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How Retailers Can Protect Themselves From Payment Card Fraud

Posted: 24 Oct 2019 02:00 PM PDT

Card fraud is a rare kind of threat in that it doesn't solely occur online but offline as well. Unfortunately, many small businesses are not sufficiently protected from the dire consequences of payment card fraud.

In 2018, losses due to payment card fraud reached $24.26 billion worldwide. Experts project that losses will balloon to $36.44 billion by 2022.

As much as small business owners would like to think their size does not make them a target for thieves, that simply isn't the case. Small businesses reported losing an average of $37,258 to card fraud last year.

Whether you run an online business or a brick-and-mortar operation, there are certain types of card fraud you need to be aware of. In this article, I discuss the threats small business owners face and offer recommendations so you (and your customers) do not fall victim to card fraud.

Types of hardware-enabled payment card fraud

Obtaining payment card credentials requires physical access to the victim's point-of-sale (POS) equipment – the terminals that store personnel use to read data off cards and process transactions. There are two possible scenarios where in-store payment card fraud occurs:

  • Clerk skim: This tactic requires the help of a store clerk to run a payment card through a reader that copies the data stored on its magnetic strip to a storage device. This is usually done before the clerk runs the card through the store's POS terminal.

  • POS swap: In this scenario, a criminal poses as a POS technician and replaces a store's existing terminals with clones that can be remotely accessed.

Regardless of the manner used, a consumer's payment card data end up in criminals' hands.

Types of malware-enabled payment card fraud

A particularly insidious type of fraud doesn't involve physically altering a store's POS system; instead, cyberthieves work hard to create different variations of malware that steal user data stored on payment cards from retail checkout systems.

POS malware hunts for credit card data that includes the owner's full name, billing address, expiration date, and card verification value (CVV) numbers. This information very briefly becomes available in unencrypted format in a device's memory, and POS malware gathers it instantly once the unencrypted data is detected. The stolen data is then sent to the attacker's computer or server.

More advanced payment card fraudsters, however, infiltrate databases where the information is stored. These cases fall under the broad category of data breaches that involve the theft of personally identifiable information, or PII, in bulk.

There's a reason why most payment card fraudsters resort to online forms of fraud. Online fraud presents fewer risks than engaging in physical theft. Online criminals can easily cover their tracks as opposed to being caught red-handed with a skimming device in an actual store.

Most fraudsters collect credit card data to collate so-called "fullz" dumps, cybercriminal slang for "full credit card data" repositories, that they then peddle in underground markets or the deep web. Some create and sell actual cards or credit card clones coded with stolen data. Still, other cyberthieves use the stolen data to make card-not-present purchases for personal gain.

Recent POS malware attacks you may have heard about

Over the years, various high-profile retail, hotel and restaurant chains have suffered significant losses due to POS malware infections. Here are some that you may know about, or that may have personally affected you.

  • The Target breach in 2013: An in-depth investigation following one of the biggest data breaches revealed that attackers obtained the payment card information of 110 million consumers through POS malware. POS terminals in unnamed branches of the store may have been tampered with, allowing the attackers to hack into Target's payment card database. A few weeks after the compromise, card dumps related to the Target breach flooded underground markets. Before the card numbers could be used for fraud, some banks canceled the affected cards and issued new ones to their owners.

  • Home Depot breach in 2014: Like Target, the Home Depot attackers obtained access to the payment card details of 56 million of the store's customers via a POS malware attack. Though how they managed to hack into Home Depot's network wasn't revealed, the store's management admitted that the source of the compromise was traced to its POS system.

  • InterContinental Hotels Group (IHG) in 2017: Twelve of the group's hotels in North America and the Caribbean suffered from POS malware infections, exposing its customers to significant risks. The source of the infection was traced to IHG's payment processing server.

  • Sabre Corp breach in 2017: The company's online reservation system was infected with a POS malware variant that put its clients and consumers at risk of financial and identity theft. Because Sabre Corp provided reservation services to clients that include Hard Rock and Lowes Hotels, this incident put them at risk as well.

  • Forever 21 breach in 2018: Though the exact number of affected customers wasn't revealed, Forever 21 admitted that POS terminals in several of its stores were infected with POS malware for as long as eight months.

