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Doctors See an Increase in Patients Who Don’t Pay

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doctor with patientThe Affordable Care Act has brought healthcare to more people but also caused an increase in patients who don’t pay their bill. Offering more finance options and using revenue cycle management can ease the problem.

The Affordable Care Act was passed to do exactly that, bring access to healthcare to lower income families. The law made it a requirement to obtain insurance and a marketplace of affordable policies was set up for consumers to choose from. However, those policies typically have higher deductibles compared with plans prior to the act. The cheaper the premium, the higher the patient’s out-of-pocket expenses will be.

While Affordable Care Act assistance has seen an overall increase in revenue taken by hospitals and clinics, there has also been an increase in the number of patients who cannot pay their bills. High deductible plans have been popular since the change in law, due to their affordable premiums, but they have increased out-of-pocket expenses by more than 200%.

Managing Patient Finances Professionally

For doctors who don’t want the headache of chasing unpaid bills, they can hand over the financial management to a revenue cycle consultant, leaving them free to get on with caring for their patients. A revenue cycle consultant can:

  • Improve patient access to services
  • Improve patient financial services
  • Manage revenue.

Revenue Cycle Management Explained

Revenue cycle management puts in place effective booking systems so that all the patient’s details, including their insurance provider are taken down before their appointment.

It’s also about verifying the patient’s eligibility for treatment on their particular insurance plan. If this is done prior to making a claim, it can cut down practice expenses. Rejected claims cost around $25 per claim.

Providing the patient with an electronic breakdown of their treatment and cost will improve compliance with bills. It’s convenient and most patients like to know what they will have to pay in advance. Offering payment by installment online, over a longer period will also help struggling patients pay their medical bills and reduce unnecessary practice losses.

More patients are accessing medical services due to the Affordable Care Act, but care is still not affordable to some because of increased deductibles. Using a revenue cycle management system can reduce unpaid bills and improve the efficiency of medical practice.

Here’s Why Your Small Business Will Fail

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Frustrated businessman

Frustrated businessmanAt present, there are more than 17,000 startups in the U.S. About 90% of them, however, are bound to fail. While you may blame the economy for this statistic, how about you consider businessmen, too? Yes, hardworking entrepreneurs fail as well, and below are some factors why they do:

Poor leadership

Anybody can start a company, but not everyone can lead. Poor leadership typically result in bad business decisions, which ultimately puts a company in jeopardy. If you think you’re a good leader, hone your skills constantly to take your business forward. If you’re terrible at leading, hire the right people who can drive your business to success.

Failure to understand market

Many small businesses discount the importance of a good marketing research. Knowing your audience and their habits are essential, so you can sell your product or service effectively. Identify your market at the onset so you can reach them, sell to them, and make your business profitable.

Inadequate cash reserves

Salt Lake City-based bankruptcy lawyers explain that small businesses could go bankrupt if they fail to keep enough cash that will carry them out for six months or before their business starts making money. Remember that putting up a business is a risk; you’ll never know when you’ll earn so it’s important to have an emergency fund to keep your venture running.

Poor human resource

Knowing what to hire, when to hire, and who to hire are vital in every organization. Hiring too many people can lead your business to bankruptcy. Being undermanned, on the other hand, can burn out your employees and lead them to resignation. Be careful in situations like this one. Make sure you’re hiring enough people.

Putting up a business is exciting, but doing it hastily will only lead it to failure. Slow down and rethink your decisions as they may affect your business in the long run. You’ve got plenty of time to succeed anyway.

4 Easy Steps to Give your Savings a Boost

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teenage girl posing with piggy bankAre you tired of living from paycheck to paycheck and literally having 0 dollar in your savings account? Well, today, we are going to change that up, as we are giving you four easy steps to do so that you can turn your life around, save lots of cash in the future, and finally get to put them in your chosen CT bank.

Step 1: Track your Spending

List every little thing that you spend on and keep track of it regularly. Yes, that includes even the smallest things – pens, gasoline for your car, clothes, shoes, and even candies!

Being self-aware of your spending and seeing where your hard-earned money is going will help you be more conscious of your spending habits.

