Financial Analyst: A Profitable Career Option for Finance Jobs!

In the current job market, the hottest job position that is more in demand is of financial analyst. A person who can meet the new expectations of the employers in the finance area will surely find more employment and professional growth opportunities.

Who is a financial analyst?

A financial analyst also known as a business analyst is a person who is involved in monitoring the financial movements of a company. The main task of an analyst is to evaluate a company’s financial risk and drafting financial forecasts. With the assistance of these analysts, companies can make well-informed financial decisions, develop cash flows, debt strategies and maintain their budgets.

Industries that demand financial analysts

There are several industries, which require a person for handling various finance related issues. Some of these industries include:

  • Accounting and Auditing services industry
  • Aerospace and Defense industry
  • Banking industry
  • Biotechnology/Pharmaceuticals industry
  • Business Services industry
  • Computer Software/Hardware industry
  • Construction industry
  • Consumer Packaged Goods industry
  • Education industry
  • Electronics, Components, and Semiconductor industry
  • Energy and Utility industry
  • Engineering Services industry
  • Financial Services industry

Financial Analyst Job Duties:

  • Evaluate an organization’s financial risk and prepare a report describing financial forecasts, financing options and capital management strategies
  • Assist in preparing a company’s budget
  • Determine cost of operations by collecting and analysing operational data
  • Identify the present financial status of the company by analysing and comparing actual results with plans
  • Establish various policies and procedures related to cost
  • Recommend various solutions to improve and manage financial status by monitoring and identifying financial trends
  • Maintain database by collecting, verifying and backing up data
  • Develop automated accounting applications with an aim to boost productivity
  • Keep financial information confidential
  • Work with company officials to gain a better insight into the company’s prospects and management?

Educational qualifications:

In order to get into this job position, one must have an undergraduate degree in finance, management, economics, statistics and administration. Having certifications and a graduate degree can notably enhance an applicant’s prospects. Furthermore, an internship during studies can be really fruitful in the long run.

Skills required:

Various skills required to become a successful analyst include:

  • Excellent communication skills including both verbal and written
  • Detailed understanding of companies
  • Superior analytical and organizational skills
  • Project management skills
  • Ability to create financial models
  • Ability to work independently and take sound decisions
  • Better understanding of financial and quantitative concepts
  • Must be able to manage multiple tasks, projects
  • Knowledge of computers and other latest technologies

Salary overview

In India, the average salary of a financial analyst is in between INR 3,00,00 to INR 4,00,00 per year. As the experience increases in this job position, the chances of higher income also increases. Furthermore, knowledge of various factors like risk management or control, valuation, SAS, SAP financial accounting, financial modeling, etc, can fetch you a smart salary.

Conclusion:

A financial analyst job is definitely the most lucrative career choice, especially for those who are very good at analyzing financial concepts. An experience in this profile will provide you high income and other benefits. However, strong competition is expected for this job position. A deep understanding of the roles and skills and financial terms along with a relevant experience can boost your chances for getting the job.

5 Proven Strategies To Improve Patient Engagement and Revenue Cycle Efficiency

It is a strange paradox. As the healthcare industry transitions towards integrated, cost-effective business models, the revenue cycle of medical practices, has become more fragmented and expensive.

Payer reimbursement cuts, drastic increase in consumer payments and regulatory changes are challenging traditional, antiquated approaches to revenue cycle management. According to a survey by PwC, one in two, Americans, rate hospitals poorly, for affordability of services and price transparency.

To survive in the New Health Economy care providers should focus on patient care. But there are bills to be paid to keep the lights on! Fortunately, a healthy revenue cycle and good patient care needn’t be mutually exclusive terms any more. There are ways to build a strong and sustainable revenue cycle while still focusing on patient care. Here are five ways healthcare organizations can stay successful in the consumer directed healthcare environment.

5 ways you can drive up patient engagement and revenue cycle efficiency at your medical practice!

1. One in four claims are rejected due to insurance eligibility errors and incomplete information.

  • Discuss with your patients about insurance details, coverage limitations and treatment options prior to their appointment. Maintaining a friendly relationship with patients will enable you to collect accurate eligibility information.

