Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Sunday, October 3, 2021

Ransomware is rampant: Is your health care business safe?

With ransomware attacks on high-profile businesses like Colonial Pipeline and JBS Foods in the headlines, health care managers at organizations of all sizes are increasingly asking, “Are we vulnerable too?”

According to the U.S. Cybersecurity & Infrastructure Security Agency (CISA), “Ransomware is an ever-evolving form of malware designed to encrypt files on a device, rendering any files and the systems that rely on them unusable. Malicious actors then demand ransom in exchange for decryption. Ransomware actors often target and threaten to sell or leak exfiltrated data or authentication information if the ransom is not paid.”

In the battle against ransomware, the challenge is that essentially any health care business with older PCs, networks, firewalls, or operating systems is vulnerable, particularly those that do not immediately update to the latest software to “patch” security issues, according to Yuriy Tatarintsev, manager, technical operations at BTI Communications Group, an IT cybersecurity and technology provider.


Safeguarding Healthcare Businesses of All Sizes


While keeping a health care business’s IT infrastructure and software fully up to date is the goal, even one PC running an older, unsupported version of Windows, for instance, can be “a chink in the defensive armor that invites intrusion,” says Tatarintsev.

So the fight against ransomware begins with having a companywide process to ensure that all machines are patched with the latest security updates from Microsoft and other applications as soon as they are released.

But defending critical business processes from attack goes beyond anti-virus protection that solely reacts to known threats, leaving operations vulnerable to unidentified risks.

“We recommend a new generation of advanced antivirus software that does not always depend on identifying known threats or ‘signatures’ but instead uses artificial intelligence to analyze which PC programs and processes are affected as soon as malicious activity is detected, and stops it,” explains Tatarintsev.

According to Tatarintsev, email security is also critically important, since insufficient precaution in this area is perhaps the leading cause of companies getting ensnared in ransomware.



“Most health care organizations become victims of ransomware when an employee receives an email that seems legitimate and clicks on an embedded link. This starts the ransomware attack, which then spreads throughout the company network,” says Tatarintsev.

To protect against this hazard, Tatarintsev recommends using advanced email spam protection tools that offer significantly more defensive capability than previous options.

“The advanced tools not only filter out all potentially malicious emails but stop users from going to dangerous website destinations by clicking on links that could start a ransomware attack,” he says. He explains that these tools rewrite all the embedded link Uniform Resource Locators (URLs).So if a user clicks a URL in an email, instead of linking to a potentially dangerous website, they are redirected to a safe location, or ‘sandbox.’ The URL is analyzed to determine if it is dangerous, and if it is safe the user is allowed to go to the original website destination.

Since “phishing” emails designed to start a ransomware attack can appear so similar to authentic emails, Tatarintsev advises that all employees receive periodic security awareness training. This not only teaches employees how to distinguish the latest potentially dangerous emails, but also sends safe, simulated phishing emails to test their responses on an as-needed basis.Employees who fail the test receive additional training, so they will not compromise the organization if an actual phishing email-ransomware assault occurs.

If all these defenses fail and ransomware does infect and shut down a health care organization’s IT network, a reliable backup system should be in place that can quickly restore all critical data.

“If a business’s vital server data is encrypted by ransomware, with a good backup system data can be restored,” says Tatarintsev. He notes, however, that some data will be lost, depending on the frequency of backup. Moreover, care must be taken as to how data is transferred and saved, so ransomware does not have access to storage sites connected to company networks.

While healthcare businesses can attempt to fight the growing scourge of ransomware in-house, most IT departments do not have the time, resources, or expertise available to deter the constantly evolving threat on a 24/7 basis.

As an alternative, an increasing number of healthcare businesses are cost-effectively protecting against ransomware by outsourcing to outside firms that remotely and continually provide protection. Additionally, this strategy eliminates the need to dedicate internal IT staff to these tasks. It also minimizes potential loss and even liability if serious harm results from disrupted company services.

With the menace of ransomware continuing to escalate, health care organizations of all sizes would be wise to examine options for deterring the threat before being victimized.