  • Applebee's breach in 2018: POS terminals in more than 160 of the restaurant's branches were infected with POS malware, which put its customers at great risk of financial and identity theft.

  • Checkers breach in 2019: Reports revealed that POS terminals in 15% of the food chain's stores were infected with POS malware.

  • Earl Enterprises in 2019: This breach put the customers of well-known restaurants like Bucca di Beppo, Planet Hollywood, Chicken Guy!, Mixology, Tequila Taqueria, and Earl of Sandwich at significant risk. A POS malware variation had been present in the chain's systems for nearly 10 months before it was detected.  A month after the malware was detected, 2 million credit card numbers that were stolen during the incident were sold online.

After a spate of POS malware attacks, banks and financial service providers migrated to Europay, Mastercard and Visa (EMV) chip and pin technology. They hoped the stricter requirements for using EMV chip and PIN cards would alleviate the problem. Years after their introduction, however, there are still attacks against establishment chains and small businesses alike.

DMSniff: The latest form of POS malware

The newest malicious form of POS malware on the block is DMSniff. Though believed to have been active since 2016, it made waves this year, thanks to its use of domain generation algorithms. Because the malware can change domains upon detection, it stays under the radar while spreading mayhem.

To date, 11 variations of DMSniff have been found. These are believed to gain access to POS systems using a combination of brute-force and exploit attacks. In a brute-force attack, threat actors subject systems to innumerable username and password combinations until the right ones are found and compromise is achieved. In exploit-enabled attacks, the threat actors scan victims' networks for vulnerabilities. Once holes are found, the right exploit is dropped, and the network is breached.

DMSniff is just one form of POS malware that is still actively wreaking havoc against many establishments today. Businesses, especially small businesses, need to monitor their systems for fraud.

Best practices to reduce your risk of payment card fraud

Whether fraud occurs digitally or in-store, the damage caused to small businesses and their customers can be irreparable.

Companies, therefore, need to prevent payment card fraud. Here are six steps small business owners can take to reduce their risk of credit card fraud:

  • Screen potential employees, especially those who'll operate payment systems, thoroughly.

  • Do not just trust anyone to fix or update your payment terminals or systems. Ask for their credentials and verify with the POS company that the technician is affiliated with the company.

  • Use firewalls and antimalware solutions on your systems.

  • Employ web categorization and other website monitoring tools to identify malicious visitors and block them from accessing your network.

  • Protect your routers. Employ bring-your-own-device (BYOD) guidelines. Some threats get into networks via insufficiently protected devices.

  • Block potential POS threats from online sources by obtaining a list of domains tied to attacks.

Social Media Tactics that Can Help Personal Trainers Stand Out

Posted: 24 Oct 2019 08:00 AM PDT

There's more noise than ever for personal trainers and it can be difficult for beginners to differentiate themselves in the industry. The good news for beginners is that social media is a great tool to promote themselves. The bad news is that many personal trainers don't create a marketing strategy on social media and they fail to reach the right audience.

Research reveals that over 95% of adults aged 18 to 34 follow the brands they like on social media. Roughly 60% of people expect businesses to provide information about their services via social media pages and most of them prefer this means of communication when they want to get in touch with the brand they use.

Over 70% of brands are under the impression they are running phenomenal social media campaigns. Surprisingly less than 10% of their clients agree. Social media channels can help personal trainers reach new clients, but they should ensure their posts engage followers and retain them.

We explored the marketing strategies famous personal trainers use and identified the most successful social media posting tactics. What did we find out?

  • Your posts encourage your followers to follow their dreams        
  • Social media facilitates interaction
  • Social media can help you create a network that supports your fitness performances
  • Online posts allow you to showcase your expertise
  • Memorable posts retain more followers
  • Livestreams add a human touch to your brand
  • News posts make your social media channels look legitimate
  • Client testimonials make people feel safe about hiring you

Social media posts that inspire

Create content to motivate your followers to pursue their dreams. Everyone wants to have a perfect body, but when they hit the gym and see how challenging training is, most of them give up. By telling them you had the same struggles, you show them they can overcome the obstacles they face. Your posts have the purpose to take them from "I plan to do this" to "I'm definitely doing it."

