Medicare Providers Enrollment Application Process Overview

In order for a facility to be able to receive payment for medicare covered procedures, the facility must enroll in the medicare program. The facility must complete the “Medicare Enrollment Application for Institutional Providers” form (CMS-855A). Once the facility decides to enroll in the medicare program, there are several ways that the facility can submit their application.

The facility can request the Provider Enrollment Packet. The packet gives the facility step by step instructions on how to complete and submit the CMS-855A. Facilities can also submit this form electronically by logging onto the Centers for Medicare & Medicaid Services (CMS) Web site. There they can download the form, or submit it electronically.

If the facility is not already a medicare provider and receiving medicare payments directly into their bank account then an electronic funds transfer (EFT) must be submitted with the CMS-855A form. The electronic data interchange (EDI) gives information about submitting funds electronically. This form must be submitted with the CMS-855A in order for the application to be processed.

In addition to the enrollment application, the CMS-855A is required for Change of ownership, stock transfer, additional locations, reactivation of an old medicare provider number, or any other changes in billing or telephone information. This would include address changes, financial information, business name changes, and even changes in management or directing Employees.

A facility that chooses to accept medicare as a form of insurance for patients will receive a National Provider Identifier (NPI). This number must be submitted on all forms so that the review process is quick and efficient. The NPI number should be requested before submitting the CMS-855A forms. Forms without the NPI will not be processed until this step is completed and the NPI is submitted.

Once all the information and application has been submitted, it is then reviewed for approval. Keeping up to date information on file insures that providers receive prompt payment for services rendered under medicare. An audit intermediary (AI) is then assigned to review the CMS-855A form, along with reviewing the medicare cost reporting to determine final settlement of the cost report. This service helps to provide payment to only viable facilities that are operating in medicare’s guide lines and costs.

Medicare is a form of medical insurance issued by the federal government. Payments for services provided under medicare is closely watched to insure that facilities are only billing for services rendered, and that patients are receiving services at the high standard set by medicare. The application process insures that facilities who apply for medicare payments are up to standard and therefor eligible to be a medicare provider.

Know more: medicare cost reporting

The Loan Modification Program - Six Months Later

The federal government's Making Home Affordable (MHA) program helps people facing foreclosures. It has two primary programs: the Home Affordable Refinance Program (HARP), designed to help homeowners who are current on their mortgage payments but owe more than their homes are worth, and the Home Affordable Modification Program (HAMP), designed to reduce monthly mortgage payments so homeowners can still keep their homes.

MHA started in March, and as of Sept. 1, 2009, the loan modification program has helped many Americans who are facing foreclosures. In fact, the U.S. Department of Housing and Urban Development, which runs the program, has set a goal of having 500,000 modifications under way by Nov. 1. On Oct. 1, the Treasury Department proudly announced that it has reached a total of 500,000 trial modifications-one month earlier than the initial target. Despite this success, however, many are still in danger of losing their homes.

According to the October oversight report released by the Congressional Oversight Panel, which is tasked to review the current state of the markets and regulatory system, foreclosure rates have now quadrupled. One in eight mortgages faces foreclosure or default. Experts estimate that before the housing crisis is over, Americans could be facing ten to twelve million foreclosures.

The report, titled, "An Assessment of Foreclosure Mitigation Efforts after Six Months," discusses the effectiveness of the program and the reasons many are still not able to lower their monthly mortgage payments. The panel expresses concern over the program's scope, scale, and permanence:

1. Scope
The program's scope is very limited. Not all kinds of borrowers can take advantage of it. For instance, the program can be very helpful to subprime borrowers who are paying a high interest rate. However, it is not designed to address foreclosures such as those caused by unemployment. Today's unemployment rate continues to rise, and it is now considered to be one of the major causes of foreclosures. The HARP program appears to be addressing the housing market as it existed six months ago instead of today.
2. Scale
In August, over 220,000 mortgages entered into foreclosure, but the government began preliminary modification on only 95,000 mortgages. Foreclosures continue to rise every day, and there is reason for concern whether the government can keep up. The number of foreclosures is greater than the number of loan modifications-a 2-1 ratio. The scale of the program seems not broad enough to address the current foreclosure crisis.

3. Permanence
The solutions offered under the loan modification program do not seem to help homeowners achieve long-term financial stability. The loan modification will lower the monthly payments of many borrowers, but after five years payments will rise. Even if a borrower's loan will be modified today, there is still a possibility that he will face the same mortgage problem in the future. Loan modifications also increase a borrower's negative equity (owing more on the house than it's worth), which is also said to be one of the causes of the increased rates in default. If the borrower still faces foreclosure despite the loan modification, then the loan modification program is only a delay and does not provide a permanent solution.

