Medical Supply or Medical Testing Company

Although many experts speak of gloom and doom in the medical industry, the fact is that this industry keeps growing by leaps and bounds. Every year, the demand for medical services, medical testing (e.g. MRI Centers, Testing Centers, etc) and medical supplies keeps getting stronger. This trend is expected to continue as the population ages.

However, even though the growth trend looks good, running a medically related business keeps getting more and more challenging. In the past, doctors and medical suppliers could expect to get large and quick reimbursements for their services. Cash flow was reasonably easy to manage. However, Medicare, Medicaid and 3rd party insurance companies have put in place strict compensation guidelines. These guidelines can be summarized in two simple points: you can look to receive less money than before and you should be prepared to wait longer to get paid.

This creates a financial “perfect storm” for medical industry companies. On one hand, you are getting paid less and waiting longer for your money. On the other hand, your operating expenses remain the same or perhaps are higher. You still need to pay your employees and your suppliers. In almost all cases, this limits your ability to pursue new opportunities and grow your business. In some cases, it may even threaten your ability to continue to operate your business.

Is there a way to “fix” the cash flow problem?

If your business’s main cash flow problem is not being able to afford to wait 30 to 90 days to get paid by insurance companies and Medicare, then factoring your invoices could be the right solution for you.

The factoring proposition is very simple. Factoring is a way of financing, in which a factoring company provides you with advance payments based on your outstanding accounts receivable (or invoices). You get funding as soon as you invoice. The factoring funds it and waits to get paid until the insurance companies or Medicare pay the invoices.

Factoring has advantages over loans and lines of credit. First, factoring financing lines do not have arbitrary limits. The maximum amount of monthly financing is solely determined by your ability to invoice. If your business grows, your financing grows automatically. Also, factoring companies don’t require the same collateral that banks do, so new businesses or doctors’ offices can usually qualify easily.

How does medical work?

The process is fairly simple. Once an agreement is established with a factoring company, it works as follows:

1. Your office submits your weekly (daily or monthly) billings to the insurance company and to Medicare/Medicaid. (note: sometimes this task can be handled by the factor on your behalf)

2. Your office sends a copy of the billings to the factoring company.

3. The factoring company advances you up to 85% of Net Collectables within 48 hours. Funds are sent by wire or direct deposit. The remaining 15% is called a “reserve” and used to settle billing discrepancies at time of payment. This is returned to you once the invoices are paid.

4. The factoring company waits to be paid by the insurance company or Medicare/Medicaid.

5. Once the factoring company is paid, they settle out the transaction and rebate you the remaining 15%, less their fee.

Important Role of a Good Houston Medical

Who does not want to feel healthy? In certain medical cases, your doctor or your surgeon might insist that a medical device needs to be surgically implanted in your body for better functioning and a healthier lifestyle. However, in certain cases a faulty medical device can further increase your injury and double your pain.

Reasons why a medical device affects you adversely
– Insufficient testing i.e. the product has been tested only on a select group of people before releasing it. In such an event it is highly likely that while the device finds favor with certain people it is highly unsuitable for others.
– Design Defects – some devices end up malfunctioning due to a design defect.
– No instructions or warning on labels – it is mandatory for medical device manufacturers to list out any side effects or risks involved in implanting the device. Similarly it is imperative that all medical devices come with precise instructions. The absence of such instructions or warning can cause severe side effects owing to misuse of the said medical device.

The occurrence of such an event not only adds to your pain but also adds to the medical expenses involved in undoing this damage. This could happen to FDA approved medical devices as well. The FDA has a right to recall medical devices proven faulty.

What a Medical Device Attorney Houston can do?
A medical device attorney can help you claim serious compensation from the manufacturer of the medical device. It is the responsibility of the manufacturer of a medical device to check the device before making it commercially available. Every medical device has to have clear instructions on how the device functions and has to list out the side effects if any. If you are facing a severe medical situation because of the malfunction of a device, you must hire a medical device attorney Houston.

A good medical device attorney Houston will:
• Review your case thoroughly and tell you whether your situation is a result of negligence of the manufacturer,
• answer all your question pertaining to the claim,
• will know how the medical industry works and will have sound knowledge on how to build a strong case,
• will coordinate with the supplier of the medical device and cross check all witness statements,
• will coordinate with medical centers, hospitals, doctors and therapists to get a right estimate on the expenses involved in your medication and care,
• Will ensure that the manufacturer of the medical devices compensates you well enough to cover all your financial requirements.

Just because you have been a victim of a faulty medical device, it does not mean you are stuck with more medication and piling medical bills. With the help of a good medical device attorney you can get some serious compensation which can help you through this traumatic phase. It is the responsibilities of the manufacturer to quality check all his products before making them commercially available. In the event he has failed to do so, the law can see to it that he compensates the injured part accordingly.

Medical Coding Transcription

The diagnoses and actions are normally taken from a mixture of sources within the medical record, it is normally from any of the following,

· transcription of the doctor’s notes

· laboratory results,

· Radiologic results and other sources.

If one is in career of Medical Coding Transcription they deal and handle confidential papers which are important to keep the clients happy.

Many people have made their career in Medical coding transcription, and undoubtedly it proves to be one of the best options as careers. It has given them really good returns.

As mentioned earlier Medical Coding Transcription , is to translate descriptions of diseases, injuries and other conditions into numeric or alphanumeric codes which facilitates in having an effective medical billing procedure.

Health care professions are really benefiting by outsourcing medical transcription reports and medical coding work to firms who are specialist in handling these services effectively and efficiently. As a doctor or physician outsourcing these services to an expert is the right decision which should only be taken after doing a good research on the available options.

The medicals coder and the billers are responsible for reviewing and creating medical records for documentation supporting; they also assign a specific code to a medical condition for better understanding and for future reference.

Error free medical code helps everyone from doctors, clinics and related health-care organizations to get paid faster and better. Most of the medical support services have complete domain awareness, which helps them in providing wide-ranging services.

Medical Coding Transcription includes tens of thousands of service codes, and dozens of modifiers, along with the rules on how they must be used. It serves a number of reporting and data-gathering purposes for public health professionals and is also necessary to billing for patient care services. Almost all the Insurance companies use this data for risk valuation and best calculations.