3 Types of Mortgages for Homebuyers

Almost everyone dreams of owning a home. However, this dream can only be realized when you have enough money for the project. With the increasing number of financial institutions that are more than willing to offer mortgage loans to people, the issue of stable finances is considerably taken care of by the home buyers. Home-building mortgages are simply the future of residential property development. Here are the 3 basic types of mortgage loans for homebuyers.

1. Fixed-Rate Mortgages

Mortgage loan lenderHave you ever thought of having a home loan whose interest rate remains the same for the life of the loan? Well, with a fixed-rate mortgage loan package, the home buyer is required to pay only a small portion of the total value of the cost of the house as principal during the first few years and the rest is being paid as interest that does not fluctuate over the loan repayment duration.

Another interesting thing about fixed-rate mortgage is that you get to split the payment into equal monthly payments for the duration. In most cases, the duration for repaying fixed-interest loans is 10, 20 or even 30 years. The more time you are given to repay your loans under the fixed-interest settings, the lowest you will be required to pay every month. This means that a 30-year fixed-interest package will cost you less money every month than a 10-year package for the same house.

2. Adjustable-Rate Mortgages (ARM)

With the adjustable-rate mortgage loans, the interest that your loan will be accumulating over the repayment period can change from year to year depending on other factors. This means that what you paid as interest for the home loan during the first year might be increased during the second and subsequent years of loan repayment. There is a special category of adjustable-rate mortgages that features aspects of both fixed-rate mortgages and adjustable mortgages.

This category is known as the Hybrid ARM. In most cases, you will be required to pay mortgage loan lenders fixed interests over a period of time before starting on ones that change annually for the rest of the repayment duration. For example, if you paid a fixed interest of let’s say 2% over the first three years, then your lender added the interest amount during the fourth year to 3% annually, then the type of mortgage setup you are subscribed to is called Hybrid ARM.

3. Interest-Only Mortgage Loans

The interest-only loans do not require you to pay principal during the first years of your loan. This is a good type of loan setup for families with irregular income. The interest-only type of home mortgage allows you to pay only interests for the first few years of the loan.

In most cases, the structure in this type of loans follows the adjustable-loan methods. During the first five or ten years, you will be required to pay only interests. The rate is then adjusted annually and the homebuyer pays for principal as well as interest over the remaining period of loan repayment.

Hopefully from these three major types of mortgage loans, you will get the home-buying loan package that fits your lifestyle. Remember to do thorough research before getting a loan for your home. Make sure that you understand every detail of the loans prior to signing the agreement papers with the lenders.

5 Surgery Billing Tips for Faster Payments & Greater Financial Health

With the increased focus on health care in the United States and the increasing need for specialized medical services, especially for surgery, it is important for surgeons and healthcare professionals to better optimize their billing practices. By establishing a systematic and dependable surgery billing system, the outcome can be mutually beneficial for both staff and patients.

To optimize your surgery practice’s billing system, below we offer five tips toward better surgery billing, faster payments, and greater financial health.medical billing claims

Effective Tips for Surgery Billing

1. Effectively manage lag and turnaround time. One to the easiest ways to decrease outstanding billing days is to manage lag times. Lag times should number less than five days – the fewer days, the smoother the system will become. Various surgery centers may suffer long lags due to circumstances beyond their control. In such cases they should demand a 24 hour turnaround. These can be enforced with penalties and if not it may be time to search for other companies to fill the void.

2. Learn and understand the electronic pathway. To establish a surgery center billing system, it is important to chart an electronic path for each patient. Since electronic claims are sent to health providers directly to the provider’s EDI company and several other business partners lag times can be exceptionally long.

This can be prevented or lessened if the electronic path is defined and closely monitored on a transaction by transaction basis. Billing managers should start to chart these points to determine if a claim goes directly to the payor or to an additional clearing house or center before reaching its final destination. If issues arise in the process it is wise to call and ask if they have a direct contract with the payor.

3. Insurance verification. It goes without saying that much time is wasted without verification. It is vital to make sure the patient has coverage before undergoing any procedure. It is also wise to confirm the deductible to learn if the patient has a “trash plan” – a very low premium and extremely high deductible.

Additionally many good centers are now verifying benefits of outpatient vs inpatient coverage because there is a difference in many policies. Naturally verifying insurance requires a phone call and that phone call takes time but during this conversation the carrier can advise as to the best procedure for submitting the claim. There are many plans where coverage may change. Carpal tunnel doesn’t require authorization today but this may change without knowing about it so it is always good to verify.

4. Codes must be in correct order. Put codes in the right order so as not to lose reimbursement. For example, Medicare reduces any procedure listed second by 50%. If a $1,000 procedure is listed first and another listed second at $750 this will ensure that you will take the cut on the $750 and not the larger one. It is vital to do this correctly in the first place because by trying to fix it will take more time and of course increase lag time.

5. Managed care. Being aware of every aspect of surgery billing is essential. Surgery billers should have a copy of every managed care contract and understand the details. Details such as how long you have to submit a claim, how long the adjudicated process is, what payment methodology is and why an carrier would reduce multiple claims and what the appeal process is all about are all issues that are vital to learn, understand and put into practice.

Many of these non-human issues can be corrected and or eliminated by installing proper software. The money and times saved will far outweigh the cost of the software.