5 Tips To Open A Checking Account Mindfully

There is actually more to opening a checking account than simply having your picture taken for ID and depositing a check or cash into the account. You have to consider various things before opening a checking account with any bank or financial institution. Some useful tips to open a checking account mindfully are as follows.

Compare Banks & Financial Institutions

It is very important not to assume that just because a particular financial institution or bank is a household name in business circles that it will provide the best terms for you. Get information about various banks and financial institutions and make comparisons before making the final decision. This way you will definitely make an informed choice which will definitely suit you needs.

Fees or Free?

Get as much information as you can before signing up. It is becoming more difficult to find a free checking account that doesn’t charge some kind of fees for this and that. Some will charge a monthly maintenance fees, a low minimum balance fee or provide some fee waivers.

Some banks have no overdraft charges, no ATM charges and no monthly fees while others will charge heftily for such services. Therefore it is always important to ask about all the fees pertaining to the account you are opening with whatever institution in order to avoid getting shocked when you notice an unfamiliar fee crop in your statement.

Keep The Opening Amount Low

Never channel every penny you have into your checking account and have that huge opening balance until you are certain that the account fully suits your banking needs. Ensure that you are actually happy with the institution before you begin making huge deposits.

Counter-Check Your Account Information

You definitely don’t want to be charged later or incur an unplanned expense just because the spelling of your name wasn’t right or your Social Security number missed a digit or because some other personal information wasn’t right. Make sure you triple-check everything before signing the papers to open the account. All your personal information should be correct.

Do They Pay Interest? 

Most checking account holders don’t know that they are supposed to receive an interest whenever they deposit money in their accounts. Look for banks that pay interest to account holders who deposit money on a regular basis. Some interest checking accounts with certain banks charge 1% or more for every certain amount of cash deposited. The interest might not be a lot but every single penny would do with the current difficult economic times.

An Online Presence? 

With the current digital age, why should you sign up with a bank that doesn’t have an online presence? You should be able to check your balance and carry out transactions online. Give a wide berth to the institutions that lack any kind of online presence.

A bank without an online presence is definitely not a good sign, how else are you going to know if its customers are satisfied with the services offered. Many online platforms provide useful information to any potential checking account holders.

Local Credit Unions vs. Corporate Banking

You can choose either depending on your needs. Are you a businessman or are you simply opening a personal checking account. That local credit union might sound better depending on your financial needs or that large national bank might be the ideal choice too. Of course depending on what each banking option offers, choose the one best meets your needs. Establish what your needs are first.

ATM Locations

You don’t want to open a checking account with a bank that has few ATM locations. You definitely don’t need to make a journey to the next town to access one. Find a convenient bank with multiple ATM locations because you don’t want to spend more as a result of ATM surcharges. With many ATM locations you will not have to stop at their competitor’s ATM machine when you desperately need that cash.

With the above tips you will definitely open your account mindfully by putting your interests firsts.

Effective Strategies to Optimize Surgery Billing Processes

Private healthcare providers know that if they don't get enough cash flowing into the revenue stream, they cannot continue to provide proper care and keep their practices afloat. As much as we’d wish health care to be less about money but more about people getting the help they need, many private healthcare practices need to optimize every avenue to succeed, especially surgeons.

In most cases, clinical and surgery billing information is kept separate, making it hard to integrate the various departments that patients go through. One departments’ inefficiency can affect the integrity of the revenue cycle. Surgeons and related healthcare providers can lose between 3 and 5 percent on their revenue if there are no tight controls.

While there are many services, techniques, and software available to help with surgery billing and revenue cycle management, there are three primary areas that healthcare providers can address and optimize for better financial health.

1. Patient Access

A large portion of a patient’s claim form is generated at the first consultation. This is where as much information that a patient can give is collected, it is also a point where the healthcare provider gets to contact the medical insurance company.

 It is important to have a good software program and a seamless link to the network of insurance companies to obtain approvals for certain procedures and avoid denials of payment later on when the patient has received the treatment and care. It is also important for healthcare providers to have clear guidelines about collecting and validating patient information.

2. Insurance Validation

Issues experienced with insurance verification or pre-authorization in the admission process are caused by failure to wait the prescribed 12 to 24 hour waiting process that is commonly required to get healthcare insurance company claims verified especially in cases of emergency.

It becomes important for facilities to require some kind of up-front cash payment, which payments can claim back from their insurer if the procedure ends up being approved. Patients need to be made aware that they might have to pay upfront upon admission and they would need to be appraised of what they are being billed for if they stay for an extended period in the hospital.

It might sound tedious but it helps the patient and the healthcare provider to keep tabs on the costs of treatment. It always helps to know what insurers normally pay for and what they don’t. There are systems and programs that can be used to automatically notify both the healthcare provider, the healthcare insurer and the patient.

3. Charge Capture

For surgeons and healthcare providers to improve the charge processes they need to test the completeness and accuracy of the charging process. Caregivers can use a method to identify lost charges and finding where the revenue leakage is. There are IT tools that can help identify missed charges effectively and more efficiently. With such tools, surgeons can avoid complications with surgery billing.

