HomeNews & Insights

January 16, 2019

The idea of embellished print in the consumer products industry has become increasingly popular in recent years. As marketers continue to look for new and exciting ways to differentiate their products from the competition, the idea of adding special effects, coatings and finishes to product labels and printed materials has proven to be quite an effective strategy.

In contrast to traditional printing methods, embellished printing is done digitally and is easily adaptable to changes, variations and production preferences. Sample finishes used to embellish products include, but are not limited to, the following:

  • Glossy and Raised UV coatings
  • Grit and Sandpaper coatings
  • Embossing and Debossing
  • Varnishes
  • Foils (including Hot, Metallic, Holographic and Clear)

Embellished Print Strategies

According to consumer studies and experts in the printing industry, embellished printing can benefit a product by: increasing its perceived value and prestige in the marketplace, increasing the amount of consideration and attention given to it, and playing an important part in the overall selling process to consumers.

  1. Embellished print enhances a brand’s image. Regardless of where a product is sold (either in-store or online), attractive packaging and product labeling positively impacts a consumer’s perception of the product and adds value to its image. Tactile packaging effects add a richness and excitement to products not normally achieved through traditional merchandising and display methods.
  2. Consumers give greater consideration to items utilizing embellished print. According to a study conducted by the Foil & Specialty Effects Association in 2016, products utilizing embellished print held the attention of consumers 18% longer and were recognized 45% quicker than products not using the effects.
  3. Embellished print positively impacts sales. Dr. Andrew Hurley, and associate professor at the University of Clemson and co-founder of Package InSight, a retail packaging research company, states that companies utilizing embellished print typically show gains in market share and sales, especially in the premium and luxury item markets.

To learn more about the Embellished Print options offered by GBS and how they can benefit your company and brands, contact one of our product experts at 1.800.552.2427 or at marketing@gbscorp.com.

www.gbscorp.com/print-management/

HomeNews & Insights

December 27, 2018

Medical claim denials by insurance companies continue to be a major problem for healthcare providers throughout the industry. Reasons for the denials remain numerous and ever-changing. New industry processes, best practices, and increasing government regulations keep denials in the forefront of effective and profitable practice management on a daily basis.

According to Elizabeth Woodcock, healthcare consultant and author with Woodcock & Associates, this is an ongoing struggle that practices must be fully engaged in to ultimately be financially successful, “Even though it’s frustrating, we’re in a battle (with insurers), and this battle is fought every single day. If we give up, we’re going to give up money as well.” And forfeiting money that’s already been earned for patient services rendered is not a viable option for most providers in today’s ultra-competitive healthcare market. Woodcock adds that, “That’s the way it is. No matter how hard you try to make everything perfect, denials still happen. But you have to recognize that the insurance companies have an economic incentive to deny claims, so you’re never going to get it down to zero.”

According to Medical Economics magazine, the twelve most common causes for medical claim denials providers continue to face are as follows:

  1. Data entry and/or typographic errors on patient data. This can occur during the patient data intake process or the claim entry process.
  2. Duplicate claims submitted for the same service. This can happen when a practice has not yet been reimbursed for a previously submitted claim.medical claim denials
  3. Missing or misapplied procedure code modifiers.
  4. Inaccurate site of service (inpatient or outpatient) designation marked on the claim form.
  5. Patient’s insurance plan deductible has not been met for the year.
  6. Outdated or deleted diagnosis codes used on the claim.
  7. Mutually exclusive or mismatched diagnosis codes used on the claim.
  8. Patient has exceeded his/her plan’s benefit amount for the year.
  9. Lack of prior authorization approval by the patient’s plan for the services provided.
  10. Services rendered are not covered under the patient’s insurance plan.
  11. Services rendered are deemed medically unnecessary by the patient’s plan.
  12. Providing physician is outside of the patient’s insurance network.


However, there is some good news. With increased focus on and attention to the causes for denials, successful strategies can be implemented to effectively manage and overcome them. These strategies must contain both preventative and follow-up measures, but can significantly improve the overall denial process. 
“Denials are your treasure chest for performance improvement,” Woodcock states. “This is your guide to really make a difference.” When acted upon appropriately and responded to accordingly, she states that at least 80 percent of all denials do eventually get paid.

Don’t make these mistakes in your practices! GBS’ Revenue Cycle Management (RCM) services can help reduce your denial rates to less than 1% – adding dollars directly to your bottom line. Contact us at 1.800.860.4427 or at marketing@gbscorp.com and let us help you start collecting what you’ve already earned!

www.gbshealthcare.com

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