What should you post? Even if you may find motivational quotes overused, they still encourage people to take action. You don't have to use the average inspirational quotes people find on Pinterest. You can share before and after photos, success stories and even case studies. Photos tell more than words and they can inspire even the laziest follower.

Social media posts that encourage engagement

Don't use social media as a one-way conversation platform. Create posts that encourage your public to respond. This strategy helps you learn about them and build trust-based relationships.

What should you post? Use Twitter and Facebook to ask questions or to produce live videos. Ask your followers to vote for your next workout program and share the result. Ask them about their favorite piece of fitness clothing. You should regularly post content that encourages your audience to interact with you because it keeps them engaged with your brand. 

Social media posts that entertain

Personal trainer salary stats reveal that the trainers who also entertain their students have the highest income in the industry. For example, celebrities choose their trainers based on their skills and on how well they interact and connect with them. A trainer who makes their workouts more personable and memorable will always stand out in a crowded industry.

What should you post? Stay away from controversial posts because they alienate people. Post funny quotes, videos, gifs, memes and other content that can make your clients smile. You don't have to create a stiff and corporate brand because it's not fit for a personal trainer.

Social media posts that help you create a network

For a personal trainer, it is crucial to network with other specialists and businesses. It's challenging to reach success if you do everything alone. If you partner with other fitness and health experts you create mutually beneficial relationships.

What should you post? Identify other fitness brands you would like to collaborate with. They can vary from food bloggers to nutritionists, fitness gear manufacturers to smoothie providers. A great idea is to share each other's content to reach a wider audience. You can also promote one another's products, discounts, special offers and services. Create exclusive pricing for the clients who collaborate with you and one of your partners.

Livestream to show your public what happens behind the camera

Livestreaming allows you to take your audience with you in the gym. Show them how hard you train and what an average session looks like. Social media livestreaming is crucial for personal trainers who want to use the online scene to grow their audience. It's an outstanding way to add a human touch to your brand and to show possible clients what they get if they choose you. It's recommended to create livestream content available afterwards to allow the followers who missed the live broadcast to have a glimpse later.

What should you post? You should livestream directly from the gym, the park or your fitness studio. Schedule a weekly livestream, so your followers know when the next is. Ask them to choose the subject for your next livestream. When producing live videos, explain how you perform certain exercises. It will help you promote your skills as a professional trainer and it will encourage people to hire you to assist them to achieve their dream body.

Posts sharing trending news

People like to know everything about everything. Your goal should be to transform your social media channels into reliable news sources people can check when they want to find legitimate information. Ensure you post only content relevant for your public. News posts bring a higher audience than any other type of content and they are the most shared posts online.

What should you post? Stay with fitness-related news and double-check content before posting on your social media channel. Your posts don't have to relate to the fitness services you provide, but they should be connected with the industry in which you operate. When you choose a subject, explain to your public why you find it relevant to them.

Posts showing the products you use

This is a classic post for a personal trainer. When you want to engage your followers, you should talk about the products you use to boost their curiosity. Don't have the misconception that all product posts need to be promotional, you can also talk about the products you love without the brand sponsoring you. Actually, you don't build an audience if you create content only about the affiliate partners.

What should you post? Just because social media algorithms don't like promotional product posts doesn't mean you shouldn't create some. You should ensure you limit this type of content to less than 10% of your overall social media efforts.

Sharing client testimonials on social media

Make people feel safe about choosing you as their personal trainer. Sharing client testimonials on social media helps you boost loyalty and engagement. Testimonials help possible clients see what former or current ones have to say about your services, before they hire you.

What should you post? You shouldn't stick with the traditional text-based reviews, you should ask your clients if you can record their testimonials. It's recommended to hire a professional producer to record the testimonials because a professional video makes you look well-qualified.

Your social media platforms can boost loyalty, drive leads and improve engagement when used right.

The Small Business Productivity Guide: 6 Tips to Boost Your Output

Posted: 24 Oct 2019 06:00 AM PDT

A business is said to be successful when it's making a handsome profit. But to increase your profit you've got to increase your output as well. What that means is that if you want more profit, then you need to do something about your output.

But is that even possible? How can you do this with few employees and a short amount of time during the day to get work done?

What if I told you that there is a way to increase your output with the number of people you have under your employ and the finite time in your hands? What if an increase in output and a consequent increase in profit had a lot to do with how productive your employees are?

