by Stephen Reed | Healthcare, Industry - Healthcare, News
The Covid-19 pandemic propelled the healthcare industry into telemedicine almost overnight. Now, more than two years later, doctors and health care practices and organizations are able to take a breath and consider how to optimize virtual visits for patients and physicians. One way to do this is by implementing a physician-led team-based care approach much like the systems used for in-office visits.
What is Team-Based Care?
Team-based care is an orchestrated office system that allows doctors and other in-office professionals to work together to take care of a patient. They accomplish this by each professional bringing their strengths to the task at hand, and performing at the highest level of their skill set and training. When the pandemic hit, the hard-won workflow of these office systems reverted to a routine rooted in the past, where physicians alone carried out most of the work.
Why is Team-Based Care Important?
For many physicians and practices, the pandemic forced health care providers to pivot to telehealth before a team-based approach could be established, but a physician-does-all system is not sustainable in a telemedicine environment any more than it’s sustainable in an in-office environment. The benefits of team-based care include increased accessibility, improved quality of patient care, increased patient access to care, improved team efficiency, improved satisfaction among patients and physicians, and reduced burnout among professionals.
Team-Based Care Provides an Advocate for the Patient
When a medical assistant or nurse accompanies a physician in an exam room, they are serving partly as an advocate for the patient, and this can be true for telemedicine environments as well. The nurse or medical assistant on the virtual call can be sure that the physician has provided all the care that was needed in the context of that visit.
Team-Based Care Strengthens Trust with Patients
Trust is a crucial component of the patient-physician relationship. Adding another clinical staff member to that dynamic during a telemedicine visit gives the patient a chance to establish a trusting relationship with an additional medical professional. This person can be an added ear for the patient — someone else they can turn to with questions or concerns. Additionally, when a member of the clinical staff can take care of electronic health records and documentation, the physician is free to focus solely on the patient, which further solidifies the trust built between them.
How to Implement Team-Based Care
Successful team-based care approaches center the patient and promote strong written and verbal communication. Each care team member must be appointed a clearly-defined role in which they use their skills at the highest capacity. Organization leaders should also develop procedures for communicating information about the patient, ensuring that each team member has access to the data needed to make informed care decisions. Finally, be sure the patient understands that they have the support of a team by emphasizing each team member’s role with the patient.
by Stephen Reed | Accounting News, News, Retirement Savings, Uncategorized
If you are a freelancer, an independent contractor, or a self-employed individual, you know the perks of working for yourself, but you likely also notice one major drawback: the lack of an employer-sponsored retirement plan like a 401(k). Enter the Solo 401(k) plan. Below we’ll discuss how this plan provides the highest savings potential for solo business owners.
What is a Solo 401(k) Plan?
A solo 401(k) is a tax-advantaged retirement account for self-employed business owners as well as spouses who work for them at least part-time. Individuals who hold a full-time job with access to workplace retirement plans are also permitted to save for retirement in a solo 401(k) with funds earned from a side hustle. A solo 401(k) is also referred to as an individual 401(k), one-participant 401(k) plan, or a self-employed 401(k).
Eligibility Rules and Contribution Limits
There are no age or income restrictions with a 401(k), but you must be a business owner with no employees (apart from a spouse). You may be able to contribute up to $61,000 in 2022 (up from $58,000 in 2021). If you are 50 or older, you can make an additional $6,500 in catch-up contributions.
Solo 401(k) Tax Advantages
With a solo 401(k) you can pick your tax advantage: a traditional 401(k) or a Roth solo 401(K).
- Traditional solo 401(k): Contributions reduce your income in the year they are made, which reduces taxable income. However, distributions in retirement will be taxed as ordinary income. You may owe a 10% penalty in addition to ordinary income taxes on withdrawals you make from a traditional solo 401(k) before age 59 ½.
- Roth solo 401(k): Offers no initial tax break but allows for tax-free distributions in retirement. You may be subject to penalties on withdrawals before age 59 ½.
