You hear it everywhere today.
Transparency.
Lately you hear it in connection with news related to Wall Street.
After a big scam is announced you typically hear someone say, if we had more transparency we could have prevented this.
The consumer could have made a more informed decision and or the government could have protected the public.
Depending on the party of the politician you will hear them either push for more transparency for the consumer or investor or you will hear them push for more transparency for government regulatory committees.
I'll let you figure out which party wants what.
Transparency has also revolutionized the way chiropractic billing companies are doing business.
So what does it mean and why is there such a big push to for transparency today? First, what is transparency? Transparency is simply a more open way of doing business.
It is an open door policy between the investor and the company they are investing in or between the government and a company.
It is in a way saying '"come take a look at our books, processes, procedures, whenever you want to, we have nothing to hide".
Why is there such a big push for more transparency today? For one, during these tough economic times, there seems to be more fraud and less confidence from the consumer.
It is tough to say if there is really more fraud or if people are simply more aware of the fraud that t is happening.
Today, news is carried around the country and world at the speed of light.
At any rate, people are more skeptical and more informed than ever before.
People just want to know more before they purchase anything and are less trusting than they were 5-10 years ago.
In the case of the stock market, people really want to know how a company conducts business before they invest their hard earned money.
With a more informed public, there is also an increase in the amount of pressure politicians feel to "protect the public".
Transparency has become sort of a soap box for them to stand on.
Second, with the new advances in technology and the internet, transparency is possible in ways that were not available even 10 years ago.
Consumers are online, reading about the entire history of a company.
They have access to more financial data than ever before.
They can buy and sell stock with one mouse click and in some cases even from their cell phone.
With some online tools you can even tell your account to buy and sell based on certain market conditions while you are off doing something else.
Transparency revolutionizes the way medical billing companies do business.
Nowhere have I seen transparency more necessary than when it comes to outsourced medical billing companies.
With insurance carriers squeezing every penny they can out of the system and making billing more complex, it becomes less and less feasible for a doctor to do their own billing.
The biggest barrier to taking to leap from in house billing to outsourcing is the apparent lack of control the doctor will have over a company that is not onsite.
With the advances in technology, this is a thing of the past.
Billing companies are using web based systems to allow the doctor to enter claims directly into the system without a worry that the billing company is changing things, and at the same time track the claim through every minute of its life cycle with just a couple of clicks.
This even allows the doctor to see documentation of every conversation between the insurance company and the biller on any given claim, from anywhere there is internet connection.
Web based applications allow the doctor to see real time, dynamic accounts receivable reporting rather than the typical bi-monthly paper report that is impossible to read.
The same technology allows for better communication between the doctor's office and the billing company, decreasing annoying phone calls and faxes to the point of nonexistence The end result of this transparency is a change in the dynamic of the relationship between the billing company and the doctor.
Typically there is so much anxiety associated with outsourcing that as soon as a doctor notices any problem, they are ready to fire the company and return to their safe and familiar place of in house billing.
Then a few months go by and they are ready to outsource.
Eventually they have so many bad experiences outsourcing they decide to deal with keeping it in house even though it is less efficient and more management intensive.
They are stuck in billing purgatory.
With transparency the dynamic shifts to one of cooperation and trust.
Even when a mistake is made it is immediately apparent to the billing company and the doctor.
The doctor has more information at their fingertips then they could even have if they kept things in house.
The doctor is able to leverage the management experience, manpower, technology, and billing experience of the billing company while keeping control and getting back to what they do best, take care of patients.
Transparency.
Lately you hear it in connection with news related to Wall Street.
After a big scam is announced you typically hear someone say, if we had more transparency we could have prevented this.
The consumer could have made a more informed decision and or the government could have protected the public.
Depending on the party of the politician you will hear them either push for more transparency for the consumer or investor or you will hear them push for more transparency for government regulatory committees.
I'll let you figure out which party wants what.
Transparency has also revolutionized the way chiropractic billing companies are doing business.
So what does it mean and why is there such a big push to for transparency today? First, what is transparency? Transparency is simply a more open way of doing business.
It is an open door policy between the investor and the company they are investing in or between the government and a company.
It is in a way saying '"come take a look at our books, processes, procedures, whenever you want to, we have nothing to hide".
Why is there such a big push for more transparency today? For one, during these tough economic times, there seems to be more fraud and less confidence from the consumer.
It is tough to say if there is really more fraud or if people are simply more aware of the fraud that t is happening.
Today, news is carried around the country and world at the speed of light.
At any rate, people are more skeptical and more informed than ever before.
People just want to know more before they purchase anything and are less trusting than they were 5-10 years ago.
In the case of the stock market, people really want to know how a company conducts business before they invest their hard earned money.
With a more informed public, there is also an increase in the amount of pressure politicians feel to "protect the public".
Transparency has become sort of a soap box for them to stand on.
Second, with the new advances in technology and the internet, transparency is possible in ways that were not available even 10 years ago.
Consumers are online, reading about the entire history of a company.
They have access to more financial data than ever before.
They can buy and sell stock with one mouse click and in some cases even from their cell phone.
With some online tools you can even tell your account to buy and sell based on certain market conditions while you are off doing something else.
Transparency revolutionizes the way medical billing companies do business.
Nowhere have I seen transparency more necessary than when it comes to outsourced medical billing companies.
With insurance carriers squeezing every penny they can out of the system and making billing more complex, it becomes less and less feasible for a doctor to do their own billing.
The biggest barrier to taking to leap from in house billing to outsourcing is the apparent lack of control the doctor will have over a company that is not onsite.
With the advances in technology, this is a thing of the past.
Billing companies are using web based systems to allow the doctor to enter claims directly into the system without a worry that the billing company is changing things, and at the same time track the claim through every minute of its life cycle with just a couple of clicks.
This even allows the doctor to see documentation of every conversation between the insurance company and the biller on any given claim, from anywhere there is internet connection.
Web based applications allow the doctor to see real time, dynamic accounts receivable reporting rather than the typical bi-monthly paper report that is impossible to read.
The same technology allows for better communication between the doctor's office and the billing company, decreasing annoying phone calls and faxes to the point of nonexistence The end result of this transparency is a change in the dynamic of the relationship between the billing company and the doctor.
Typically there is so much anxiety associated with outsourcing that as soon as a doctor notices any problem, they are ready to fire the company and return to their safe and familiar place of in house billing.
Then a few months go by and they are ready to outsource.
Eventually they have so many bad experiences outsourcing they decide to deal with keeping it in house even though it is less efficient and more management intensive.
They are stuck in billing purgatory.
With transparency the dynamic shifts to one of cooperation and trust.
Even when a mistake is made it is immediately apparent to the billing company and the doctor.
The doctor has more information at their fingertips then they could even have if they kept things in house.
The doctor is able to leverage the management experience, manpower, technology, and billing experience of the billing company while keeping control and getting back to what they do best, take care of patients.
Source...