There are studies to prove that there is a strong relationship between improved productivity and an increase in profit. In fact, the Bureau of Labor Statistics revealed that in the non-financial corporate sector there was a 2.8% increase in staff productivity which led to a 3.1% increase in output. Consequently, profits increased at a 13.2% annual rate.  

In this guide, you will learn how to boost the output of your business by applying six tips that will skyrocket the productivity of your employees without compromising on the quality of their output.

Editor's note: Need a time and attendance system for your business? Fill out the below questionnaire to have our vendor partners contact you with free information. 

 

1. Make everyone accountable for the time spent at work.

You must have guessed by now that productivity has a lot to do with how well you're able to use the time you have. Each employee in your business is expected to put in a certain number of hours working for you. Getting tools that track when your employees clock in for the day will help you know if they're present and putting in the required hours. Of course, you can track this data manually, but using a time tracking application like Time Clock Wizard is easier and will save you time.

And of course, it's natural that you want them to make the most of their time. But how will you know that your employees are making the most of the time they spend at work each day? How do you know that they are creating the expected output daily? And how can you measure the output?

This is where giving your employees clearly determined daily goals or targets to achieve comes in. This will improve their morale and increase their productivity as well, as people tend to work a lot more efficiently when they know that they're working towards a clear, predetermined goal. This goal must have a timeline and every worker must know that the target must be achieved before that set timeline. 

So how do you set this goal?

The key to setting a goal is to work backward. Yes, you heard that right. 

You're going to determine the outcome you expect from your employees and reverse engineer that. Working your way backward helps you know just the kind of tasks that need to be done on a regular basis that will help you achieve the end goal. That way you'll know what the monthly, weekly and even daily target for each employee should be. 

When you clearly define what the target or goal for the month week or day is, then your employees can easily pace themselves while working towards hitting each milestone. 

2. Eliminate timewasters.

If you want to increase your output, then you and your employees need to be focused. Remember, you want to make every hour spent at your business count, so you have to make sure that the time is used to its full potential. 

But let's face it. There are times when your mind wanders and you feel that spending another five minutes on social media won't hurt. However, it's easy for that five minutes to turn to 30 and by then, you've either lost focus or you're not in the mood to get back to work. 

To get productive you have to get rid of anything that can distract you from your work and your employees must do the same. Sounds impossible, right? Fine, no one (including yourself) can muster 100% concentration. But there are some things that can be done to help drastically increase your and your employees' focus on work to boost output without skimping on the quality. 

A good place to start is to get rid of your distracting apps or at least keep them quiet while you're working. Turn off phone notifications or better yet, turn off the phone or lock it away in your desk drawer. Social media distractions alone have the ability to rob you off nearly 50 hours per month. That's 50 hours that could have been used to accomplish productive and fruitful work. 

Got a distracting thought? Encourage your employees to keep a notebook next to them where they note down those distracting thoughts and let them go. The idea behind this method is to get the distracting thoughts out of their heads and onto a piece of paper so that they can free their headspace and concentrate on work. 

Above all, let your employees understand that the minute they catch themselves being distracted they shouldn't beat themselves up over it. Rather, they should gently guide their minds back to their work. 

3. Automate as many tasks as possible.

If you've been in business for a while, you know that there are lots of processes and activities that are still being done manually. Those tasks are often small but essential tasks that must be done.

But what if those tasks can be automated so that you and your employees have more time to devote to other processes or tasks that require more time and effort to complete?

Assess the operations of your business and invest in software that automates as many of those processes as possible so you can get the mundane work done efficiently and your employees can focus on other tasks.

4. Set up collaboration tools for your team.

There is a lot of teamwork that goes into running a business. To boost the output of your business, you need to make sure that your teams are working together as efficiently as possible. One of the ways to do this is to invest in collaboration tools. 

Collaboration tools like Slack, Asana, Trello or even something as simple as Google Docs make it easy to communicate, transfer files and share information. They enable everyone to see the progress made, keeping everyone accountable for the task assigned to them. 

5. Create an efficient workflow.

Being productive requires you to have an efficient workflow. Sometimes when you have a really long to-do list and breakneck deadlines, it can feel overwhelming. In such a situation, redefining your workflow could be a solution. 

