Home Blog

Factors Affecting the Target Market Segment

0
Factors Affecting the Target Market Segment

Regardless of how segmentation is incorporated into marketing activities, experienced marketer usually execute segmentation to enable him provide higher values to his potential customers. He will be able to know which specific customers he is serving and will be able to address their needs and concerns.

After segmentation, what the marketer needs to do next is targeting his efforts and focuses on the identified market segments. He will create a marketing campaign that will fulfill the needs as well as the market condition of his targeted market group.

Target market segment are affected by two salient factors:
1. How suitable the segment is to the product manufacturer objectives, resources as well as capabilities and
2. How attractive the target market segment is.

In determining the suitability of the segment to the manufacturer, the marketer needs

– to ensure that the product manufacturer will be able to provide superior values than competitors to the customers.

– To evaluate the impact of serving the segment with respect to the manufacturer reputation and dignity.

– To access the distribution channels that will serve the targeted market sections.

– To determine the capital buoyancy of the manufacturer to serve the market group.

And in determining the attractiveness of the target market section, the marketer will have to evaluate

– the percentage number of the customers with respect to the broad market (size of the segments) that will be served.

– Sales potential for the product manufacturer in the segment.

– Profit margin expected from the segment.

– Growth rate and competition in the segment.

– Required market share to break even

– Attainable market share when promotional budgets and expenditures of the competitors are provided.

– Loyalty of the existing customers in the segment.

An experienced marketer would know that satisfying the broad market is tasking and not profitable at all. In fact it will be less stressful and more profitable if just a smaller market segment where there is little or no competition is concentrated on. This also gives the manufacturer the opportunity to develop their products to have a greater advantage over competitors.

Credit Balance in Medical Billing

0
Credit Balance in Medical Billing

As the name implies, a Credit Balance happens when excess money is collected compared to the Charges for a service rendered by the Provider. This could be due to many reasons and has to be fixed while the final steps of medical claims processing are done. The Credit Balance could be due to an excess patient payment in the form of Co-insurance or Deductible; or it could be due to over-payments from the Insurance Payers. Let us analyze some scenarios and why it is important to be handled promptly:

Patient Credit Balance:

Patients might have paid an amount up front based on the assumption of what their Payers would cover. Once the medical claims processing is completed and the Payer pays in full, then the Patient’s payment is in excess. The physician billing solution can also call the patient and give the option of adjusting this excess against future visits or sending a check. But in either scenario, the Patient’s consent has to be obtained and is mandatory.

Payer Credit Balance:

Many a times the Credit Balance happens because of Over-payments by the Payers. Even the Patient’s Credit Balance is usually because the Payer paid more than anticipated. In medical claims processing, it is very important to handle the payments from Payers on priority. This not only projects the correct Cash flow as a result of the physician billing solution, but also prevents inflated AR. Some scenarios on Payer Credit Balances:

1) Both Primary and Secondary Payer pay as Primary
2) Payer pays more than Allowed amount by error
3) Cross-over errors, especially between Medicare and Medicaid
4) Privately purchased Plans – always pay as Primary, though there could be another Primary

Rules:

In all these instances, there are very strict guidelines and time frames within which the excess money has to be returned either to the Payer or to the Patient, as the case may be. In case of Payer errors, the Payer has to be notified of the error within 30-120 days depending on the Payer. Failure to notify within the timeframe could be viewed as ‘Fraud’ by the Payer and the State with stiff penalties. If the Payers refuse the refund (as in the case of privately purchased Plans), then that money belongs to the Patient and the Patient has to be notified. The medical claims processing and physician billing solution providers have to keep these requirements in mind and process the Credit Balances on a daily/weekly basis to avoid any trouble for the Provider and the Practice.

Recoupments and Offsets:

Some payers would adjust the payments for current and future claims against Credit Balances owed to other Payers which are Recoupments. When the Payers adjust the payments for current and future claims against the over-payments made in the past in their own Plans, these are called Offsets.

The best option to handle the Credit Balances is to outsource medical billing to a professional medical claims processing company.

