Denied claims are very common in this industry, and they are far more costly than many are aware of. For example, health insurance denied claims equal over $262 billion annually. In addition, 27% of all denied claims in this sector, equating to over $70 billion, result from errors at patient registration during insurance processing. To put this into perspective, this $71 billion is 1/60 of all healthcare spending in the United States, and is more than the annual Medicaid expenditures in nearly all of the US states. These numbers more than illustrate the need for improvements in order to save money and valuable assets.

There are several contributors to these shortcomings of the industry, all pointing back to the general limitations of the traditional methods we currently rely on. Most existing OCR solutions to insurance processing cannot identify insurance information that is not printed on a physical insurance card. This excludes the ability to process any digital cards, which have become the norm in this digital age. More and more patients are downloading their cards online for ease of use, which eliminates the ability for scanning and processing with technology. In addition, some providers like Medicaid, Blue Cross Blue Shield, and Medicare do not even print payer IDs on cards, which means that human intervention is then required. Not only is this inconvenient for busy providers, but it also requires highly trained individuals to be put to work. This expertise, once obtained, is slower than the capabilities of technology, and leaves more room for potential error.

Traditional insurance capture is prone to error due to the large amount of human intervention that is required to complete the process. For example, 19.3% is the current average error rate among all health insurance in the United States. When put into the perspective of the sheer volume of insurance plan holders in the country, this percentage can be seen as detrimental. On top of these limitations, there is also the problem of locality that plagues many insurance companies. Many large providers have state, local, and ZIP claim processes that require one to select a specific locality. This process requires a knowledge of several pieces of information that may be difficult to obtain. When one fails to properly identify and provide this information, a denied claim is likely, costing the holder and company time and money.

Without technology, there is no way to completely eliminate pitfalls like misidentification, incorrect data entry, or any inaccuracies throughout the process. It is for these reasons that experts are working on a new and improved way to carry out these processes. An AI-powered solution is in the works, processing insurance like a human without the chance for error. The new technology is an insurance card reading artificial intelligence model that is trained on thousands of insurance payers and hundreds of thousands of plan types. This works in tandem with advanced algorithms that validate information and important details in less than seconds. This program would be able to identify plan details as well as pharmacy insurance details in real time, making this the most advanced model of its kind.

The benefits speak for themselves, as what traditional methods could do in minutes, AI can do in seconds. In addition, every reworked claim due to errors costs providers an average of 25% per claim. However, AI can save up to 80% for providers with this new reliable technology. Artificial intelligence is easily trained to remain up to date with new needs, while medical staff may have limited experience or need time to become knowledgeable. Finally, there is no need to worry about human needs like employee burnout or turnover. Artificial intelligence can help alleviate workload and improve the quality of work amongst human staff.

There is no doubt that the future is bright for the insurance industry. Despite the current lack of modernity, there is hope in early developments of a more optimal alternative. While old methods may be inefficient, slow, inaccurate, and tedious, new technology has the power to move at greater speeds and with less error than ever before. Gone are the days of denied claims and costly mistakes, as the industry welcomes artificial intelligence as the new most important player in insurance processing. 

The post Moving on From Traditional Insurance Processing with AI appeared first on SiteProNews.

Each year, billions of products and consumer goods are sold and purchased through Amazon. In fact, last year alone, American-based sellers sold more than 4.1 billion items to customers across the world, averaging more than $230,000 in sales per seller. 

Clearly, there’s money to be made online. However, for many entrepreneurs and sellers starting out, getting their foot in the door is often met with unforeseen challenges and obstacles. 

Fortunately, many experienced sellers have already gone through the process of selling on Amazon and have picked up a few things along the process which they can now share with someone like you ready to take your business to the next frontier. 

An Entrepreneur’s Guide to Selling on Amazon 

Starting a business can be quite challenging. Although in today’s technologically-driven world, where we are constantly connected to the internet, and consumer buying trends have shifted more towards online shopping, building a digital store on Amazon can be effortless with the proper guidance. 

Building a brand reputation, and continuing their father’s legacy, Dusty and Peter McMullin of Sibu Sea Berry Therapy, a specialty supplement and functional food company are now hoping to advocate for the widespread adoption of Sea Buckthorn Oil, after recently launching a new specialty natural Omega-7 supplement. 