St. Luke’s hospital was able to increase collections by placing calls to patients, prior to their visit, and discuss price estimates. This system has helped the hospital in educating patients about their financial responsibility and has increased net collections.

2. Improve the patient billing experience. Straight out of a can patient statements and sporadic follow-up calls won’t work. Financially engaging patients is vital in the post-reform climate. High deductible health plans are posing a huge challenge to care providers. Explain the patient billing process and payment options before care begins and simplify the transaction as much as possible.

  • Create patient statements that are unified. Translate complex codes into plain language
  • Add financial details outside the episode of care such as co-pays and deductibles
  • Discuss the financial responsibility of patients for high-value, pre-scheduled procedures.
  • Provide payment options according to the convenience of patients. Offer several payment options such as net banking, cheque, credit card or internet banking.
  • Offer different payment plans and educate patients on the same
  • Create a financial assistance policy and a collaborative process built around your patient needs

3. Tired of handling no-shows? According to MGMA, medical practices experience an annual no-show rate of 5-8%. At an average of $150 per appointment the amount of dollars lost, can add up to thousands every year.

  • Shoot a mail or talk to patients during their next appointment about how inconvenient no-shows are. Case in point.
  • A physician group, based in Minnesota was struggling with no-shows and appointment scheduling inefficiencies. A personal mail by the provider to patients, who didn’t turn up, did the trick. The physician group was able to decrease no-shows and increase patient volume significantly.
  • Sending remainder mails decrease non-attendance rates by as much as 36%, a study by the Internet Journal of Healthcare, states.
  • Some medical practices reward patients who show up on time and offer a small discounts as well. By giving out small rewards to patients, healthcare organizations can not only reduce the number of no-shows but also build a loyal patient base.

4. Do you know that the possibility of collecting payment drops to 40% once the patient leaves your practice? Physician practices collect just 60% of patient co-payments.

  • Train patient access staff to collect more at the front-desk. In the current environment medical practices cannot afford to be lax about patient financials.

A San Diego based healthcare provider installed 27 kiosks across its 11 clinics. The kiosks were put up to increase patient engagement. The surprise upshot of installing the kiosks was that an increasing number of patients started paying overdue bills. Following a similar strategy in your organization can not only boost patient engagement but also make sure you collect patient payments without much of an effort.

5. Human resources amount for 56% of a provider organization’s operational costs.

  • Reduce cost-to-collect and improve net collections by empowering patients. Patient self-management can be the answer to some of the most puzzling questions care providers face. Encourage patients to enter data into their own records, educate them on patient portals and help them devise a plan to handle their healthcare costs.

A 2012 survey states that 79% of respondents would like healthcare organizations to conduct patient interactions online or through mobile phones.

Small steps in the right direction can help physician practices, to develop an architecture that increases patient engagement and improves the efficiency of their revenue cycle.

Money Transfer Technologies

Advances in technology and the development of the Internet are changing the way people transfer money. With all these technological developments, moving money is simpler than before. Earlier, transferring money meant a visit to the bank. But that is no longer needed as there are various technologies in play to make money transfer easy and convenient.

Alternative Payment Services: Several websites allow you to transfer money through email, eliminating the need to reveal your bank account and credit card information online. Although online transfers have wide online security and fraud-prevention measures, they are not foolproof. Complaints like phishing scams, hacked accounts and identity theft are quite common.

Donation Texts: The use of text messages to transfer money became popular, when the American Red Cross used this technology to raise over $22 million in hurricane relief fund for Haiti. On the flip side, this technology is risky and scammers misuse this tool by asking people to text money to illegitimate numbers. Always check the organization’s website to confirm that the number you are texting is associated with the cause are supporting.

Bumping Phones: Mobile phones are fast replacing the wallet and on-the-go digital money transfers are becoming commonplace. Now, you can send and receive money by just bumping Smartphones together. Technologies include Bluetooth and near field communication (NFC, a set of procedures that allow Smartphones to establish radio communication with each other by touching them together or bringing them close to each other at a distance of 10 cm or less). Though, the risk of unauthorised payments from a stolen phone is yet to completely be addressed.