Step 2: Keep your Budget Realistic

Setting a very small amount of budget each week or month will only frustrate you and make you want to spend more money than planned. Instead, make sure to compute all of your bills that you have to pay, your daily spending, your wants and needs, and make a budget around that.

The extra money that you will have on hand you can contribute to your savings account.

Step 3: Invest your Money

Instead of spending all of your money away on things that you do not actually need, why not invest it somewhere worthwhile? Investing your money is a great way to double, or even triple, your savings. You just have to make sure to invest in all the right things – research is definitely the key to this.

Step 4: Keep it in the Bank

Get a savings account for yourself and ask your bank never to allow you to withdraw it until a certain time (which should both be decided upon by both parties). Keeping it safe in a bank of your choice will force you to keep putting money in, as well as prevent you from withdrawing it anytime you want.

Added bonus: you get a certain amount of interest on your money!

Saving money may not be fun, and it can be difficult, but once you reap its benefits after a few years, you’ll be thankful that you did it!

A Look at the Different FHA Loan Types

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an fha loan contractA mortgage is one of the most important deals you will enter in your life. No wonder there are various mortgage deals from both private and government-backed agencies. One of the most popular ones is from the Federal Housing Authority (FHA).

Below are some of the most common types of FHA loans in St. Louis. See which loan type will suit your financial standing and needs.

Conventional fixed rate

As the name suggests, this is one of the most common types of loan where the borrower pays a fixed amount for the whole duration of the loan.

Conventional adjustable rate

Like the fixed rate, adjustable rates are also payable for a certain period. The only difference is various fluctuations in the market determine the rate of payment. This means the amount you pay every month varies. A fixed amount is paid on the first three to five years of the mortgage.

Hybrid mortgage

A hybrid mortgage is pretty much like a conventional adjustable. The difference is that instead of having a fixed rate for three to five years, borrowers who have hybrid mortgages have a 10-year fixed period.

Balloon mortgage

Blowing air into the balloon will make it expand larger and larger. Balloon mortgage payments are also the same. Borrowers initially pay small payments at the beginning of the mortgage and increase the amount, or pay the totality of it in the future. This mortgage type is best for people who are certain that they will have a huge amount of money to come.

Relocation mortgage

If your existing home is for sale, and you are looking for a new one to move at while it is on the market, then relocation mortgages are the right type for you.

Understanding the different types of mortgage can help you better choose the right mortgage type to avail.

When You Need to Refinance Your Mortgage

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Mortgage loan button on white computer keyboard

Mortgage loan button on white computer keyboardThere are times when you experience problems with paying your mortgage. This may be because of some problems that suddenly cropped up such as losing your job or a sudden death or sickness in the family. Despite these problems, you cannot stop paying your mortgage. Doing so would mean losing your home and adding up more to the problems you already have.

To continue the payment on your mortgage, you may need to consider refinancing. City Creek Mortgage shares some reasons you should do so.

Reasons For Readjusting Your Mortgage Payment

Refinancing your mortgage means replacing your existing loan with a new one. One reason you refinance is to get a lower rate than your previous loan. A lower rate makes it easier for you to pay your mortgage. Refinancing also allows you to shorten the payment term. With this, you can finally heave a sigh of relief and enjoy your home without worrying about the payments you have to make.

Wanting to change from adjustable rate mortgage to a fixed rate mortgage or vice versa is another reason you may need to refinance. With a refinanced mortgage, you also get to consolidate your debts instead of paying them separately.

How to Refinance Your Mortgage

You need to compare the rates offered by each lender. This helps you choose the best rate you can afford. Once you do so, prepare the documents you need to apply for a new loan and lock your rate.

Through refinancing, you make it easier to pay off the loan on your house. With a lighter interest or shorter payment terms, you get to focus on other things you need to spend money on, such as your child’s school expenses or the needs of your business.

Signature Loans and How You Get Them

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Woman applying for a signature loan

Woman applying for a signature loanFinancial freedom is very difficult to attain these days, especially if you are working on minimum wage. Even if you do overtime or extra shifts to get a few more bucks, it does not seem to be enough for your monthly commitments.