Log on to http://www.mgsionline.com/medical-claims-billing.html to know more about medical Claims billing and processing.

4 Security Tools Cleared Defense Contractors Need

0
4 Security Tools Cleared Defense Contractors Need

Cleared defense contractors provide the technology and know-how that delivers products and services to our defense industry. CDCs and be a prime contractor or subcontractor and are contracted to support government organizations. The designation of CDC indicates that the organization is a government contractor with a facility clearance and is made up of employees with personnel security clearances. With classified contracts, the CDCs are required to protect their government customer’s classified information while performing on classified contracts.

The CDCs are part of the National Industrial Security Program (NISP). The National Industrial Security Program Operating Manual (NISPOM) provides guidance on how to perform on classified contracts. The guidance includes topics such as employee responsibilities, required training, continuous evaluation, maintaining security clearance, and much more. The Defense Counter-Intelligence and Security Agency (DCSA) formally known as DSS provides most DoD agency oversight and compliance reviews. They perform vulnerability assessments and determine how well a CDC protects classified information according to the NISPOM.

Cleared Defense Contractors have a big job not only performing on classified contracts, protecting classified information, but also documenting or validating compliance. The following tools should be in the CDC’s toolbox and can be employed to help them remain in compliance and demonstrate their level of compliance.

1. National Industrial Program Operating Manual (NISPOM)

The National Industrial Security Program Operating Manual (NISPOM) is the Department of Defense’s instruction to contractors of how to protect classified information. This printing of the NISPOM includes the latest from the Defense Security Services to include an Index and Industrial Security Letters. The NISPOM addresses a cleared contractor’s responsibilities including: Security Clearances, Required Training and Briefings, Classification and Markings, Safeguarding Classified Information, Visits and Meetings, Subcontracting, Information System Security, Special Requirements, International Security Requirements and much more.

2. International Traffic in Arms Regulation (ITAR)

“Any person who engages in the United States in the business of either manufacturing or exporting defense articles or furnishing defense services is required to register… ” ITAR “It is the contractor’s responsibility to comply with all applicable laws and regulations regarding export-controlled items.”-DDTC

Companies that provide defense goods and services should understand how to protect US technology; the ITAR provides the answers. ITAR is the defense product and service provider’s guide book for knowing when and how to obtain an export license. This book provides answers to:

Which defense contractors should register with the DDTC?

Which defense commodities require export licenses?

Which defense services require export licenses?

What are corporate and government export responsibilities?

What constitutes an export?

How does one apply for a license or technical assistance agreement?

3. Self Inspection Handbook For NISP Contractors

The National Industrial Security Program Operating Manual (NISPOM) requires all participants in the National Industrial Security Program (NISP) to conduct their own security reviews (self-inspections). This Self-Inspection Handbook is designed as a job aid to assist you in complying with this requirement. It is not intended to be used as a checklist only. Rather it is intended to assist you in developing a viable self-inspection program specifically tailored to the classified needs of your cleared company. You will also find they have included various techniques that will help enhance the overall quality of your self-inspection. To be most effective it is suggested that you look at your self-inspection as a three-step process: 1) pre-inspection 2) self-inspection 3) post-inspection.

4. Training for Cleared Employees

a. Initial Security Awareness Training and Security Awareness Refresher Training

Initial Security Awareness Training and Security Awareness Refresher Training

The main presentation is great for initial training or for refresher annual security awareness training required of all cleared employees.

NISPOM requires the following training topics during initial training and refresher training:

• Threat Awareness Security Briefing Including Insider Threat

• Counterintelligence Awareness Briefing

• Overview Of The Security Classification System

• Employee Reporting Obligations And Requirements, Including Insider Threat

• Cybersecurity awareness training for all authorized IS users

NISPOM Training contains requirements for the Annual Security Awareness and Initial Security Training.

b. Derivative Classifier Training

The NISPOM outlines requirements for derivative classification training to include… the proper application of the derivative classification principles, with an emphasis on avoiding over-classification, at least once every 2 years. Those without this training are not authorized to perform the tasks.