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Tuesday, July 13, 2021

Physicians practice business structures

Last March around “Match Day,” I was chatting with an excited young physician who had completed his residency and had an opportunity to join an established physician as an independent contractor. We spoke about the Match Day relief he and fellow future physicians experienced as they learned where they had landed to spend the next three years or more in their specialty of choice. All the hard work through medical school and a grueling residency had paid off, and the enthusiastic young man was about to start his career as a physician. During the conversation, one big question came up. He was working as an independent contractor, so how best could he position himself? Should he establish his own LLC or remain in Schedule C? It was very confusing to him when he tried to research the various options, particularly as his friends were giving him their own ideas, some of which weren’t even applicable to his situation.


This wasn’t a unique quandary for him to find himself in; it’s not uncommon for physicians who are setting up their own practices to be confused by the decisions and processes involved. There are several types of corporations that might be best suited to a practice, and it’s best to understand what each would mean to a particular business model, including what needs to be taken into consideration when making the choice to establish one over another.

Operating as a sole proprietorship exposes the owner to a great deal of liability, as the owner takes on the business liabilities at a personal level, putting personal finances at risk. Establishing a corporation protects the owner from the personal liability, but what makes each corporation structure unique?

First, let’s talk about LLCs.



What is an LLC?


An LLC, or Limited Liability Corporation, is a simpler type of corporation that provides several benefits to its members, which could be one owner, several partners, or a group of businesses. The fees to start up an LLC are relatively low, and the required paperwork is not overwhelming. This corporation offers the main benefit of protecting the members’ personal assets against business liabilities. There is also a pass-through of profits, meaning the government doesn’t tax at the corporate level, but the profits are taxed as members’ income. While this may not seem important, it’s considerably easier to file on personal returns than the great amount of paperwork needed for company filings, and should the business take a loss, it can be claimed on member tax returns to lower the tax burden. On the downside, because the profits are passed through to members, members are also responsible for paying self-employment taxes, which are Medicare and Social Security taxes, personally based on the business’ total net earnings, which often yields a very high rate. Also, members cannot be considered employees, and should a member leave, the LLC is immediately dissolved.


So, what is a PLLC?


As LLCs are governed by states, there are some states that do not allow the formation of an LLC for certain licensed professionals. In those states, professionals must open a PLLC, or Professional Limited Liability Corporations. The PLLC is very similar to the LLC in terms of risk protection and taxation; however, there are rules regarding who can be an owner of the business. State regulations differ between whether all owners must be licensed professionals, or if a certain number must be licensed. Malpractice suits can still be brought against members of the PLLC, but this organizational set up does limit liability to other members from malpractice suits brought against one member.


What is an S Corp?


To avoid the taxation issues inherent in the LLC model, an S Corporation may be a better solution. For small businesses with fewer than 100 employees, the S Corporation is a tax status that sets up the business to no longer count as self-employment, meaning that profit is taxed at the business level rather than the personal. When incorporated as an S-Corp, a business must pay employees a reasonable salary, but any leftover profits are not subject to self-employment taxes as they are in an LLC which can mean a huge tax savings. This also could allow for a portion of profits to be taken as W-2 income, and then some taken as a distribution; there would be no Medicare tax on the amount taken as a distribution. There are also tax savings involved in having the business pay for health insurance coverage, as well as retirement planning options. In addition to the personal asset protection of incorporating, establishing an S-Corp also allows for more flexibility in the continuance of the business. An S-Corp can exist after the death of the owner, and it’s easier to transfer ownership of the S-Corp than with some other types of business models.


What about a C Corp?


Rather than a tax status, a C Corporation is an actual legal entity created to create limited liability for a business and keep profits within a business. However, there are two levels of income taxation, on both the corporate and personal level, and it has a more complex set up and maintenance, with a required annual board meeting and complicated establishment fees. This organization truly only makes sense for a large corporation with many shareholders because of the double taxation and the complexity of the administration, which often requires the ongoing assistance of a professional.




So which is the best for physicians looking to establish a practice with minimal effort and maximum tax savings?


Unfortunately, there’s no single answer to this question. As an example, consider a young physician about to make $800,000 on his 1099. If he had an LLC, he would have paid about 3.5% in Medicare taxes on the full $800,000. However, if he established his business as an S-Corp, he could have taken a salary of $250,000 (which is the prevailing wage for his line of work) and then the rest as a K1 distribution. By taking this distribution, he would have saved about $19,250 in Medicare taxes (3.5% of $550,000), a substantial sum.