Whatever your circumstances may be, a signature loan in Utah you can get from firms such as may be the solution for you. Signature loans require only your signature for your collateral, but would usually have higher interest rates.

They only give this loan to individuals who have a relationship with the lender, good credit, existing low debt, sufficient income, and a permanent address. There are cases that the lender requires a co-signer for the debt.

However, they only sign a promissory note and aren’t called unless a primary borrower stops his payments. Here are some tips to get approval for a signature loan.

Be prepared

Lenders will not lend to individuals with bad credits. If you do not have such, better think about your situation. If you do, prepare your documentation like proof of your employment history, tax returns, and W-2 forms. Make sure to bring documents that cover two years of employment history.

Educate yourself regarding the loan

Make sure to educate yourself about the loan. Make sure to know about the risks involved. Haggling for interest rates without collateral or having no relationship with your lender would put you on a bad side of your lender.

Have more than what is required

If there is a document that you feel is needed and can help your case, bring it. One example is your bonus history. It may not be certain that you will get it, but you can show your lender how earned it and how you are on the track of earning it again.

Your documentation is key. Make a repayment plan right away. Show your lender that you can repay the principal and the given interest over a given payment scheme. This fact-based plan will help build the lender’s trust in you.

Many Online Retailers Offer Consumer Financing and You Should Too — Here’s Why

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A woman holding a credit card

A woman holding a credit cardConsumer financing, also known in-store financing, flexible financing, installment plans, or “buy now, pay later” plans, enable consumers to purchase products over a specific period. Because of the flexibility, it’s no wonder that more and more retailers are implementing this payment scheme.

If you would like to avoid cart abandonment in your online shop, you have to take the necessary steps to boost your checkout conversions. One thing you could do is offer as many payment methods, including a point-of-sale lending platform through flexible, in-store financing.

It gives a competitive advantage over their competitors. If you are an online retailer looking to increase your sales and promote brand loyalty, learn more about how customer financing could help you.

The Benefits of Offering Customer Financing

Years ago, consumer financing was only available on brick-and-mortar, big-ticket products. Nowadays, however, it’s common to see this alternative payment scheme even when checking out in online retail stores. For one, it’s very easy to adopt this technology, and the entire process is extremely easy to follow for consumers as well.

A recent survey found that retailers that offer consumer financing experienced an average of 33% increase in sales. By enabling consumers to pay for their purchases in installments, you could easily reach more customers that you wouldn’t have otherwise reached because of budget constraints. Also, customers who usually buy smaller orders are now buying more items because of this flexible financing scheme.

A study conducted by Forrester also found that providing in-store financing for consumers could lead to an average 15% boost in order values as well as an average 17% growth in incremental sales. This increases to as much as 15% when the holiday season comes around. Aside from that, other surveys indicate that the knowledge of customer financing options influences the decision of web users to purchase from certain online stores.

By taking advantage of this easy-to-implement and consumer-friendly financing option, you’ll see more conversions at checkout as well as increased sales and improved brand value in no time.

How Your Business Benefits from Finance and Accounting Outsourcing

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Man Computing On Calculator And Writing On His NotebookTo streamline their finance and accounting (F&A) processes without having to hire a full staff of accounting personnel, many companies are turning to business process outsourcing companies.

For a better appreciation of finance and accounting outsourcing (FAO), here are some benefits associated with it.

Better results

All outsourcing companies are customer-centric. This means they put the satisfaction of their clients above all else so that you can enjoy better results at a faster turnaround time.

Get access to a team of experts, top-of-the-line system and tools

Because of the fierce competition in the outsourcing industry, a company that offers financial outsourcing service will have the latest and best software and tools, as well as a team of highly trained experts.

Reduced costs

Your F&A processes are a vital part of your business, yet staffing an entire department will involve costly recruitment and training processes, which you may not have the budget for. You can avoid such expensive operating costs by simply outsourcing your accounting functions, whether in part or as a whole.

Avoid costly mistakes

Failure to understand fully all the processes involved with finance and accounting leads to expensive mistakes. By outsourcing your accounting processes to a team of experts in the early stages of your business, you can avoid such unnecessary problems.

