Healthcare payers are in the midst of unprecedented transformation as rising healthcare costs, changing patient demographics, stringent regulations, and empowered consumers push for a smarter and more efficient healthcare system for tomorrow. However, the biggest concern for the healthcare providers is mismanagement followed by ineffective cash collection practices at physician offices and other smaller hospitals. The physician groups and individual medical practitioners have traditionally been focused on patient billing and have been unable to implement effective financial controls across their revenue cycle leading to revenue leakages.
President Donald Trump has signed into law the most extensive overhaul of the US tax code in nearly 30 years and it’s arguably the most significant legislation of Trump’s presidency. But for small and medium businesses (SMBs), across various industry verticals such as Automotive, Healthcare, Manufacturing, Not for Profit, Restaurant, Technology and Retail, the pertinent question is, how can they leverage this tax reform to their advantage?
In this blog, we will explore three critical actions that SMBs should take to stay on top under the new tax landscape
In today’s highly competitive world of business, optimum utilization of time plays a vital role for a business’s sustainable growth. Considerable time of SMB owners is consumed in Payroll processing, managing cash flows, getting customers pay on time, keeping the costs down and increasing their profitability. As a result, there is no time to focus on the growth of their business. To thrive in a world where seemingly everyone is a competition, it is very important for a business to be dynamic. SMB owners need to wear multiple hats to manage their time and concurrently keep the wheels of their business revolving. Succinctly, they not only need to work hard, but also, work Smart.
Rosemont, IL – Quatrro Business Support Services, a market leader in providing cloud based business support services across diverse industries, is poised to create a new accounting standard for the Franchise Industry across the United States by conceptualizing and successfully implementing its “Asset Free Accounting Model” for a range of clients across existing and emerging industry verticals. Buoyed by the success in Restaurant, Retail, Automotive and Not-For-Profit (NFP) industry verticals, Quatrro aims to capture a significant share of the market and has already started enhancing penetration in several emerging verticals such as Hospitality and Healthcare.
Our client is one of the leading Finance and Accounting service providers in the US. They provide F&A services to small & medium businesses across auto parts, not-for-profit organizations, retail, healthcare, hospitality and restaurant industries, which include franchises of some of the most legendary and iconic brands in the country.
The client was using ADP’s HRIS platform for their HRIS requirements and another web based platform to process their payroll. Using the two different platforms required a high degree of manual intervention that led to an increase in the administrative burden for their small HR team. The HRIS platform was not integrated with payroll or any of their benefit carriers, so when there was an employee change that affected benefits, it required the same entry to be made in about 12 different places resulting in inefficiencies in the entire payroll/HRIS process. Moreover, there was no dedicated account manager assigned to the client by their existing service provider who could provide personalized live guidance or troubleshoot and resolve their queries immediately. As a result, the client was looking to replace the existing system with a user-friendly, intuitive HRIS system that could integrate payroll & HR related functions within a single platform. In 2014, the client evaluated several service providers and platforms and chose Quatrro as its partner for outsourced payroll and HRIS.