More than this, they’ve noticed that by helping customers understand the importance of supporting companies that are more transparent and authoritative, consumers will often become more informed about the products and services they pay for while having access to better quality items and customer service. 

Selling on Amazon means that brands can establish a more dynamic online reputation, tapping into new markets, and leveraging different opportunities while scaling their business. 

Ready to sell on Amazon? Well, let’s hear from the experts on how novice entrepreneurs can get started. 

Create an Amazon Business Plan

Peter advises new sellers and entrepreneurs that the first step to selling on Amazon is to create a business plan that highlights all your objectives and forward-looking goals. 

“Selling on a platform such as Amazon doesn’t come without doing your homework first. Be sure that you have a well-detailed business plan, and budget, that allows you the opportunity to optimize your sales and provides you with the flexibility to make changes as you scale.” 

Peter is President of Sibu Sea Berry Therapy, a company that his father, Bruce McMullin founded in 2004. 

Your business plan should include things such as market research; a customer persona; a budget to pay for monthly subscriptions and transaction fees; competitor analysis; types of products you’re going to sell; and other relevant business activities. 

Conduct Thorough Product and Market Research 

There are millions of products available on Amazon, in fact, some statistics estimate that there are more than 350 million products cataloged on Amazon. While more than enough people are willing to buy all of these various products, keep in mind that you are directly competing with other existing brands and companies that already have an established presence and clientele. 

Conducting product research helps you find similar products to yours, and allows you the chance to make adjustments or improvements. Next, you will need to research your potential market, to see whether or not there’s a need for another product such as yours. 

Dusty, Vice President of Operations at Sibu says, “These are two critical steps any entrepreneur shouldn’t overlook. While you may already have a business up and running and have seen an increase in product demand from nearby customers, knowing what the marketplace looks like will help you navigate certain challenges more effectively.” 

Conduct Supplier and Inventory Assessment 

If you’re planning on working with a supplier or wholesaler, make the necessary arrangements that will ensure you constantly have access to various supplies, and that there are no delays for your orders. 

Similarly, ensure that you have enough inventory to sustain your first few weeks on Amazon. You will need to have enough inventory to meet both the demand from your Amazon buyers and if you have an online store somewhere else. 

“Effective inventory management is critical,” tells Dusty. “You don’t want to find yourself having a delay in deliveries, due to a backlog with your supplier, nor do you want to be in a situation where you don’t have enough stock to meet customer demand.”

In a similar vein, you don’t want to have too much stock on hand. Having excess stock, that you’re unable to sell, means that you are operating against a loss, as you will still need to pay your suppliers, and meet other financial obligations.

“Make sure that you have enough stock to last you at least a month. Throughout this time, assess how sales are fluctuating, and place orders based on precise estimates,” says Dusty. 

Understand Amazon’s Cost Structure and Subscriptions 

By now you’re already aware that Fulfillment by Amazon allows you to set up a seller account with Amazon, allowing them to stock your products, fulfill orders, and provide customer service to clients. However, this does mean you will be required to pay for various fulfillment and management fees, including transactional fees on products. 

Before creating an Amazon seller account, be sure to have gone through their account options and the various cost options. Each account is relatively similar, with differences in monthly subscription prices, and transaction fees. 

Peter says that although a more expensive account will provide you with more attractive benefits, try and start with something more affordable, at first. “You can always upgrade your seller account, and besides, you will need to calculate these additional fulfillment costs into your sticker price.” 

Keep in mind that fees can change depending on the volume of products you require to be stored by Amazon, there are referral fees that can be charged to your account. Make sure that you have a firm understanding of all these involved costs before opening your online store. 

Create a Marketing Plan 

As we’ve already mentioned, there are thousands of sellers and millions of products available on Amazon. Listing your products isn’t enough, you will need to have a robust marketing strategy that will help direct customers to your products or find innovative ways to make your product stand out against other competitors. 

“We’ve learned that by being consistent in all our marketing efforts, customers remember our brand and the type of quality products we sell. More than this, continuing our father’s legacy has also meant that we can build on his knowledge and experience, and provide customers with the service and quality they’ve come to know over the years,” says Peter. 

Having a marketing plan becomes more important as your business begins to grow, however, already having a presence on social media or other digital platforms will give you an edge against your competitors. 

