Do you want to be successfully self employed? Do you want to work from home?

Then you may want to start a career in medical billing. It’s certainly not a get rich quick scheme. You have a lot of learning ahead of you. But once you put in the time and effort to learn and get started you will find medical billing to be a very economical and rewarding career.
The world of medical billing is an ever changing one. Policies and procedures are constantly being updated. In this book I will teach you how to stay on top of them. Medical providers and their staff do not have the time or resources to keep up with insurance companies and their seemingly constant policy changes. Many medical providers outsource to professional medical billing services, like the one I will teach you to be.
This book will take you step by step to start your medical billing service. Including all the tools you need to get started, how to market a provider, writing a professional contract, determining your fees, and choosing software. I also share my secrets of medical insurance companies and patient collections with you. Throughout the book I discuss additional services you can offer to generate even more income for your medical billing service.
https://www.createspace.com/3977179

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I am the owner of my own medical billing service, Smart Billing Solutions, since 2005. I have been in the career of medical billing since 2002. I have seen the front and back of many professional medical offices. It is with this experience that I have collected all the dos and the don’ts of being a medical billing service. When I wrote my first contract I didn’t know what I was doing. I wish that I had all the knowledge I do today and that I have included in this book to share with you.

http://www.smartbillingsolutions.net/

The start-up costs are low and the keep up costs even lower. You can and will be successful!

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Looking for a new career? Want to be self-employed? Want to start a business with little overhead? Then stop searching, this is the book you want to read! This book takes you step by step through the process of starting your own medical billing service from your home. How to Start Your Own Medical Billing Service

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Legal Process Outsourcing Industry in India targeting to reach US$ 1 billion by 2015

Legal Process Outsourcing Industry often termed as LPO industry is targeting to reach US$ 1 billion in revenues in the next two years from the present levels of US$ 440 million. Of course this seems to be an extremely ambitious target as India is no longer the only preferred destination for outsourcing and countries like Philippines, etc. too have emerged as the best alternative destination for outsourcing. More and more business organizations across the globe are looking to outsource to only those countries that not only offer low prices but also have the necessary infrastructure in terms of qualified human resources, information technology and government support. But India is still considered to be the first choice for the Law firms in US and UK that wish to outsource legal services as India has more than 950 law schools that train approximately 60,000 law graduates and qualify them to join the legal profession who will join the 1.2 million registered advocates in the country. Many of the new law graduates prefer to join the LPO firms and the corporate sector rather than opt for judicial clerkship or litigation practice. The number of LPO firms has increased to 140 from around 50 in 2005 and this has led to increased opportunities for law graduates and these firms offer very good salaries. Litigation and judicial clerkship requires a lot of struggle to establish reputation which students today prefer to avoid, but many industry experts and seasoned lawyers believe that finally all the law graduates have to at some point go to courtroom and practice.

Indian LPO firms offer services like reviewing documents and basic due diligence, to automation and process efficiency, review contracts, process loans, provide expert witness advice on data-collection, draft patent applications and conduct litigation-readiness assessment, etc. One of the major challenges for the LPO industry is that every country has a different legal system and the LPO firm employees have to be trained accordingly and Indian law is mostly based on the British Legal system so there is a basic understanding of the British law and they can also easily understand the American Law too which is major competitive advantage for Indian Lawyers.  Another crucial factor is the low cost and subsequent low pricing that Indian firms offer, for example for drafting contracts and legal memos a US Lawyer can charge somewhere between US$ 300-400 per hour but in India same work can be done with US$ 10-30 per hour. This is a major cost advantage for the US and UK law firms and corporate legal departments in business organizations who need to cut costs constantly to survive. The availability of skilled lawyers along with the government support the LPO industry is hoping to cross the billion dollar revenue mark in the next couple of years. Most of the private Universities and big educational groups in India are offering dual degree programs like BBA-LLB, BA-LLB and are also offering Masters Programs in Law with specialization focused on Intellectual property rights, financial and Business laws, etc. which will also help the LPO firms to offer even more specialized services to their clients. Many law students are coming from middle class families who take educational loans for studies and Indian Law firms are majority family owned Law firms which do not provide much opportunity for fresh graduates and everyone cannot enter into Judicial services, corporate legal departments and practice litigation, the only option they have is Legal Process outsourcing firms.  

