All posts by hesty

Process ACH Direct Deposit Payments Online With an ACH Software Solution

If you would like a quicker, more efficient and cost effective way to process payments online for your business, then you should look into setting up an ACH direct deposit processing payment solution. ACH direct deposits offer a better way to transfer, credit and debit funds to and from your client’s bank accounts with ease.

If you are not familiar with ACH is, then here’s a little explanation:

The Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of both credit and debit transactions which are originated in batches.

Some of the most popular ACH payments include:

  • Direct Deposit of payroll, Social Security and other government benefits, and tax refunds
  • Direct Payment of consumer bills such as mortgages, loans, utility bills, insurance premiums, and other forms of online bills
  • Business-to-business (B2B) payments
  • Electronic checks (e-checks)
  • Electronic Commerce (e-commerce) payments
  • Federal, state and local tax payments

As you can see, ACH can be used for just about any type of payment transaction that may need to be processed online for your business. Not only is ACH versatile, but it’s also more cost effective than accepting credit card payments or even submitting payments through snail mail because you can submit payment for less than the cost of a stamp – plus you don’t need an envelope and don’t have to waste time to write the check, put it in the envelope and mail it out.

Here’s a few more benefits:

  • It’s quick – your money is where it’s needed in just 10 minutes
  • It’s convenient – because all businesses have a bank account, it’s easy to transfer to and from with ease.
  • It’s available to everyone – you don’t need a bank account or credit card.
  • It’s easy – after you’re setup, the rest is a piece of cake.
  • personal – you can add a complimentary 10-word message with each payment.

Setting up an ACH payment solution for your business, using some type of ACH software and integrating it with your website or back-end payment system, would be a great way to save time, money and streamline your business in many aspects. There are many ACH software solutions but I highly recommend finding a company who would completely automate the entire process for your business.

My company, Hudson Horizons, developed our own automated ACH software, which we easily integrate it into the back-end of our client’s website administrative sections. This provides our clients with the ability to easily credit or debit ACH transaction payments to and from their customers in a matter of seconds.

Also, for those businesses that need to submit bulk payments at once, we’ve developed an ACH batch processing payment software that allows our clients to submit batches of payments in minutes, completely streamlining their bulk transactions and reducing the overall lifecycle of their entire payment process.

So as you can see using an ACH payment service or integrating automated ACH software solution can be highly beneficial for your business. I’m very pro-ACH not just because my company has developed our own ACH payment software but also because I use it for my business and it saves us thousands of dollars a month and could definitely do the same for yours.

Process ACH for your business is the future of online transactions and will continue to be the way we accept and process payments online for many years to come. Do your business a huge favor and look into an ACH software solution today.

Software Solutions – Winning the Technology

Intense financial pressure from the five year consumer price index (CPI) freeze, competitive bidding, FEHBP-based reimbursement cuts and the overall fallout from the Medicare Modernization Act has forced providers to have to find new ways to operate more cost efficiently. The resulting falling margins and the emergence of larger competitors, means that providers have to cut costs, to compete more effectively in the health care industry today.

Cost “savings” has traditionally come in various forms. Anything from negotiating better prices with vendors for products; reducing interest to banks by improving cash flow and thereby reducing dependency on loans; improving productivity resulting in the need for less staff; have positively impacted the bottom line for most businesses. However, in today’s competitive marketplace, this may not be enough.

Companies in various industries have faced similar challenges to their very survival, not unlike the challenges facing many HME and Infusion providers today. In many cases, companies have more than survived; they have prospered by taking advantage of their circumstances and reinventing the way in which they conducted their business. Their solution? The proper implementation of new technologies, including both hardware and software solutions, results in improved productivity through more efficient utilization of personnel, better cash flow and control over inventory, development of new product and service offerings, and a more responsive level of customer service. In fact, The New York Times recently reported a study that showed such substantial productivity gains from computerization, that it is sited as being the major reason for the dramatic reduction in the need for middle management. The success of Federal Express, Dell, and Jet Blue, to name but a few, are examples of companies that were willing to make substantial investments in technology and saw a considerable return on investment, including the ability to rise to a level of industry leadership.

While most health care providers have firsthand knowledge of the positive impact of technology on patient care, they have generally failed to make a similar investment in their own business. For example, many of the products available to patients in the home healthcare market, by manufacturers of medical equipment, provide self-diagnostic capabilities, enabling patients to be more knowledgeable and involved in their care, and directly reducing labor cost for employees to manage and maintain equipment. A home health care provider may point to their glorified billing software as an example of their innovative use of technology, but have the majority of their staff still pushing paper from one department to the next, lengthening DSO and reimbursement timeframes.

In health care, the average investment in information technology, including both computer hardware and software, is only about $3,000 annually per employee, compared with $7,000 per employee on average, for private industry and nearly $15,000 per employee in the banking industry. There is an important lesson to be learned from these statistics, particularly as we have seen in other industries. Emerging leading players in health care will, and in fact are, already willing to take advantage of all that technology has to offer. Their success in doing so will come at the expense of other providers who fail to compete at this level. My own experience from leading technology-based companies for more than 25 years is that small and mid-size companies will argue that they are not in direct competition with the bigger players, and perhaps in the past that was true. Today technology makes a considerable difference, regardless of the size of the company based on number of staff and revenue. In the computer industry, manufacturers sold product to wholesalers, who sold to resellers called dealers or retail stores, who in turn sold the product to the end-user. Most resellers were not threatened by the emergence of manufacturer direct product sales to the end user. Industry leaders argued that it was of no concern, and that they would fail as this is a “personal business” requiring direct contact with the customer. Some kid out of Texas with a company called Dell proved them wrong! The point is, today it is difficult if not an outright mistake, to make decisions based on the past. Technology has proven to be both a survival tool in the ever-changing business environment, as well as, a necessity to compete against the largest players within any industry.