Read Customer Reviews and Engage 

One of the many benefits of Amazon is that customers can leave you reviews on your product, helping to inform other potential clients about their experience with your business and the products you sell. 

However, this doesn’t mean that you will always have positive reviews on all of your listings, and you are bound to have a few negative reviews that will make you want to question your abilities and products. 

According to Dusty, “One bad review holds more weight than one hundred positive reviews, this is the unfortunate reality. Nonetheless, resolving these grievances is critical to your business, as this will reflect directly on your brand image, and show other potential clients how you deal with a negative review or statement.” 

Engagement is an important step in selling on Amazon. Customers want to feel that they are valued and that they are being listened to. Yes, there will be things that you can’t control, however, it’s important to consider how you react to these events, and what strategy you will take to resolve any problems that reflect the type of business you’re trying to build. 

Evaluate Progress and Optimize 

Finally, be open to making changes by optimizing your value chain. Sure, in the beginning things won’t go as planned, and you will run into several mistakes, but these are all opportunities through which you can make improvements. 

“When we first started selling online, we encountered multiple mistakes and pitfalls that landed us in hot water, but this is part of the business process. How you overcome these challenges, and correct these mistakes is all up to you,” says Dusty. 

As your business begins to scale, you will realize that some products are more popular than others, which means you can either lower the price or completely remove it from your offering. Maybe you notice that some of your clients live nearby, and that allows you to deliver faster, instead of having them order through Amazon. 

Changing, and finding a consistent flow are all part of the process. “You won’t have everything figured out from the very start, it sounds daunting, but you will notice that some things work for your business, and other things only cost you more money than what it generates. Don’t be afraid to make an executive change,” advises Peter. 

Wrap Up

Ready to sell on Amazon? Well, you might feel that there is more you can learn, however, the best way to learn is through doing. While it’s advised to always read up as much as you can before putting it into practice, remember that as a business owner, you will need to take risks to tap into new opportunities and establish new ground rules that allow you to make more informed decisions.

The post A Compressed Guide To Selling On Amazon by Two Second-Generation Entrepreneurs appeared first on SiteProNews.

The first step is having a very clear objective and plan. There should be a reason for the quality survey being conducted, not just a random assortment of questions. Once a reason is established a few key questions have to be answered. They are as follows. One, who is going to be taking the survey? Two, where are they going to take the survey? Three, what is going to be asked on the survey? And four, when is the survey going to be taken?

It’s only when these questions are answered that one has a strong foundation to build from. A strong plan makes the physical process of conducting the survey much easier. It also makes pivoting to new questions, locations, or times more easy to justify. Now with a plan established, the second step can begin.

The second step is all about the physical creation of the survey. A plan is the outline, but now the questions need to be specifically and consciously created. Even when one knows the types of questions to include, this is challenging. Asking the right sort of questions is a big issue a lot of surveys face. There are countless easy mistakes to make. For example, asking leading questions. 

A leading question influences the participant to answer a certain way. This can be as simple as the question “How much do you enjoy using this product”? The question is simple, but it assumes that the product was enjoyed at all. A more neutral question would simply ask the participant to rate the product. Other examples of common mistakes are loaded questions and questions requiring more than one answer.

Now if all mistakes are avoided in the second step, the third step is simply execution. There’s some wiggle room here depending on how serious a survey is. Surveys large in scope should consider testing the survey and seeing how it works in action. This helps to ensure the questions make sense and that things run smoothly.

Although for most execution will simply mean opening the survey and doing some early analysis. The way data is collected is important in conducting a survey, so each survey should tailor collection to its needs. And that leads us into the fourth and final step of survey creation, analysis and reporting.

There are two components to this step, each equally important. Analysis is where everything comes together within the survey. Now that the data is collected it is vital that it is interpreted correctly. To do this knowledge of statistics and general analysis is strongly recommended. For anyone lacking these things, there are companies aimed at helping explicitly with analysis. 

It’s important that every step in analysis is handled with care. Anything from exporting files, to doing the right tests, to reporting the right numbers is essential. Speaking of reporting, the second half of this step is where the survey becomes useful. Even if everything else went well, from planning to analysis, it’ll be useless with poor reporting.