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Finance & Accounting Outsourcing market maturing & seeing stable growth in 2013

According to Everest Group, Financing and Accounting Outsourcing: Annual report 2013, the global multi-process FAO market grew at the rate of 10% to reach ACV of US$4.3 billion which highlights the fact the market is matured and stabilizing and is further substantiated by the fact that over 65% of the ACV growth in 2012 was contributed by contract extensions/renewals. Cost reduction and process improvement are the primary drivers for adoption but standardization, scalability and flexibility drove FAO adoption further, emphasizing a cost+ value proposition highlights the Everest Group report. As the traditional markets matured the vendors are forced to move to under-penetrated markets but Europe led the market increased FAO adoption and mid-market and small buyer segments also increased their adoptions significantly in 2012 led to moderate growth in 2012. Competition in the FAO market is intensifying as the share of the top three service providers declined from 68% in 2002 to ~50% in 2012. Some of the key players in the FAO market are Accenture, Aditya Birla Minacs, Aegis, Capgemini, Cognizant, Datamatics, EXL Services, Genpact, HCL, HP, IBM, iGATE, Infosys, IQ BackOffice, NCO, Quatrro, Serco, Steria, Sutherland Global Services, TCS, Wipro, WNS, Xchanging, and Xerox. ( Data Source: Everest Group)

One of the significant trends is the rise in Adoption of end-to-end process but buyers continue to remain cautious and adopt a phased approach to F&A outsourcing. Some of the new focus areas that are emerging are Analytics, risk management & compliance and F&A services are increasingly getting industry-specific. The Everest report also highlights buyers are increasingly adopting non-advisor-led competitive bidding route for sourcing F&A services. India continues to be the predominant hub of offshore delivery and most of the vendors both global and Indian are striving to build a balanced onshore-nearshore-offshore model. Technology augmentation model is becoming the predominant approach where in the vendors are developing technology infrastructure and also adopting emerging technologies like cloud computing, mobility, social media and big data analytics to offer innovative service offerings to clients. Outcome based pricing model and platform-based solutions are also gaining traction. Service provider performance is up-to-the-mark against the metrics important to FAO buyers, resulting in high satisfaction levels. However, buyer organizations have highlighted some areas of improvements for service providers to work upon. Vendors are shifting their focus to building technologies and service offerings through adoption of emerging technologies like cloud computing and offer cloud-enabled F&A technology that can be delivered as a BPaaS solution.

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Major Healthcare related acquisitions by Indian IT/BPO Vendors

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US Healthcare Reform (Obamacare) – Big opportunity for Indian IT Outsourcing vendors in Healthcare Outsourcing

The US healthcare outsourcing market is currently estimated to be about $20 billion, according to outsourcing advisory firm Everest Group. Indian IT Vendors are targeting major chunk of this business worth billions of dollars in the next few years as US Healthcare Services Providers have to upgrade their systems, software and other infrastructure by January 1, 2014, when President Barack Obama’s landmark legislation Patient Protection and Affordable Care Act, popularly known as Obamacare will come into effect, which would result in United States spending $2.5 trillion. Obamacare seeks to extend insurance to country’s poor, which would extend insurance cover to 32 million Americans and also targets to reduce healthcare costs significantly and one way of reducing costs is outsourcing to countries like India and which will open up projects for Indian IT service providers that will help them in keeping up the revenue, margin and industry growth rates. Healthcare providers in North America which also happens to be the world’s biggest software services market are forced to upgrade existing medical systems by deploying newer software applications and they are outsourcing projects to Indian vendors such as Wipro, Cognizant Technology Solutions Corp., HCL Technologies Ltd, etc.

Work that can be outsourced to Indian IT/BPO Vendors include the maintenance and care of health records, conversion to ICD-10 coding, effective collection, management and use of information within healthcare systems, providing innovative healthcare technologies and applications that will help in delivering effective, efficient and low cost healthcare to the people. Indian Vendors have been providing medical coding and transcription services to US Healthcare providers for some time but the billing generated through medical coding is far less than the billing generated by Health care IT Systems projects. US Healthcare reforms will drive revenue growth for the Indian IT vendors in the coming future may be for next 10 years as the traditional strong vertical of Banking, Financial Services and Insurance vertical which contributes 50% of the revenues for the Indian IT Vendors is facing rough times since past few years and expected to face tough and volatile economic conditions for the next few years.

But the question arises whether Indian IT Outsourcing vendors have the necessary resources in terms of skilled professionals, domain experts, technologies and capabilities to service the US Healthcare providers. As highlighted by Jimit Arora, vice president at Everest Group Indian IT Vendors face a major challenges as they lack understanding of the domain solutions and are not familiar with medical terminology that will have  an impact on the ability to translate that into technological solutions and product offerings. But Indian IT Vendors are overcoming this challenge by acquiring the small medium players in the healthcare segment that offer niche product offerings and possess the necessary skills for the Healthcare outsourcing. All the major Indian IT Vendors TCS, Infosys, Wipro, HCL Tech have been eyeing acquisitions in this space since past three years and BPO vendors like Genpact have acquired companies in Healthcare space like Jawood.  But overall the fact is that there is a significant revenue opportunity worth billions for IT companies because of Obamacare and Indian IT/BPO providers are likely to get 40-50 per cent of this revenue.

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