The rising unemployment, falling home prices, and impending mortgage rate resets will certainly affect the American homeowners. Hence, the government needs to review the scope, scale, and permanence of the modification program to ensure that a real solution is provided to homeowners.
To learn more about the HARP 2.0 options available to you, visit http://www.confirm-eligibility.com/

8 Steps To Your Career Success in Accounting

If you have an ambition is to become a successful accountant and want to choose accounting field as your career path after graduation. Then, you need to start planning for your career path and working toward the success of achieving your career goal. In accounting field, a good knowledge in accounting, constant accuracy and working experience are of utmost important for a success. Here are 8 steps that you can include in your career path planning to ensure you are in the right track to meet your career goal.

Step 1: You must Excel in Math

Accounting is about numbers and the manipulation to numbers; hence, you must certain that you excel in math at high school. People who hate math may not be success in accounting field. That's why you got to love math if you like to become an accountant. Take a special attention in math and ask your teacher or counselor's guidance on which courses to take to best prepare you for earning a degree in accounting when you enter a college later.

Step 2: Request Information From College that Offer Accounting Degree

Beside the traditional brick & mortal colleges, there are many prestige's online colleges and online universities offer degrees in accounting that enable you to earn an accounting degree from home. Send a letter, an email or make an online information request to those colleges that offer accounting degrees for heir catalogs and admission requirement on their accounting degree programs.

Step 3: Research On Certified Public Accountant Requirement

In order to become certified accountants Southampton, you must receive Certified Public Accountant certification, CPA from a state. The pre-requirement to CPA certification is you must first receive a bachelor's degree in accounting or in related business fields. Check out the information on the requirement of CPA will make you more prepare on what courses need to be taken in accounting degree program. See the American Institute of Certified Public Accountants (aicpa.org) for further information.

Step 4: Ensure Your Accounting Degree Will Fulfill State Requirement

Normally, you will start your first career in you own state after graduating from your degree program. Hence, you need to make certain that the accounting degree program that you are going to enroll fulfill all state requirements, else you will face problem when you want to start your accounting career later.
Step 5: Decide Accounting Field Of Interest

There are a few starting points for your accounting career, you may major in public, government, and management accounting or internal auditing. No one degree program will cover all these fields; you need to choose which field that best suits your interest which you can choose as your majors of study.
Step 6: Become Proficient with Accounting Software

The time of using Microsoft Excel program in accounting work was over. You need to become proficient with a variety of accounting software if you want to success in this field. You may not be able to learn all the accounting software in the market, but you need to familiar with the common accounting software use by most corporate.

Step 7: Gain Working Experience in Related Fields

Related working experiences are important in determining a success in your accounting career. If you are attending class-based accounting degree program, you could work at part-time jobs or internships in accounting firms during your college years. If you are getting your accounting degree online, then you can start gaining your full working experience in accounting with a full-time job, because an online accounting degree program allows you to plan your learning schedule that fit into your full-time job.

Step 8: Takes CPA Test & Become A Certified Accountant

You can start preparing for CPA (Certified Public Accountant) examination while earning your bachelor's degree in accounting. You will need some accounting experience, in addition to a bachelor's degree, before applying for the test.

Summary

In order to prepare you career path to successfully become an accountant, you need to have a bachelor's degree in accounting, a good working experience in accounting field and pass in CPA examination.
Visit accountant Southampton, a firm of accountants and business advisors specializing in small business. Find out how we can help your business grow.

What An Outsourcing Company Should Offer?

An Outsourcing Company should be focused on providing complete outsourcing solutions and services worldwide that meet client requirements and budget needs. A good outsourcing company must be capable of offering various distinct services like Web Outsourcing, Software Outsourcing and IT Outsourcing by the way of specialized and experienced business associates.

A reliable Outsourcing firm should strongly believe that their immense knowledge base and extensive experience is the way to satisfaction of their customers across the globe. They must partner with clients to devise solutions that impact business goals and see that their unique solutions are focused at boosting the profitability and enhancing the productivity of the enterprise.

A website service provider in the true sense should provide web solutions worldwide and see that all their web-enabled software solutions have been well accepted, thus helping to develop a long list of satisfied customers. Their entire web enabled solutions should cater fully to the client's requirements, at the same time keeping pace with the changing market trends.

While offering website project consultancy, your motive should always be to sell such products that can boast quality. Whatever be the size of the projects, the quality meted out remains uniform throughout. It should be seen that the competitive prices fixed you are quite practical and reasonable, which is one aspect that makes your company stand out from the rest of the software development companies.