4. Surgery Billing & Payment Accuracy

The processes involved in billing, collections and payment management are the key processes for revenue optimization. To maintain a healthy bottom line it is important to identify payment inaccuracies this involves improvements in technological processes that makes timely resolution of billing issues.

The correct tracking methods can help in the monitoring, classification and resolution of payment issues. Surgeons and medical staff who have the tools to identify, understand and quantify the root causes of bad debts are an a better position to avoid and actually see the opportunities that exist more effectively.

As much as we’d like to escape the truth, the fact is healthcare is a business and it is important for healthcare providers to keep their revenue collection strategies in tact. The industry has been known to be unstable when coming to keeping their revenue integrity.

Actionable FQHC Billing Resources Worth Bookmarking

If you have stumbled upon this article, then you're probably well aware that quality, relevant, and actionable FQHC billing resources are few and far between. In fact, such medical billing resources for FQHCs (Federally Qualified Health Centers) are quite new and emerging to the medical billing and coding community throughout the U.S.

For this reason, we have researched some of the best resources available to help FQHCs improve their medical billing processes. If you operate a FQHC or similar community medical practice or health center, then you may want to bookmark some of these great FQHC billing and coding resources for later reference.

Custom FQHC Billing Consulting Services from Practice Management

Practice Management is perhaps one of the most reputable and leading medical billing firms that specializes in FQHC billing solutions. In addition to providing comprehensive medical billing and coding services for FQHCs, Practice Management also offers individualized, custom-tailored consulting programs that focus on the in's and out's of FQHC medical billing. The company boasts an impressive display of resources and systems that can be easily integrated into any FQHC billing process. To learn more, visit MaximizedRevenue.com, or visit the firm's FQHC billing services and solutions page by clicking here

The Complete FQHC Billing Guide by iFinance

The FQHC Billing Guide by iFanance provides an accurate account of the procedures for medical coding and billing, as well as information regarding collection of payments, past due payments, and how to handle denials and returned claims. It is pleasantly presented in pdf format for easy printing or searching the document on the computer.

Centers for Medicare and Medicaid (CMS.gov) on FQHC Billing

This FQHC billing resource provides an accurate breakdown of the dates and payment systems that have been predetermined by the Centers for Medicare and Medicaid Services. You can use this link to provide a well-researched outline of how to implement your training to meet deadlines for the transition between ICD-9 and ICD-10 CM. They also provide a wealth of links and PDFs that will be handy when you are various manuals that will help you along the way. To learn more, visit CMS.gov.

FQHC Billing and Coverage from CPCA.org

This PDF provides a wealth of information regarding the various changes to codes you can expect from an ICD-10 program. You can easily reference this PowerPoint at any time during your training and it will be a great resource medical coding and billing specialists when studying for the change between systems.

Learn more and delve into this valuable FQHC billing resources by clicking here.

FQHC Billing IT Toolbox from HRSA.gov

This resource offers a variety of free resources that will be helpful in making the upcoming billing and coding transition, as well as the various methods of processing claims for various office situations. It helps to serve hospital, doctor’s office and clinic staff in making the transition. To checkout the medical billing IT toolkit, click here.

FQHC Billing Training by Synergy Billing Academy

FQHC Billing and Training by Synergy Billing Academy provides in-depth training in the transition between ICD-9-CM Coding and ICD-10-CM Coding. This training is extremely beneficial and affordable for almost any medical office setting. The change between ICD-9 and ICD-10 are dramatic and can if training is overlooked it can easily cause offices extreme financial distress when the transition is complete. It is important to ensure that all medical coding and billing staff is well versed in ICD-10 procedures before it is implemented.

Why Invest in FQHC Billing Resources

There are many reasons to ensure that these resources are part of your training procedures when it comes to ICD-10. They are extremely effective in preparing the staff for the necessary transitions as well as providing the training necessary to ensure that the deadlines are met for the upcoming transition in medical coding and billing programs.

The transition to ICD-10 is going to be a drastic change for all personnel, and insurance regulations will be changing right along with it. In order to ensure that a medical office is not financially vulnerable, you must ensure that your staff is ready for the change and the best method of doing so is to ensure that they are provided with the proper information.

5 Patient Billing Tips to Improve Your Medical Practice's Cash Flow

When it comes to improving your medical practice’s cash flow, there are plenty of vital aspects that need to be taken into consideration. For a medical practice to be financially successful, it is crucial to implement sound medical billing and collection procedures.

Whether you're embracing the complexities of pediatric billing or dialing in your health center billing strategy, the following tips will certainly help reduce your receivables, thereby saving you time and making your job easier. Here are some unique patient/medical billing tips to help improve your practice's cash flow.

Be Informative Regarding Payment Policies

It’s important to let the patients know about the new payment policy, so that they are aware of what to expect before the first appointment. Considering the fact that medical offices are busy places, this can’t always be followed on consistent basis, but it should be strived for. Also, owing to the complexities of insurance plans, patients may not be aware of the deductibles and co-payments and they tend to assign this responsibility to the practice.