However, if the physician’s income was only $100,000, either an LLC or sole proprietorship might have been better options. He would have saved on the higher set up cost and annual tax filing costs associated with corporations.

It can also be important to pay attention to state PTE (Pass Through Entity) tax law. For example, New Jersey recently adopted the NJ Bait Tax Law, which enables an individual to pay their state income tax from the corporation and take the deduction. While S-Corps will benefit from this legal change, single member LLCs may not qualify under this law.

With so many variables, it’s best for physicians with plans to incorporate to speak with an experienced financial advisor who will take into account the various aspects of their growing business, from the company structure to the income amount to the potential tax savings available. Through a careful analysis of costs and benefits of each structure, a financial advisor can guide a business owner to make an informed decision on the way to incorporate that will best serve the success of their business.


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Sunday, September 8, 2019

How to Conduct Effective Employee Surveys That Will Improve Your Business

For B2B companies, team members are one of the main reasons clients turn into repeat buyers. Without great team members, client service and operational execution suffer, which means your business will also suffer. It’s as simple as that.


As competition increases in the B2B world and products and services become more commoditized, client service can often be the difference between retaining or losing business. A survey by Salesforce found that 80% of B2B buyers said the customer experience is just as important as the quality of a company’s products or services. The survey also determined that 57% of B2B purchasers switched suppliers because a competitor provided a better experience.

A positive client experience also improves the top and bottom line. Research by McKinsey & Company found that improved customer experience can lower client churn by 10 to 15%, increase close rates by 20 to 40%, and reduce customer service costs by up to 50%

Keeping your team engaged and aware of their personal growth and development is essential to building a business where clients enjoy working with your team members. An employee survey is an ideal way to measure the enthusiasm of your team. Just as important, you will gain insight into your staff’s level of dedication to embracing the company’s mission and values and achieving organizational goals.

A survey gives team members an opportunity to share their opinions on reasons for successes the company has accomplished and challenges the business faces. Giving your team a direct voice shows that you value their input.

If you are not conducting employee surveys at least annually, you are missing out on collecting invaluable information. Here’s how to do it in a way that improves your business.

1. Keep employee surveys anonymous


This is crucial because it gives team members the opportunity and freedom to provide frank and honest feedback. To grow your business, you need to know the good and the bad. Use an independent provider to administer the survey and provide the results in order to ensure participant responses are anonymous.

2. Share the results


A survey can give a lot of details about how your team views the business, so share the data, even if it’s not pretty. You will find out how team members view company culture, where the business is heading, and what should and should not change about the way the organization is being managed. Don’t wait too long to let your team know what you have found. Sharing the results—both positive and negative—will encourage discussion about any necessary next steps to take.

3. Act on the results


You must be willing to act on the results; otherwise, you’re simply paying lip service to your team. Everyone in the company needs to see that action is being taken to address challenges and opportunities that may come to light in the survey results. If the results call for complicated or long-term projects, make them part of the company’s monthly or quarterly priorities and then break the work into manageable tasks.

4. Update on progress


It’s important to share with your team the progress the company is making toward achieving the goals identified in the survey. Each quarter post milestones reached and tasks completed in an area where your team can see and track the progress. Communicating progress will also help drive accountability so the team knows what needs to be done and when.

Reality check


Your business is constantly in motion and your team is one of the best resources for what’s working and what’s not in your business. Business leaders can choose from a wide variety of online tools, such as TINYPulse, 15Five, and Officevibe, to measure employee engagement and job satisfaction. The results from those surveys will provide you with a reality check that will help you improve operations and achieve company goals.


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Saturday, September 7, 2019

The Secret to Effective Business Networking

I’ve been attending local networking events as long as I’ve run my content marketing agency (so, 13 years). I’m aware that trying to sell yourself isn’t the general concept behind networking, that it’s better to build relationships over time rather than “machine gunning” your business card to everyone in the room. And believe me: I’ve seen people do that, and it never goes well.


But it surprised the heck out of me to get advice about networking from none other than my mother recently. I was complaining to her that work had been slow this summer, and she suggested I try out her “Mamma Networking Theory.”

Asking her to elaborate, she told a story about how my brother, recently graduated from high school and without contacts in the Arkansas town we had just moved to, was struggling to find a job. Our mother told him he needed to know someone to get a job. She encouraged him to ask any and everyone he could for leads, and she did the same. Apparently, the parents of a friend of mine owned a cleaning service, and when my mother told them that her son was looking for a job, they ended up hiring him.