The leading outsourcing companies you should provide a comprehensive range of services that include benefits management, government compliance, employment administration, employer liability management, recruiting and selection, performance management, training and development and owner support. The client companies and worksite employees should be provided online information and assistance around the clock from any terminal.

So outsourcing company is expected to help customers to achieve their business objectives by providing web based solutions in a responsive and flexible manner by combining leading technology and industry proven methodology. They must provide customize software solutions, consulting and technology staffing services. Thus the focus should be to provide complete solutions of outsourcing.

Initial Considerations in Starting up a Business

We are a firm of Chartered Accountants in Southampton offering key advice on business startup.
It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts.

Whatever the reason, a number of dangers exist. Probably the greatest concern is the possibility of business failure.

Read on for guidance on some of the factors which need to be considered before trading begins.
This fact-sheet cannot cater for every possibility and any decisions should be supported by professional advice.

Initial Considerations

In order to make your business a success there are a number of key factors which should be considered:
commitment- starting a business is demanding. Determination and enthusiasm are essential skills- you will need managerial, financial, technical and marketing skills. If you do not have these skills personally, they can be found in a partner or employee, or acquired through training your product or service should have a proven or tested market, but must not conflict with the patent or rights of an existing business.
In addition to these general considerations there are a number of more specific matters.
Taxation
When starting in business, taxation aspects must be considered. Power Accountax are Chartered Accountant Southampton, offering key taxation advice.

Taxation on profits

The type and rate of taxation will depend on the form of business structure. However, the taxable profit will normally differ from the profit shown in the accounts due to certain expenses which are not allowed for tax purposes and the timing of some tax allowances.

National insurance (NI)

The rates of NI contributions are generally lower for a sole trader or partnership than for a director of a company but the entitlements can also differ. But in a company, it may be possible to avoid NI by paying dividends rather than salary.

Value added tax (VAT)

Correctly accounting for VAT is an essential part of any business and neglect may result in a significant loss.
When starting a business you should consider the need to register for VAT. As Chartered Accountants in Southampton we can help register you for VAT. If the value of your taxable sales or services exceeds the registration limit you will be obliged to register.
Expect a visit from HMRC within eighteen months of registration. This inspection of your records ensures VAT is being properly accounted for.

Employing others

For the business to get off the ground or to enable expansion, it may be necessary to employ staff.
It is the employer's responsibility to deduct income tax and national insurance and to account for student loan deductions. The balance must then be paid over to HMRC. Payroll records should be carefully maintained.
You will also need to be familiar with employment law.

Premises

There are many pitfalls to be avoided in choosing a property. Consideration should be given to the following:
suitability for the purpose

compliance with legal regulations
 local by laws

physical restrictions such as access.
Insurance
Comprehensive insurance for business motor vehicles and employer's liability insurance are a legal requirement. Other types of insurance such as public liability, consequential loss, business assets, Keyman and bad debts should be considered.
Pensions

Putting money into a pension scheme can be a very attractive way of saving for retirement because of the favourable tax rules. Many companies have to provide access for their employees to a stakeholder pension.

How We Can Help

As Chartered Accountants in Southampton whilst some generalisation has been made by us about starting up a business by us, it is always necessary to tailor the strategy to fit your situation. Any plan must take account of your circumstances and aspirations.

Whilst business success can never be guaranteed, professional chartered accountants advice can help to avoid some of the problems which befall new businesses. We would welcome the opportunity to assist you in formulating a strategy suitable for your own requirements. We can also provide key services such as bookkeeping, management accounts, VAT return and payroll preparation at an early stage.
For information of users: This material is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.

Visit accountants Southampton, a firm of accountants and business advisors specializing in small business. Find out how we can help your business grow.

HARP Re-Finance Loan

HARP leads are new to the mortgage community so let's try to make sense of requirements for a HARP re-finance and show what data sets are working well to get those deals closed. First off let's define what HARP is, HARP stands for Home Affordable Refinance Program, It's also commonly referred to as a DU re-fi or DU Plus program. The terms may be different but they are describing the same program. So for our purposes here, DU and HARP will be interchangeable. This is part of Congress' effort to jump start the mortgage market and keep people in their homes. If you have been in the industry for any amount of time you probably already have your own ideas of just how effective this program will or won't be, but we'll focus on the requirements for getting those deals done.