So how can HME and Infusion providers begin to analyze what they need from a technology perspective and ultimately benefit from the technology they choose to implement? Proceed by looking for inefficiencies in your operational processes and then identifying how you might improve your services. Follow the paper. Chances are your staff is spending a lot of time shuffling paper around, doing redundant work, utilizing multiple systems that are not integrated and searching through file cabinets in their daily operations.

After evaluating your operational needs, problems and inefficiencies, imagine a different kind of operation. Your resources are allocated more efficiently, freeing up staff to take on new tasks, customer service is improved, resulting in a higher level of patient satisfaction. Overtime is reduced, thereby reducing payroll costs. Your DSO and denial rates drop, and virtually all of your Medicare, Medicaid and Commercial claims are sent electronically, improving timely filing for reimbursement and cash flow. “Incomplete” orders and unclean claims are intercepted, before going out, reducing the time consuming and expensive process of resubmitting claims or redelivering equipment, supplies or drugs. CMNs are sent to the doctor electronically, reducing turn around time. Documents are accessible from within the electronic patient record, eliminating the flood of paper and associated inefficiencies. The business is growing and instead of hiring new employees just to keep up with the workload, your existing staff is able to handle more volume resulting in higher profits.

The next step is to meet with the leading software vendors to see what functionality they offer that will provide true benefit and successfully support your new and more efficient business processes. To help in this endeavor, the list below will serve as a starting point, showing the functionality/feature to look for in a new system, and the potential benefit of that functionality. Remember, you may find that multiple systems are needed…one for billing, another for document imaging, a third for bar coding, etc., but ultimately one integrated system will produce the maximum efficiency. In addition, an integrated system will eliminate technology vendors pointing at each other when there is a problem, as well as, most likely be the most cost effective solution.

General Automation Features & Benefits
* Automated scheduling features for recurring orders – Eliminates the need to continuously hand enter recurring supply and equipment orders
* Document Imaging & Storage – Eliminates time wasted researching for documentation in file cabinets and improves overall communication and efficiency of operation
* General Ledger Export Feature – Eliminates the time required entering data into the G/L without re-keying
* HL7 Compliant Com Object Features – Allows for interface to hospital and other health care systems…eliminating dual entry of data
* Bar Code Module – Reduces incidence of theft of products, controls inventory costs and captures delivery information at the patient’s home, virtually eliminating the order confirmation process
* Integrate with mapping software, i.e. – Microsoft MapPoint – Improves efficiencies of your dispatching operation
* True Point of Sale module for retail operations – Allows for the management of data for products pricing and inventory in one place, at one time
* Point of Care Module – Captures patient clinical data in the field, eliminating re-entering the information

Specific Operational Automation Features & Benefits
* Billing Hold functionality, including user defined reasons for holding claims – Prevents billing unclean claims
* Generation of purchase order requests right from order entry – Avoid inventory requirements from falling through the cracks
* Equipment Maintenance Tracking – Know where your high-cost assets are at all times and schedule Preventive Maintenance
* Driver Manifest Generation – Set delivery work time, schedules for drivers
* Collection module with automated triggers for follow-up – Allows for timely follow-up and re-filing of claims for more prompt payment
* Transaction Transfer capabilities – Ability to globally move billing records from one carrier to another in the event that patient insurance has been changed, eliminating the need for multiple adjustments and re-entry of revenue

Data Measurement Features & Benefits
* Integrated System with industry standard database i.e.-Microsoft SQL – Allows for access to your data in an open format for extraction, management and reporting
* Integrated patient database – Allows access to all patient information from one place
* User-defined required fields – Allows for user customization in collecting data that is important to your organization and business goals
* Integration with third party products such as Crystal Report Writer, Cognos, etc. – Reduces time needed to create specific, user-defined, management reports

Avail Banking Software Development Services for High Performance and Customizability

There is stiff competition in the banking and finance industry due to the overall change in the accounting regulatory requirements and economic conditions. The industry greatly banks on its information systems and modern technologies. Thus a lot of investments are being made on procuring, upgrading and maintenance of data, systems and infrastructure to aid financial institutions increase their operational efficiency.

Gone are the days when archaic paper based methods were in practice. In order to stay competitive, banking and other financial organizations require a system that can manage and organize data regarding huge number of customers, employees and other confidential documents. This has soared the need for sophisticated banking software that can support accelerated business processes while driving profitability.

Banking software development is critical to ensure customer satisfaction and smooth administration of business operations. Apart from this, other innumerable benefits of utilizing banking software development services include augmented speed, flexibility along with the worth of products and services offered to the customers.

These days, many IT firms offer advanced banking software solutions that have allowed banks and other financial institutions to offer efficient technology oriented avenues to customers. For instance internet banking, ATM’s, secure online payments etc. that has excluded the concept of traditional branch banking.

Today, there are many banking ‘software development companies’ around. Locating the best banking software development company can be a challenge. A professional software development firm can develop software’s that can ideally meet the needs of organizations while augmenting customer satisfaction.

Additionally, a reputed firm can help redefine your banking business by providing effectual, best-practice workflows supported by some of the leading-edge business management systems, such as accounting systems, customer relationship management software, risk management system, data analysis software etc. In other words, software products offered by such firms are of highest possible quality and can be availed at the lowest possible cost and risks.

With such high-end banking software solutions in place, your business management processes become more transparent, and manageable. Additionally, software development services offered by professional software firms can minimize possible risks and increase the probability of success. This is due to the use of state of the art application development technologies and tools.

Services offered by a professional development firm can assist banks and other financial institutions to offer a safer, secure and quicker banking experience to its customers. So, hire the services of a firm that can sufficiently meet the needs and requirements of your institution.