovative work culture.

Healthy corporate culture helps boost the morale of the employees which ultimately leads to an increase in productivity. When workers increase productivity, the financial health of the organization improves, and wealth increases. So, while focusing on other things, it is imperative to build a cooperative work culture for enhanced benefit.