The practice will likely make the best effort to identify the benefits, but patients should understand that they are eventually responsible for any balance that is not paid by the insurance company. So any good medical billing practice, this should be made clear to the patient both verbally and in writing.

Acquire Sufficient Patient Information from the Start

Getting complete demographic and insurance information is crucial for improving the efficiency of medical billing and collection procedures. It is the duty of the receptionist to ensure that new patient demographic forms are complete in all respects.

As patients tend to be rushed, they often leave out critical information. By checking forms for completeness relieves you from having to make calls to the patient later on. This is perhaps one of the most often overlooked medical billing tips that's very easy to implement effectively.

Get Patients' SSN

Another patient billing tip is to make sure to obtain the patient’s social security number. Patients are often reluctant in giving out their social security number for security reasons. But, you need to educate the patient that a number of insurance companies still utilize SSN as a way of identification.

You should also explain to the patient that a social security number will speed up the processing of the claim. Moreover, it is easier to go after an unpaid patient when you have their social security number. We give credit to FQHC billing company - Practice Management for that tip, as they offer a wealth of expertise and professional insight on all things medical billing, spanning from OB/GYN billing to pediatric billing.

Assess Patients' Eligibility & Benefits

Always ensure to check your patient's eligibility and benefits. There is medical billing software that offers insurance eligibility verification. While this technology may not be ideal, it can save you considerable amount of time. You can use insurance company websites that are available to check eligibility and benefits. It is easier said than done in a busy practice, but you need to do it selectively.

Establish Patient Agreements

Get patients to sign an agreement that allows you to leave voice messages at the phone number concerning account billing matters. If there is no such agreement in place, the staff is not legally permitted to leave specific billing and collection information on a voice mail. If the account of a patient is overdue, you have a better chance of collecting your fees if you are able to leave a message requiring immediate payment, or the account will be turned over to the collection agency.

With that being said, implementing these procedures will help you reduce your collections volume and improve your practice's cash flow. The idea is to save time and money, which will eventually improve your overall billing and collection practices. As an alternative to optimizing your practices internal billing processes, you can also recruit the help of medical billing agencies to provide their resources and expertise.

Retirement: Strategies & Tips to Set Realistic & Actionable Goals

There are thousands of individuals who retire from active employment every year around the globe. At their sunset days, the individuals who enter into a successful and sustainable retirement have laid concrete plans which enable them live a happy and comfortable life after retirement.

If you are amongst the group that is about to retire, then it is time you did a serious review of your retirement plans. Here are some tips to help get you thinking.

Set goals and timelines

It is important to take stock of what you have amassed so far. It is great for you if you have been having a consistent saving habit. Include income generating investments, any shares, personal savings, and social security funds in your stock.

Once you have had a clear financial standing record, start projecting possible expenses while out of active employment. Your lifestyle, medical expenses, and outstanding long-term debts determine the expenses. From this point, you can project how much you need to save to live comfortably. Set financial goals to meet in the remaining time in active employment.

Seek professional advice

Professional advice is important in setting up realistic financial goals. A retirement expert will advise on achievable goals and ways to reduce on your expenses and save more. He or she will also advise you on less risky investment ideas. (Your appetite for risk is now low).

Use catch-up investment plans to your advantage

Catch up investments are a great financial instrument especially if you had not saved much. These are tax sheltered retirement accounts such as IRAs. With these instruments, you can work your way through secured bonds. At this time, you might not be able to handle the risks involved in the money market. You need to talk to your financial adviser on the best catch up investment clubs around.

Determine plans for living

This consideration is unique per individual. Some individuals who enter into retirement take into consideration their current health and anticipated level of care they will need in the future. If assisted living is something you're thinking about, you may want to consider a retirement community or a place that offers the level of care you might need. There are a wealth of good retirement communities that offer the independence and level of enjoyment you may be seeking.

Exit at the right time

If you find that you might not have met your goals by retirement time, you may decide to downshift your retirement and add up more working years. At this time, you should tighten your financial belts and work towards saving much more. You may also work as a consultant in areas you were specialized on at the time of your retirement. Working is also a great retirement plan.

Work on your debt

Debt is likely to be the greatest headache that you might face once you retire. Most of the debt comes from long-term investments such as mortgages. It is important to weigh the benefits of continue paying up the mortgage against ploughing back cash to the stock market but paying rent. Reducing your debts before retirement will lower the pressure on your savings.

Cater for eventualities

Any retiree should be aware of such costs as medical cost and damage to property that may wipe down all their savings. It is important to plan and cater for them. One of the major unexpected expenses is medical expenses. Since your employer no longer insures you, it is prudent to have health insurance cover to safeguard your money from being swallowed up by hospital bills.

A good retirement plan is always to save more, reduce on expenses and safeguard your money from unplanned expenses. Plan wisely to have lovely sunset days of your life.