Generally, if you expect your income to increase in retirement, a Roth solo 401(k) is the better option. If you expect your income to decrease in retirement, go for for the tax break now with a traditional 401(k).
How to Open a Solo 401(k)
If you decide to set up a solo 401(k), you can do so through a financial institution that administers 401(k) plans. Set-up typically follows these steps:
- If you don’t already have one, you need to get an Employer Identification Number (EIN) from the IRS.
- Choose a provider. When reviewing potential plan administrators, look into any applicable fees. You many also want to look for a plan that offers a mix of investment options, including mutual funds, stocks, bonds, ETFs, and CDs.
- Fill out an application and any required documents. The IRS requires an annual report on Form 5500-SF if your 401(k) plan has $250,000 or more in assets at the end of a given year.
- Once you are ready to fund the account, you can roll over money from another retirement account or set up a transfer from a checking or savings accounts.
- Finally, choose your investments and establish contribution levels. Keep in mind that there is no minimum contribution requirement, so you can increase contributions in good years and save less in years when you need more cash reserves for your business.
With high contribution levels, flexible investment options, and fairly easy administration, the solo 401(k) could be a good fit for a one-person business operation, freelancer, or independent contractor, especially if you want the option to save aggressively for the future.
by Stephen Reed | Accounting News, Business Growth, Industry - Retail & Distribution, News, Retail & Distribution, Uncategorized
Online shopping isn’t new by any means, but the EY Future Consumer Index, which has surveyed thousands of consumers since the Covid-19 pandemic began, discovered that 43% of U.S. consumers now shop more often online than in brick-and-mortar stores. All signs point to a new normal for consumers, who are realizing that as long as internet is available, geographical location isn’t necessarily a factor when it comes to getting products in their hands. The question now is, how do retail businesses best position themselves to adapt to a future that possibly favors online shopping and ever-evolving customer experience expectations? Read on for ways that you can best position your retail business for hybrid shopping.
Play to the Strengths of In-Store Shopping
In-person shopping has some advantages over online shopping, and if you want to remain competitive among exclusively online retailers, you’ll need to leverage those strong points. For example, when customers engage in in-store shopping, they don’t need to worry about shipping costs and time. Currently, this can be especially advantageous to brick-and-mortar stores by advertising and marketing in-stock products that are being held up within the supply chain. Brand visibility; personal interaction with customers; community outreach and involvement; and tangibility of product for customers to hold in their hands, try on, and inspect are all additional aspects of in-person shopping that provide potential points of strength over online shopping.
Adapting to the Industry Shift Toward E-Commerce
The focus for any e-commerce store, whether exclusively online or as an extension of a brick-and-mortar store, should be on the consumer experience. When making decisions regarding investment and operating models, pay careful consideration to:
- A technology platform that’s able to quickly adapt to differentiated shopping experiences for customers.
- Product that’s available only online versus product that’s available in-store, and the logic behind those selections.
- Competitive pricing while sustaining margin (i.e., is there a way to influence impulse purchases online?).
- The chain-of-events for the consumer from digital browsing to product in hand—and how you will get return customers.
The Store as Fulfillment Center
The pandemic ushered in the customer-centered convenience of buying online and picking up curbside or in-store, and this option is likely here to stay. While this is an effective service to attract and keep customers, long wait times and orders that can’t be fulfilled due to inventory shortage risk losing customers to comparable stores with better modes of communication and track records of product availability. As your retail business scales to meet new demands, it must be prepared to offer a consistent customer experience.
The retail industry can always count on change—whether it’s in the form of a global pandemic, ever-evolving consumer behaviors, or any number of unexpected roadblocks—and you must be willing and able to meet those changes by cultivating strong relationships with customers, no matter if your business is purely brick-and-mortar, exclusively online, or a hybrid of both.
by Stephen Reed | Accounting News, Business Growth, News
With the inflation rate accelerating to a 40-year high, businesses are finding less wiggle room to expend on marketing and advertising strategies. Fortunately, even with widespread rising costs, there are resourceful methods for businesses to grow and improve their digital footprint. Read on for ways to increase your online presence on a shoestring budget.