Her point was: If you don’t ask, you can’t get what you want. And you never know who might have what you’re looking for unless you ask.

Applying the “Mamma Networking Theory”


I grumbled after reading her email because I felt like if I told people business was slow, I’d look like a failure. There’s this weird patina that entrepreneurs wear sometimes to seem like they’re more successful than they are so potential clients flock to them. Tell people you’re having a fire sale on marketing and they’ll flee, or at least that’s what I thought.

I decided to reframe my thinking. Rather than, “Hey, I’m broke. Got any work for me?” I decided to change my wording to, “I’m taking on new clients. Do you know someone I can help?”

I did this with several clients I’m close to, and some said they had more work they could pass on to me. Score.

Armed with this new attitude, I headed to my community business association mixer. I’ve been attending these events for years, so I know most of the people there. Relationship building? Check!

I chatted with the office manager of the association and mentioned that years ago I’d pitched his boss about helping with social media management. My assumption was that they were doing it in-house and didn’t need help.

“You should talk to him,” he told me.

Fueled by that encouragement, I sauntered over to the director of the program. “Hi, Scott. Several years ago, I wanted to help you with your social media. I’d like to extend that offer again if you’re interested.”

Within seconds, we’d agreed to meet to discuss it. Bam. A few days later, I’d signed on the company as a new client. Had I not asked, I wouldn’t have received.

How to get what you want in business


Of course, there is a fine line between doing networking right by being a valuable member of a business community and asking for business. You need to know your audience and genuinely want to help them, not just rake in more revenue. I knew a few of the pain points of this business with regards to social media, so I was able to quickly offer free advice on how they could improve. That usually works one of two ways: They take your advice and “DIY” it, or they’re so impressed with your vast knowledge that they hire you. My free advice got me the latter.

So what do YOU want in your business? Are you asking for it? If you want more sales, talk to people at networking events about the area you specialize in. If you’re an accountant, ask if they manage their own accounting software and invoices or have a professional they work with. Ask what pain points they have. Even if they’re not in the market for an accountant, you may still be able to provide useful tips they’ll be glad to have, and you never know who they know they can refer you to.

When you leave the conversation, if it’s not turning into a meeting or a sale, you can ask, “Do you know anyone I might be able to help with XYZ?” This gets them thinking about their own circle, and they may have someone who is looking for exactly what you offer! By the way, I’m trying this approach in dating, asking friends if they know any amazing men that are good enough for me! Stay tuned on that.

And in general, people do business with the people they know. A lot of the events I go to center around having a beer and nibbling on appetizers while we talk about what’s happening in the community. Even if we don’t discuss business, these are the people I turn to for web design, massage, and dining out because I have relationships with them and want to support them. If you’re an active and helpful member of your community, people will do the same for you.


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Thursday, June 27, 2019

Building a Customer-Centric Business Culture From the Inside Out

Companies that want a competitive edge must have solid employee experience strategies in place. Wait, what?! Isn’t customer experience all the rage? Yes, but engagement starts from the inside out. If your employees aren’t happy, they will not be equipped to deliver customer experience that sets you apart. So, if you want to be customer centric, it’s logical to first address the levels of engagement within your business.


Companies with engaged employees see 233% greater customer loyalty and enjoy a 26% greater annual increase in revenue. Loyalty pushes employees to become “evangelists”—they truly love and support the company they are working for, so they naturally promote, share stories, and inspire the customers they interact with.
What does “successful” engagement look like?

In simple terms, engagement equals an active and satisfied person. A desirable, engaged employee is likely to be:
  • Active on social media and various online communities
  • Sharing stories and experiences that enrich the company’s reputation
  • Asking questions meant to improve and inform company processes
  • Speaking positively about their work and experiences
  • Encouraging other team members and customers
  • Partaking in wins

To build a customer-focused team, you should make hiring decisions with these attributes in mind. After a new hire joins your team, it’s up to you to keep the momentum going by building engagement.

5 strategies for optimal engagement


Building engagement in your team is all about how you communicate. Don’t be daunted. We’ve compiled some tactics that will help:

1. Distribute stories up, down, and all around


There’s a reason why they’re called “success stories.” They do no good if the information is kept hidden. You must share meaningful experiences because they can have the biggest impact on morale.