Some easy tricks to ensure reporting is effective is keeping things simple, and reporting visually. There’s nothing more understandable than an effective chart. Ensuring that the people seeing the survey results understand it is essential to change. Of course not all surveys are aimed at change, but even for general informational surveys, make it accessible. 

Following all four of these steps there should be no problem creating a useful and effective survey. There will always be unforeseen issues and mistakes, but these steps help to minimize those. And for anyone who feels these are overwhelming, use a service which helps the process along. Companies like IncQuery will code the questions and handle analysis. This gives the creator creative control but outsources the more practical elements.

If even that sounds like too much responsibility, there are companies which will create the entire survey. For those all that’s required is some input, then they’ll create a finished product. Of course that doesn’t mean changes cannot be requested, it’s just a much slower moving and indirect process.

Regardless, for anyone creating a survey, even to those outsourcing, remember these steps. Surveys are a great tool for insight into any specific community, company, or population. They truly can be easy, but that doesn’t mean they’re effortless. Making sure they’re handled properly and are doing what’s intended is just a necessary part of their creation.

See the Full Infographic.

The post How to Properly Do a Quality Survey appeared first on SiteProNews.

What can be surprising is exactly how popular they are today. Subscription model based companies are growing 3.7 times faster than the S&P 500. They’re quickly becoming an undeniable economic powerhouse. What this equates to, at the end of 2022, is 225 million subscriptions. When there’s only 61 million subscribers that creates an average of over nearly four subscriptions per subscriber.

These are staggering statistics. It seems that once subscription models become a part of one’s life, it becomes increasingly more common. Why is this though, what’s the appeal of subscription based models? First and foremost, they’re cost effective. Subscriptions have the unique perk of paying more now to pay less later.

This explains why subscription models aren’t expanding to everyone in the U.S. The reality is that it’s not going to be affordable to everyone. Even if it is cost effective, it’s still costly at the moment of purchase. Another big reason why subscription models are appealing is because of their convenience. 

In fact, that’s the biggest appeal of subscriptions today. Every single popular subscription relies on this as a factor. Netflix brings more movies quicker than individually searching them out. Amazon Prime offers faster shipping for cheap. Unique novelty subscriptions like BirchBox just arrive at the doorstep, no work required. Even DoorDash and Instacart are providing things as basic as food more conveniently and quickly. 

This convenience factor is a big part of why subscription models are starting to expand. Even as the cost effectiveness of subscriptions starts to drop, the convenience is just undeniable. The cherry on top of it all is how predictable subscriptions are. The payment is consistent, both in terms of amount and time frame. Using subscription models helps to make budgeting consistent and easy.

Another factor helping subscriptions boom are the new innovations being made. Now subscriptions aren’t just a monthly or yearly thing, they can be based on use. There are a few examples of how this can work. Replenishment models wait for something to run out before instantly providing more. This is helpful to reduce waste and to reduce prices. Meanwhile simple usage models will tailor the price to how often the product is used. This ensures that every dollar is clearly attached to something, but can be more pricey. 

In practice all of these factors make subscriptions massive today. In particular, younger generations love subscription services. Convenience is a more highly valued commodity the younger the generation. Almost 40% of millennials are buying subscriptions, whereas that number plummets to below 10% for baby boomers. Gen Z, still being so young, has a lower percentage than millennials, but it is predicted to grow. 

Finally there are two other factors which have been helping to skyrocket subscriptions. These are more extra credit than anything, but are still relevant to understanding subscriptions today. The first of these is the influence of the pandemic. During the pandemic subscription services were growing at an unpredictable rate. The hands-off and predictable model that subscriptions offer was very desirable in such an uncertain time.

Of course this effect has lessened as the pandemic moves further away, but it’s still a proof of concept. Subscriptions are safe, practical, and accessible. There’s one last factor missing from this equation though, one thing which brings it all together. Subscriptions, in their various forms, are fun.

While the convenience and the effective pricing are nice, for many consumers they just appreciate the novelty of subscription models. There’s something appealing about a randomized box that arrives every week. Buying a set of razors at the store just doesn’t have the same appeal as Dollar Shave Club does.

Subscription models are well marketed, trendy, and fun. This is a big part of why subscription models are moving into so many new spaces. There’s now plant subscriptions, science subscriptions, hunting subscriptions. Nowadays it doesn’t even have to make sense as a subscription because it can just be fun.