Go through your to-do list for the day and assess each item according to its level of importance. Then rearrange the items on the list, starting with the most important item and ending with the least important item. 

At this point, you will probably notice that there are some items on the list that can be transferred to another day. That leaves you with the most pressing tasks to tackle. 

Now rearrange the items on your new list starting with the most difficult or challenging tasks and ending with the easiest tasks. 

Working through your list this way will help you put your to-do list in perspective.

6. Create favorable working conditions.

You can't expect your employees to crush all their goals and deadlines if they're in an unfavorable working environment. In fact, if we're going to draw a cue from the second tip on our list, unfavorable working environments is a distraction. For example, I don't know about you, but working on a cluttered desk gets me frazzled.

Why do you think companies like Google or Facebook put in a lot of thought to their employee's workspaces? They do this because they understand that the workspace is critical to employees' success.

Even environmental adjustments as simple as adjusting your thermostat can improve the productivity of your workers. Researchers found that workers tend to be more productive when working in a warm office.

Aside from the aesthetics of your workspace and the room temperature, encourage good desk habits. When you keep your workspace clutter-free, it makes it easier to focus on your work. A cluttered desk or workstation can be distracting and hamper productivity.

Now it's your turn!

In this guide, you learned what you need to do to boost the output of your business by improving your employees' productivity. Yes, you may need to acquire more tools and organize training, but it's interesting to see how minor tweaks here and there can make a massive positive change to your business' revenue. 

Which tip will you implement in your business first?

How EMR and Practice Management Solutions Can Combat Healthcare Burnout

Posted: 24 Oct 2019 05:15 AM PDT

Burnout plagues workers in virtually every industry, but nowhere is it more common than the healthcare industry. Burnout can be devastating to an otherwise highly capable and productive employee, which, naturally, is a major concern when it comes to the professionals providing healthcare to the public.

There are many reasons burnout is so pronounced among healthcare providers, including administrative demands, long shifts and the general workload. However, modern healthcare IT tools like electronic medical records and practice management software could reduce the pain points associated with burnout. A well-implemented system that suits a practice's workflow can make all the difference, but it's a matter of choosing the right one to set up healthcare providers for success.

What is burnout?

Burnout is more than just a feeling of tiredness or a sense of being overworked. It is now defined as an "occupational phenomenon" by the World Health Organization and is characterized by feelings of exhaustion, increased mental distance from work, cynicism toward the job and reduced professional efficacy.

Burnout doesn't happen overnight. It is a long process that often occurs in stages. Sometimes, burnout is a temporary condition brought on by a particularly stressful couple of weeks. Other times, it could become a chronic situation. These are the five stages of burnout:

  1. The honeymoon phase: When someone first begins a job or new task, they often embrace it with enthusiasm. The honeymoon phase is characterized by a high level of job satisfaction and productivity, as well as optimism and energetic job performance.

  2. Onset of stress: The onset of stress occurs as the honeymoon phase wanes. It includes an awareness that some days on the job are difficult and is coupled with anxiety surrounding work. It can also include fatigue and the inability to focus. In some cases, it leads to a reduction in job satisfaction and productivity.

  3. Chronic stress: Chronic stress is a significant increase in the negative aspects seen during the onset of stress. It isn't just that some days produce anxiety, but that most days are difficult. This can lead to anger or cynicism, as well as physical issues outside of work. Procrastination is a key characteristic of chronic stress.

  4. Burnout: When chronic stress goes unaddressed, burnout sets in. Burnout includes significant behavioral changes and the development of an escapist mentality. It can also increase negative physical symptoms, including headaches and gastrointestinal problems. In severe cases, people suffering from burnout might be inclined to isolate themselves socially.

  5. Habitual burnout: When burnout is habitual, the people experiencing it are likely to suffer from chronic mental and physical fatigue. Often, habitual burnout prompts a descent into depression. Not only does habitual burnout profoundly impact a person's ability to do their job, but it touches every aspect of their life and well-being.

Burnout is a serious problem and should not be treated as simply feeling tired or overworked. In many cases, people suffering from burnout require the attention of a healthcare professional, as well as a dramatic shift to work they find more meaningful. Unfortunately, some of the people most impacted by burnout are healthcare professionals themselves.