Remote Deposit: This technology allows you to deposit cheques from anywhere. Many Smartphone applications allow you to take a photo of the front and back of a cheque and download it into your account. While this process is secure, there may be concerns about the consequences if the phone is stolen or if financial information is intercepted. The remote cheques are not stored on the phone, and the data is encoded as it goes from the mobile phone to the bank’s computer system.

Mobile Magnetic Stripe Readers: These are small scanners that can be attached to Smartphones. Busy individuals, can just swipe credit cards on the scanner and the money is transferred.

Money transfer technologies are a definite and smart way to save time and energy when conducting financial transactions. The ideal way to protect your money is to research and choose the best option that is safe and one that will fit your needs.

Norms for the Classroom Set the Stage for Maximum Learning

Having taught school for many decades, a first day activity always included establishing classroom norms. This involved discussion with students about appropriate behavior in the classroom and expectations of the teacher as well as of the students. When I was engaged with kindergarten or first graders, this procedure was quite productive as these students were new to school and unsure of classroom and playground operations. But as children progress through school they already are fully aware of conduct expectancies such as arriving on time, keeping hands and feet to themselves, respecting classmates, and so forth. While students do not always adhere to these norms, they are well versed in their meaning and the teacher’s anticipation that they will follow these guidelines so that a fruitful year of learning can ensue.

Sound norms free the teacher to teach. When attention is given to the instructor, promptness is in place, and mutual respect reigns, great academic achievement is possible. When kids are naughty, late, and cellphone-dependent, education becomes a trial. In society we have norms we observe (some people more so than others) that enable us to accomplish our tasks. Politeness and professionalism are hallmarks of success in school, at home, and in the world. Having been raised in a home where respect and attention to duty and responsibilities were automatic expectations, I am surprised when I work with students and their parents as well as perspective teachers and new teachers to find that manners are not universal or engrained and so guidance and explanation are indispensable.

In my job now as field service supervisor for student teachers and mentor and coach for new hires, I am shocked at the norms I now must address, norms that in the past would have been unthinkable and completely unnecessary. These consist of dressing professionally, turning off cellphones and other electronic devices, and using suitable language. I won’t even wander into tobacco usage – smokeless and otherwise, unending, bottomless cups of coffee and soda, or coming late and leaving early. If it did, this essay would become a tome.

Today’s fashions offer jeans with holes, torn T-shirts, short shirts that reveal skin and body parts, low-slung shirts – also very revealing, flip flops, butt-skimming skirts and dresses, and other casual choices for attire. If this young under-grad or graduate were in banking or the medical profession, can you imagine such clothing being donned? Why is it that many potential teachers and new hires select such clothing? While teachers demand respect as professionals, they often forget the value of appearance in reflecting this role. Dressing well is critical – covered and all parts tucked away.

Another frightening crucial norm is relieving participants of cellphone/electronics addiction. When a teacher enters a classroom there is plenty of work to be done without interruption especially from calls and text messages. In trainings and in observations, I hear dings and chimes and watch teachers glance furtively and most often not discreetly at screens that scream for attention or they actually return calls while I stand mouth agape or students stare as they are required to remain engaged and on task. How ludicrous! And of course with secondary students (and many little ones as well), cellphones run rampant in their hands with constant and instant connection deemed a necessity. No cellphones for teachers or students should be an immediate action of school administration. Teaching is a difficult responsibility and no time should be wasted on dings and dongs.

Finally, there is the issue of appropriate language. Swearing in movies and on television has tumbled over into everyday life. Yes, there has long been profanity, but it seems to have overtaken mouths and brains. Stroll through almost any school hallway or cafeteria and evil words will attack your ears. Continue onto the playground and the swearing will likely intensify. A cursory “Not appropriate language” may be heard as a reprimand, but it usual has little to no effect. But actually, you can go almost anywhere – beach, mall, or baseball game – and profanity resounds. When did the “F-word” become the sole term to express anything and everything? In the last two years this has become a needed norm requiring several corrections when college-age students participate in debate.

Norms are excellent for maintaining discipline and clarifying expectations. They provide a reference for behavior as they define routines and procedures. While in the past a quick review was all it took as students knew and understood good manners, today more perusal and careful examination of what promotes learning and what rips it away are essential ingredients to the first day welcome. With norms clarified and in place, the rest of the year can leap and zip along with a brisk, organized, solid educational pace.