Hire Freelancers
Hiring freelance workers or independent contractors rather than employees will save money. You can hire on a per-project basis, with a set fee or hourly payment arrangement. For example, if you need a copywriter or web designer for a specific project but don’t foresee enough ongoing work for a permanent position, hiring on a short-term basis may be the way to go. Hiring contractors also allows you to save on fixed costs like benefits and office space. Additionally, depending on your circumstances and what the tasks entail, you may not even need your contractor to be local. This opens up a potentially global pool of talent.
Forgo PPC Ads in Favor of SEO
When deciding on how best to invest your time and online marketing budget, consider making improvements to SEO (search engine optimization) rather than relying on PPC (pay-per-click) ads. PPC ads like Google Ads are paid online advertisements, in which you’re charged for each click-through to your website. On the other hand, SEO can help your website organically rank higher on search engines by making it more applicable to users at no cost to you. If your website turns up on page one for a targeted key word, you’ll gain click-through traffic for as long as it maintains that spot. In order to get to one of the top positions on a search engine, you need extensive SEO knowledge. If this is outside your wheelhouse, consider the above tip and hire a freelancer.
Network Online
The rise of online networking coupled with a significant shift to more people working from home over the past two years has led to less in-person connecting with other industry professionals. Embracing online networking can help you connect with possible customers and suppliers, identify talent and labor, and discover cost-effective marketing and advertising opportunities. The best part? Online networking is completely free.
Write Engaging Articles for Websites
If you want to expand your company’s digital footprint and spread awareness of your company without spending a penny, think about writing for well-known websites and blogs in your industry. Create articles with engaging, rich, and industry-specific information that readers can start applying right away. This approach provides an opportunity to establish your business as a leader in the industry and direct more traffic to your website, effectively garnering more customers.
by Stephen Reed | Accounting News, Healthcare, Industry - Healthcare, News
The Consolidated Appropriations Act (CAA) was signed into law in late December, 2020 under former President Trump. It tackles multiple long-debated healthcare policies. The law stipulates new regulations that will require providers, insurers, and employers to provide consumers with data pertaining to coverage and costs before consumers receive care. This means that Americans will now have access to information that could change the way they shop for healthcare.
No Surprise Billing
Included in the CAA is the No Surprise Act (NSA). The NSA includes requirements for health insurers and group health plans to provide information and tools for consumers to better navigate their healthcare. Surprise billing — also known as balance billing — has long been debated for patients in covered out-of-network situations, such as when receiving emergency services. However, due to the NSA, beginning January 1, 2022, health plans must treat these out-of-network services as if they were in-network when calculating patient cost-sharing. Patients won’t be held accountable to the “surprise” bill, with insurers and providers handling any payment disputes.
A range of consumer protections are also included, such as a mandatory advance cost estimate. Health plans are obligated to implement a price transparency tool and provide accurate, up-to-date directories on public websites. Furthermore, providers will be prohibited from billing patients more than the applicable in-network cost sharing amount, and a penalty of up to $10,000 for each violation can apply.
A New Final-Offer Arbitration Process
The NSA also creates a new final-offer arbitration process to decide how much insurers must pay out-of-pocket network providers. If an out-of-network provider is dissatisfied with a health plan’s payment, it can initiate arbitration. The arbitrator must choose between the final offers submitted by each party after analyzing various factors, including the health plan’s historical median in-network rate for comparable services.
Health Insurer-Related Policies
The Act includes many health insurer-related policies such as forbidding “gag clauses” in contracts between plans and healthcare providers that limit access to cost and quality data. The law calls for reporting on drug costs and similar issues, and contains provisions related to “non-qualitative treatment limitations” for mental health or substance use disorders.
The Future for Healthcare Consumers
The price and quality transparency requirements set forth in the CAA can empower healthcare consumers to make informed decisions, and they’ll now have the ability to shop for high-quality healthcare at a fair price. The overall healthcare system and insurance markets will likely evolve quickly to reflect the demands of a more educated consumer with actionable data at their disposal.