Contractor personnel make derivative classification decisions when they incorporate, paraphrase, restate, or generate in new form, information that is already classified; then mark the newly developed material consistently with the classification markings that apply to the source information.

c. Insider Threat Training

This training program includes the NISPOM identified Insider Threat Training requirements. The NISPOM has identified the following requirements to establish an Insider Threat Program. Download and present the training here and meet the training requirements:

• Designate an Insider Threat senior official

• Establish an Insider Threat Program / Self-certify the Implementation Plan in writing to DSS.

• Establish an Insider Threat Program group

• Provide Insider Threat training

• Monitor classified network activity

• Gather, integrate, and report relevant and credible information; detect insiders posing risk to classified information; and mitigate insider threat risk

• Conduct self-inspections of Insider Threat Program.

d. SF 312 Briefing

This Training is for Newly Cleared Employees and should be given prior to Initial Security Briefings

Newly cleared employees must sign an SF-312, Non Disclosure Agreement. Instead of just having them sign the box, why not give them the appropriate SF-312 Briefing describing what exactly is on the form and why they are signing it.

As mentioned earlier, CDCs not only have to perform on classified contracts according to contractual requirements, but they are evaluated on how well they are protecting classified information. The tools mentioned above are designed to assist the CDCs in meeting requirements.

How a Coach Can Help You in Stock Day Trading

0
How a Coach Can Help You in Stock Day Trading

What’s stock day trading?

Sophisticated investors buy and sell stock in the same day. Popularly, this is called intraday trading.

Is day trading not a gambling?

Online stock day trading is not a gambling because here you can forecast the move of the market using statistical tools. If you take a proper training on stock day trading, you can minimize your risk based on mathematical analysis unlike the instincts working in any of the gambling games.

Do not consider day trading as a tool to ‘get rich quick’ or ‘earn million over night’.

Preparation for stock investing

a. You need to do some homework and enter the market with a clear day trading strategy and idea for stock pick.

b. Best thing is to do online stock trading and the presence of online brokers and brokerage firms further facilitates day trading.

c. Find a broker with minimum commission.

What you need to do beat the market consistently?

1. If you are new, always buy when market is going up and sell when market is going down. You can do opposite but that’s complicated. This is called trading in right direction.
2. You should consider it as a business and ready to accept loss. This means you should decide your selling price beforehand. If you achieve your desired profit, get out of the deal or if you make loss book the loss and prepare for next. Put control on your fear and greed.
3. Follow the age-old practice that not to put all eggs in a same basket. Invest money in blue chip as well as mid cap with high momentum, this will help you to reduce the heavy losses and get high return.
4. Make an initial investment and always save some part of profit as investment.
5. Loss is part of any investment. Have a modest initial target to beat the market by 10% per annum. Try to be an average investor first.

Required tools for day trader

Whether you are a new, or an experienced day trader, you need following tools.

1. A computer with Windows XP
2. Internet access with at least 256 Kbps down, and 128 Kbps up, with unlimited traffic and connection time
3. Online brokers
4. Charting and trading software like Sierra Chart
5. Access to authenticate market data

My personal recommendation to all new day traders in stock markets

Never Ask For Or Buy Just the “Interest Rate” – Navigating the Mortgage Maze

0
Never Ask For Or Buy Just the “Interest Rate” – Navigating the Mortgage Maze

A couple of key tips regarding interest rates:

  1. It’s Not the Rate You Need to Know: When applying for a loan, never ask for just the “interest rate”, but always ask for the APR.  The APR is inclusive of fees and cost and is the ACTUAL cost for the loan on an annual percentage basis (if quoted accurately).  The interest rate alone does not.  Therefore, you may get quoted 5.00% interest, but after fees and costs have an APR of 5.50%.
  2. Check the APR: Once quoted an APR, always check it against a mortgage calculator (these are available free online at places like bankrate.com) to be sure it is accurate.  All you need is the loan amount, payment and term to check.  If the loan amount, payment and term you put in do not match the APR you were quoted, then you were misquoted and need to find out the truth.
  3. The Low Rate You See is Not Necessarily What You Get: Don’t be fooled – the low rates you see advertised are for the very best qualified.  This means 720 to 740 FICO or higher in today’s market, with verifiable income, maximum 80% loan-to-value and low debt ratios.  As your credit score drops and your equity usage or debt ratio increases, your rate most likely will too!  Also, there are lots of additional “premiums” for things like cash out, condominiums and the like.
  4. Rate IS NOT the #1 Consideration in Many Cases: As important as  rates and APR’s are, what’s more important is what you get for the rates and APR.  You can get a great rate and a bad loan or a competitive rate and a great loan.  It comes down to looking at more than just the rate and payment, but also: the term, the tax costs, the fees paid, the purpose for the loan and the all-encompassing cost or benefit.  In other words, if you got a greta rate, but extended your loan term, increased your taxes, paid unnecessary fees and did not capitalize on the best loan for your situation then it was not beneficial (this happens the majority of times in a rate and term refinance).  But if you cut your payments, terms, taxes, reduce debt, save money up front, improve your financial position and negotiate fair fees, you have really done yourself a great service!

Let me leave you with this nugget of truth from Proverbs 24:3 – “By wisdom a house is built, and through understanding it is established”

Understanding Logistics

0
Understanding Logistics

According to Ghiani (2004), logistics can be defined as the planning and controlling of products and information in an organization. It aims at delivering materials to a given destination for another trying to optimize a particular measure and ensuring satisfaction of a particular set of constraints. These definitions can be simplified to mean the managing of the flow of goods as well as services from the point of manufacture to the point of consumption ensuring that the requirements of the consumer are observed. Activities under logistics include information integration, warehousing, packaging, inventory, security, transportation, as well as handling of materials. Logistics compliments supply chain by add value to place, as well as time utility.

Logistics are identified in different fields due to performance value. These fields include procurement, after sales, production, disposal, as well as distribution fields. This paper will identify the areas where organizations involve logistics as well as the essence of an effective logistics to an organization.

These fields of logistics determine specific activities. Procurement logistics involve make/buy decisions, supplier and other management, as well as market research. Production logistics’ key principle is to connect procurement to distribution logistics. This field of logistics determines the capacities of production under available resources in response to distribution logistics. Distribution logistics deal with delivering of finished goods to the consumer or rather customers. Its components include processing, warehousing, as well as transportation. This logistics is most essential since the time, place as well as quantity of production vary from the time, place, and quantity of consumption.

Today, logistics have been simplified through technological advancements. Complexities which hinder effective logistics management can now be visualized, modeled, optimized and analyzed through particular simulation software. These complexities have necessitated the use of this software. Successful businesses are using this software to case the work of logistics analysis and hence providing effective strategies of managing supply and demand. Problems in logistics majorly occur in organizations that engage in product delivery but they can also occur in firms producing services (Ghiani, 2004). Examples of this include garbage collection, after sales services, as well as mail delivery, among others. Maintenance and operational cost of logistics is another hindrance of its use. Research conducted in the United Stated in 1997 proved that organizations used 862 billion dollars as the total logistics expenditure. It is hence essential for organizations to understand how to minimize logistics cost (Rushton, 2000).

Reliability and sustainability are other factors which affect the efficiency of logistics. Reliable systems as well as equipment’s should be able to perform intended purpose for the identified period under stated conditions through effective logistics. Inefficient logistics will lead to a wrong probability on performance capabilities of systems hence causing massive losses. Reliability will thus project the probability of systems and equipment in an organization (Landford, 2006).

In conclusion, the main issue under logistics is deciding how and when raw goods and finished products will be shipped, transported, and stored. This unlike other operations management is most evident in modern societies. A logistics system comprised of facilities that have been corresponded to the transportation services. Facilities include locations where goods are processed, and they include manufacturing centers, distribution centers, transportation terminals, as well as dumpsites, just to mention a few. The transportation services move goods between the facilities.