It also helps you identify what areas of an employee or customer experience platform really shine. If you’re getting a lot of stories about a particular team member, for example, you know how valuable they are. Eighty percent of employees feel more engaged when their work is consistent with the core values and mission of an organization.

Distributing the right stories can help team members relate. Three out of every four employees want to stay up-to-date on their company’s current events. Regardless of whether you distribute information via email, company networks, or social media, it’s clearly something your company should be doing. Information can come in many forms, including news and product updates, insights from upper management, or even customer statistics. Just make sure you inform your team(s) about what’s happening with the business.

2. Don’t spam


We just advised sharing information with your team. Yet too much of a good thing is overwhelming.

Consider the average workday. You sit down and begin sorting through hundreds of emails. Most of the day is spent trying to find important communications. It’s a pain, right? Don’t inflict that on your employees. Establish a set of guidelines for what warrants sending an email. Cutting down on all that unnecessary “email work” saves time and money.

On the other hand, since you want to keep everyone in the loop, make the information accessible whenever your employees choose to opt-in. That could mean using social media, an intranet, a private digital community, or a mobile platform. Depending on how much you want to make use of the latest technology, you could even use real-time updates. Real-time updates keep everyone informed because they automatically deliver everything important. Employees can see crucial information at a glance and interact with it or dismiss it.


3. Give everyone a voice


How do you know if your target audience is happy? Simple. You listen.

Only 22% of companies survey their employees on a quarterly basis or more, 79% survey their employees annually or less, and 14% never survey their employees at all. You must provide employees with a way to share their experiences, whether that be positive or negative feedback. Employees who feel their voice is heard at work are 4.6 times more likely to feel empowered, which equals better performance.

How do you grant employees a voice? The secret is to earn their trust by showing that concerns or complaints are taken seriously, and no one is reprimanded or singled out in response.

4. Stay connected


As much as possible, you should strive to go beyond simple messaging and notifications to creating an employee digital community. Chances are, you already have an online brand community, where followers can engage directly with you and with each other. An employee online community is a similar concept. Regardless of the technological framework you use to set up this digital space (it could be as simple as a forum and as sophisticated as a custom app), creating an online community that is always accessible brings all the aforementioned communication principles together.

One example of a solution to consider when creating your employee community is peer-to-peer messaging within an app. This technology is one of the trends to watch this year. It taps into the “gotta have it” mentality, making it highly desirable for modern workforces. In-app messaging can increase engagement ratings and regularly brings in rates of 26% for medium-performance apps, and up to 44% for high-performance apps in the 90th percentile.

The benefit of creating an employee community is connecting different teams and departments, allowing them to share information and learn from each other. For instance, a company might create a separate online space just for their sales representatives, where sales reps in different locations can trade tips.

5. Don’t forget to have fun!


No one is going to see an experience as enjoyable if there’s no fun involved. An employee’s attitude embodies the general feel of the company they work for. Making the work environment (or a part of it) more playful can lead to increased employee engagement.

Gamification of processes, as well as raffles or prizes, are all great ways to achieve this. Even promoting varying social campaigns where employees participate can build a sense of fun in your organization. If you have to, start small with something like “Friday Funnies” where you share a joke or industry-related cartoon, or “I Spy With My Little Eye” where you document good deeds or acts of service around your business.

There’s also the option to have company-sponsored activities like an employee field day or holiday parties. Whatever you choose, your team will take notice.
Building an engaged community

The workplace of the future is fast-paced and hinges on instant, on-the-go connectivity. But trying to keep up can also feel overwhelming. The speed at which business and customer experience expectations develop is constantly falling behind the rate of innovation.

One technology solution that works today may not work a year, or even months, from now. The solution is to identify what works now, so you can influence your teams as soon as humanly possible. Your approach should be a dynamic process where you’re constantly looking to improve and optimize.

Ultimately, it’s the culture or community (employee community) that remains intact, and will largely carry over as you adapt from platform to platform. Seventy-three percent of employees who work in a fully-enabled digital workplace reported a positive impact on their productivity and 70% cited improved collaboration, thanks to digital technologies versus 55% who don’t make good use of technology.

Knowing this, you can immediately see why it’s vital to build a loyal, engaged community with your employees today. That way, you can begin impacting customer experience tomorrow, from the inside out.

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