How does burnout impact healthcare providers?

Burnout is a common problem that cuts across industries and job descriptions, especially impacting shift workers or people with multiple jobs. However, one of the most affected groups is healthcare providers. Primary care physicians in particular experience burnout at shocking rates. According to a 2019 study, 79% of primary care physicians experience burnout. Specialists don't have it much better: 57% of specialists report experiencing the effects of burnout as well.

These challenges associated with the healthcare field have led more than a third of active healthcare providers to report they wouldn't recommend the profession to a young family member.

"Physician burnout is becoming an epidemic in the U.S," said Alpha B. Journal, founder and CEO of Journal Solutions. "The most common causes of physician burnout are the nature of the job of having to deal with sick and dying people daily, the healthcare politics such as the decrease in reimbursement, and having to deal with prior authorizations."

Healthcare providers suffering from the effects of burnout report significant challenges at work. Some begin to feel angry with patients, despite knowing that the burnout is not their fault. Others report a feeling of being a cog in a larger machine, rather than a healthcare professional able to take the time to properly diagnose and treat their patients. The common refrain is that healthcare providers want to help people but are buried in administrative work.

How could electronic medical records and practice management software help reduce physician burnout?

Streamlining the daily workload of a medical practice can significantly reduce the feelings of powerlessness and cynicism associated with burnout. Healthcare IT technologies, such as electronic medical records (EMR) and practice management software, can go a long way in optimizing workflows and helping healthcare providers do more with less. While the early adoption of these technologies hasn't always been easy, a system that can be implemented and learned with minimal disruption and suits the practice's workflow can be a game-changer, mitigating the effects of burnout and preventing future challenges.

"EMRs and practice management software support the ability to digitize patient information [and] tie into scheduling, referrals, prescriptions, and many other daily tasks that providers handle," said Bill Ho, CEO of Biscom. "A well-designed system is easy to use, secure, and efficient for better coordination and more timely access to data, particularly at the point of care. Having data at your fingertips, with the ability to search, has helped speed up information access compared to paper charts that might be stored in an archived medical records room. This instant access to information can also result in better diagnoses, facilitate coding and billing, and reduce costs."

 

Editor's note: Looking for an electronic medical records (EMR) system for your business? Fill out the questionnaire below and our vendor partners will contact you about fulfilling your needs.

 

 

When the benefits of these systems are fully realized, they reduce the administrative burdens associated with burnout. Moreover, many modern EMR and practice management solutions offer healthcare providers new ways to stay engaged with their patients that improve professional efficacy surrounding healthcare and medicine.

"These digital solutions … address current patient demands for more transparency and control over their health information and care," said Ryan VanDePutte, associate director at Bits In Glass. "They allow patients to submit quantitative information like blood pressure, pulse, weight, etc. with their physician, [as well as] capture qualitative information like long-term health plans, life goals and symptom assessment. Patients can also review previously submitted information and raise concerns for their physician to review immediately or during their next appointment."

Engaging with patients regularly through patient portals rather than simply seeing them as another name on the schedule not only saves practices time on registration information and vitals, but can also reestablish the doctor-patient relationship that drove so many physicians to enter the field of medicine in the first place. Decreasing the distance between a healthcare provider and their patient can go a long way in burnout prevention.

Finally, many EMRs make charting much quicker and easier through the use of customizable templates and the seamless integration of data from previous encounters, inside or outside of the practice. When providers are finished seeing a patient, pushing through clinical data to the billing module is often as easy as the click of a button.

What should you look for when choosing healthcare IT products?

An EMR or practice management solution is not a silver bullet. Medical practices shouldn't expect healthcare IT products to solve all their problems. In fact, partnering with the wrong vendor could result in more problems. It's important to take the time to research the market and determine which systems are best for your existing workflow.

When searching for an EMR or practice management solution, look for these features:

  • Implementation and training: The implementation of a health IT system is one of the most important parts of the process. In this phase, the system will be configured to your practice, including lab and pharmacy integrations as well as custom clinical note templates. Some vendors include implementation in the cost of the product, while others charge an additional fee. Training for your staff is also often included but is sometimes an additional cost.