The basic tenants of the HARP deals are as follows:Mortgage Trigger Leads

1. You will be working with the servicer to get these deals done. The original lender does not need to be the servicer for these deals. This presents some very unique opportunities for those of you who work directly for the lender. So if you work for Bank Of America, there is a gold mine in these deals with the right kind of data. If you are a broker, there is still a gold mine but he data you'll be using will be a bit different.
2. The first mortgage can be up to 105% LTV. No appraisal is required but the AVM will vary by servicer. Juniors can be subordinated to unlimited CLTV!
3. The type of loan you'll be transition people to is straight forward. A 30 year fixed will need to be put into another 30 year fixed. If you have an adjustable you can take them to a 30 year fixes or another adjustable. A 30 year fixed can't be transitioned over to an adjustable.
4. Borrow may not have any late reporting mortgages in the last 12 months.
5. There is not had credit score requirement but there will be rate adjustment for scores under 740
6. The loan must be agency loans, fannie or freddy
So let's talk about the data for getting these done.

If you are working for the Lender/Servicer, Bank of America, Wells, etc.
You have an advantage that is unique and you have the opportunity to provide real benefit to your borrow. Using a soft inquiry lead (which your employer already does at the wholesale level) you have the ability to screen via the soft inquiry and find your existing customers that eligible for a HARP refi. This is usually done with the borrow name and partial SSN which are provided with our leads. We are screening the credit report so the other requirements are read directly off the credit and ensure that your prospects meet the specific requirements for the HARP program. If you can imagine the scenario of calling Johnny Borrower with your internal customer information and our lead and letting them know that they qualify for a reduction in their interest rate without an appraisal then you already have half of the deal done. Please give us a call and let us go over this unique opportunity. If you are a broker;

As a broker, you will have the same opportunity to help your borrow and gets deals funded but the tact you will take will be different from the LO who is working for the lender. Since you don't have access to look up customers via an internal system your marketing will be done in a more traditional manner. Direct mail has proven to be a solid method for getting these borrows and the mail piece is simple.

They are already approved and since you'll be screening via the same soft inquiry process that the institutional lenders are using you'll have the same added advantage of knowing what's on the credit report before a single piece of mail is sent or a single phone call is made. Once the borrower's eligibility is verified you'll be pushing the re-finance through the servicer. Please call us to get more details about this unique opportunity. The deals are the middle ground between an FHA re-finance and a conventional deal. These require less effort than a convention and a better paycheck than a streamline.

To learn more about the HARP 2.0 options available to you, visit http://www.confirm-eligibility.com/

Manage Business Growth With Overtrading Problems

Overtrading and the problems it can create can be quite difficult to comprehend. Surely, if a business is selling many of their products and their customer base and profit are growing rapidly, how can this be a problem? Indeed, not only can it be a problem but in some extreme cases, it can lead to a business having to cease trading.

The fundamental reason why overtrading is a problem is that it can put a huge strain on the resources of a business, particularly cash flow. If turnover is increasing too quickly, then you may need to acquire more machinery or equipment to service the increase in customer numbers. It may even be the case that you need to move to bigger premises or a larger office with more storage space. 

Therefore, growth in sales will likely to be matched by an increase in the need for capital investment and other working capital. If the business does not retained profit to fund this rapid expansion then they attempt to borrow it. These borrowing facilities can be very costly. However, many new businesses which experience overtrading find themselves unable to obtain additional funds due to a lack of trading history and are forced to reduce the size of their operations or possibly 'throw in the towel' altogether.

Other costs that can cause huge drain on working capital when growth is too rapid are staff costs. With any expansion comes the need for increased numbers of employees. This can be extremely expensive for a business to fund, especially when combined with any increases in connected payroll taxes. In addition, if your sales are increasing quickly it may mean that you need to carry larger quantities of stock and thus more of your capital will be tied up in that inventory. Again, stock is like many other asset, if you own too much of it, it can starve other areas of the business which urgently need funds.

There are a number of precautions which one can take to prevent the potentially damaging effects of overtrading. Firstly, growth should be managed properly and with a sound understanding of how it will affect the working capital of the business. By producing sound monthly budgets, cash flow projections and monthly management accounts, you will be in a far better position to control the potentially damaging effects of rapid growth. Secondly, before you grow too quickly, look to secure increased funding. In other words, it would be a prudent idea to approach your bank and get the 'green light' for future finance to fund expansion, should you need accountants Southampton. Having this contingency finance at the ready will mean that working capital can be maintained and growth can be managed properly.

Lastly, to avoid the effects of overtrading, it might be a good idea to take the 'only what I need' standpoint. For example, rather than hold larger and larger sums of stock when you are growing, consider ordering your stock 'just in time' (JIT). This can reduce your stock holding costs considerably and again free up all that working capital held up in stock. Alternatively, only buy equipment which you really need or see if you can buy any second-hand equipment which will be cheaper but still do the job. Again, with everything you buy for you business, ask yourself the question: is this something I really need or just want?

Visit accountants Southampton, a firm of accountants and business advisors specializing in small business. Find out how we can help your business grow.