And those are the forces causing the rise of subscription based models today. There’s no assurance that this will last indefinitely. Perhaps they’re just trendy right now and soon enough they’ll be seen as outdated and impractical. Although looking at the data, that really doesn’t seem to be the case. There’s something appealing about subscriptions, or as has been discussed, a few appealing things.

They’re not for everyone, and they’re not going to replace every market under the sun, but they’re here to stay. After all, even if the novelty goes away, Amazon, Spotify, and Netflix really aren’t going anywhere. Certain industries really are tailored to a subscription based model. Now what’s left to be seen is which ones are immune to the appeal.

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Leaders worldwide have different styles and can benefit a team in multiple ways. A strong leader can motivate the team in difficult times, reach the desired goals and boost team morality and productivity.

Many might argue that leadership is a skill that only a few possess. Zippia says only 10% of U.S. managers are seen as leaders. This leaves employees a small opportunity to work and grow with a business leader. 

There are a variety of benefits that every benefit can access by simply providing a platform for managers to become leaders. The average manager can become a great leader using online courses and training sessions to change their mentality and mindset.

Why Motivated Staff Is Crucial

A motivated team will provide better results at a higher rate, leading to business and employee growth. Motivated staff will take the initiative, make quick and confident calls, and will be able to create innovative and creative solutions to many upcoming problems. 

While many argue that employee motivation lies with the individuals themselves, strong leaders will take the burden on their shoulders to motivate and encourage their employees to reach the possible heights within the company. 

There are multiple methods that leaders can use to improve and grow company culture. This will lead to an increase in motivation and a boost in morale which will provide excellent results for the company. 

How to Boost the Staff Morale

Every leader will have their methods to motivate and encourage their team. These methods must, however, fall inside the company policies and should be communicated to the entire team at all times. 

Working from Home

Providing the team to work from home at least twice a week will increase productivity. The individuals will have the freedom to complete the tasks at home. The aim here is to give individuals freedom and an opportunity to learn how to manage themselves. 

Working from home can be rewarded once the team or employees achieve their weekly goals or tasks. The one day they receive will provide them with a great sense of achievement, and the entire team will pursue the reward, boosting employee motivation and morale. 

Preventing Burnout 

Strong leaders will have the knowledge and skills to balance work and personal life perfectly. The leader will use a variety of rewards, such as working from home or half-day working days, to ensure that every individual obtains the necessary rest they need. 

Nearly three out of every five employees experience the negative impact of work-related stress. This leads to demotivated, uninteresting, and need more energy among employees. This will leave more than half of the workforce underperforming and not finishing the tasks and objectives handed to them. 

A good leader can identify employee burnout or create a safe company culture where employees can raise their voices when feeling burnout. 

Company Culture

Company culture refers to the rules, regulations, and methods of obtaining success within the business. Company culture is how employees view their tasks and how the entire team views the goals and direction of a company. 

In the current era of the millennials and gen z taking the workforce by storm, companies must identify critical areas within the business that will provide a healthy and exciting company culture.

According to daily business news, company culture will increase employee retention, allowing Gen Zers to grow. These individuals emphasize their occupation satisfaction over their salary expectations. 

Incentives 

Incentives are another reward system that will motivate employees to reach their objectives. These incentives will be provided to a team or employee when they achieve set goals or a group of tasks the leader supplied. 

Incentives can be financial or non-monetary. Monetary incentives such as financial bonuses or gift cards are great rewards that motivate the team to complete specific tasks. Non-monetary and traveling incentives will create a robust competitive culture within the group. A destination that every employee desires to visit, all expenses paid, will boost the employee’s morale and productivity. 

Incentives can save the company money and increase sales. A simple reward in front of other employees can build a strong culture allowing the leader to lead and guide every employee under them to greatness within the company. 

Final Consideration 

A strong leader can motivate, encourage and lead a team from the front. The manager will have the necessary skills and knowledge to ensure that the team is inspired to increase their productivity and ability to complete tasks that will create a healthy company culture. 

The leader will use various methods, such as monetary or non-monetary incentives, as a reward system to ensure that the team has goals that will provide the employees with a target to work towards. 

Leaders are made. Companies can use education, training, and other platforms to build strong leaders to lead the business to a highly successful company. 

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