Focus on your business’s core competencies

Outsourcing your accounting processes can actually free you and your staff from additional work, which gives you more time to focus on the core competencies of your company.

Flexible and scalable

Another key benefit of FAO is its scalability. You can easily get a bigger team when you expand your business or cut down on people when you want to cut back on expenses. Outsourcing companies are flexible enough to meet all your needs.

FAO is a viable option for startups and even established businesses that do not want to spend a lot on operating costs and want to focus on their core competencies. There are many FAO companies to choose from.

However, you need to get to know these companies so you know which one will be able to meet all your needs.

Mortgage Rates Fall Even More

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a concept of a man thinking about buying a houseHave you been planning to apply for a home loan here in Lake Oswego, but you have not taken out a home loan because of the high rates? Now may be the perfect opportunity for you to review your mortgage options as mortgage rates decreased for the week.

The 30-year fixed, 15-year fixed, and 5/1 adjustable-rate mortgages all decreased in interest rates.

Mortgage Decreases

The 30-year fixed mortgage fell 8 basis points from 3.77 percent to 3.68 percent. The 15-year fixed mortgage, on the other hand, slid down 5 basis points to 2.91 percent. Finally, the 5/1 adjustable-rate mortgage fell 5 basis points to 3.06 percent.

Grab the Opportunity

Rates have only been this low now ever since the beginning of the year. You can immediately approach Lake Oswego lenders to lock in a home loan with the low-interest rate available. Take your time, nonetheless, and shop around to find the best deal around.

Consider which mortgage you will take as well.

Driving Forces of Decreases

Rates have been sliding down for six weeks already. Experts tie the decreases to the current events racking the country. As Hurricane Irma hits land and tensions continue to climb between the U.S. and North Korea.

These events affected investors and drove long-term bond yields down significantly. Mortgage rates fell, as they tend to follow the path of long-term bonds.

Experts Say: No More Decreases

Again, you can grab the opportunity to lock in a low mortgage rate now, especially while the rates last. Experts suggest mortgage rate decreases will come to a halt, in spite expectations of more bad news to come. Mortgage rates fall because of bad news that shakes up investors.

Mortgage rates will likely flat line in the next week, however, even if more bad news comes.

With this piece of information, you can alternately take your time to find a good mortgage. It will be good to stay alert, however, as things may make a turn and the rates can go up if you take too long in deciding on a mortgage. You can consider all options to make the best decision.

Three Things that Help You Make Informed Decisions in Home Loans

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Buying a Home

Buying a HomeBuying a home is perhaps the most costly investment for most Americans. With such a decision, you do need to gamble. You not only need ample time to think about it but also seek expert advice on your home investment plan. Any financial institution you approach will evaluate you thoroughly before deciding on giving you home loan options in Ogden. You have to have a credible credit report, shop for the best interest rates, and get reliable loan products.


Financial institutions try to reduce their risks to a minimum. Any lender will want an official statement of your financial status. You do not want to present a document that betrays their trust in you. Credit unions want to know whether you have borrowed funds in the past and if you managed to repay within the stipulated time.

Similarly, a credit report will show your official address, police records, or any legal claims such as bankruptcy. You are, therefore, advised to request a copy of your credit report at least once a year. The Fair Credit Reporting Act entitles every citizen to free copy of their credit report.

Interest Rates

Credit companies are always looking to make a profit from the loan they award you. It is your responsibility to ensure that the rates are low and manageable. Interests on home loans change occasionally. Therefore, you need to make regular checks to be certain that your interest rate is locked. You need to confirm that the rates will not change before closing within 30 or 60 days. Moreover, you could ask your credit provider the cost of extending a rate lock, and if you can be allowed to switch to a longer rate lock.

Loan Estimates

Always shop and make a comparison between loans. You need to choose the best loan that will not hurt your budget and income. You want to request a loan estimate from various credit providers so that you can choose with whom you want to work. Inquire the reason for them suggesting such rates. In the end, make a choice based on comfort, cost of the loan, and confidence in the credit company.

When applying for a home loan, you need extensive research. You must have a reliable credit report, shop for comfortable interest rates, and compare various loan estimates.