  • Ease of use: The user-friendliness of a health IT system is essential to ensuring staff can learn and use the system properly without much disruption to daily operations. Many EMR and practice management solutions are sprawling systems that take some time to learn. In addition to offering vendor-provided training, the system you choose should be relatively intuitive.

  • Patient registration and scheduling: The practice management software you choose should offer powerful features to streamline patient registration and appointment schedules, as well as insurance eligibility verification functions.

  • Charting: Charting is one of the key tools in EMR software. You can often streamline this function with the use of macros, hotkeys and custom templates. Many EMRs also let you use voice dictation for charts, which can further speed up the process and keep providers engaged with patients during the encounter instead of sitting behind a computer screen.

  • Integrations: The health IT system you choose should seamlessly integrate with systems that other healthcare providers, hospitals, labs and pharmacies use. Integrations make it easier for data to flow through every point of care in the healthcare ecosystem and cut down on paperwork.

  • Patient portal: A good portal allows patients to remain engaged with their healthcare around the clock. This can reduce the patient intake time during an appointment and allows patients to contact their healthcare provider with questions or updates about their conditions.

  • ONC-ACB certification: Certifications of health IT systems from the ONC-ACB demonstrate that a system meets government guidelines for meaningful use. These guidelines are important for avoiding Medicare and Medicaid reductions and gaining incentive payments through MIPS and MACRA. A health IT system that is certified under the 2015 edition of ONC-ACB standards is capable for attestation through the programs.

The right EMR and practice management system can make a world of difference for a practice, while choosing the wrong one could lead to additional headaches and pronounced burnout amongst providers. To learn more about how to choose the right healthcare IT products for your practice, see our best picks for electronic medical records and our best picks for practice management software.

Leveraging EMR and practice management solutions is only half the battle

Healthcare IT systems are essential for a modern medical practice to realize its full potential. They offer significant benefits to providers and staff that can prevent or reduce burnout. However, implementing these solutions without addressing the root causes, which are sometimes organizational in nature, won't eliminate burnout. To truly combat burnout in a medical practice, it is important to fully account for the major pain points providers experience. Only by addressing these potential organizational problems, in many cases with the help of technological solutions, can a medical practice fight the threat of burnout.

The Benefits of B-Corporations And the Simple Steps to Achieve Certification

Posted: 24 Oct 2019 05:00 AM PDT

It started with a disastrous investor meeting. 

My co-founder and I were developing a safety wearable that could emit an audible alarm and get help in case of an emergency. At that point, it was little more than an idea and a rough prototype, but we had compelling market research and a solid strategy. We'd been accepted into a prestigious accelerator program called DreamIt, which, among many other benefits, gave us the opportunity to pitch to potential investors.

This particular meeting was one of those where you knew it was flowing. The presentation was tight, the investors were enthusiastically engaged, nodding their heads up-and-down throughout. It felt like great synergy. Until it all fell apart.

My co-founder, Yasmine Mustafa, is the one who had the idea for the company. She's always had a passion for championing the underserved and coming up with ideas that can make a difference in the world. When she first pitched me on the idea, I thought it was terrific and stepped out of retirement to join her to build the company. We had a very focused mission: help save lives and empower women.

Toward the end of what seemed like this shoo-in investor meeting, Yasmine excused herself to use the restroom. At which point the two investors, both male, turned to me (a middle-aged white male) and said, "We'd invest if you were the CEO."

Mission alignment

The mission of the company meant a lot to us. We wanted to build an organization that could truly impact many people. So there was no way we would align ourselves with partners, suppliers or investors who didn't share our values. Being a woman-led, women-empowerment company was core to our identify.

While we couldn't directly control the regrettably all-too-common gender and race inequity in venture investing, we could choose how we would run our company and the basis by which we made decisions. And when we learned about the B-Corporation movement and its focus on socially responsible businesses, it seemed to make perfect sense for us.

Although at that point we had a lot to learn about B-Corporations.

B Corp misconceptions

My first misconception was that mostly non-profits certified as B Corps. I was completely wrong. In fact, only for-profit companies are eligible to become a B Corp. I also thought that only established companies, not startups, could get certified. Again, wrong. I also wondered if any recognizable companies had chosen to pursue certification. Turns out Ben & Jerry's, Patagonia, Kickstarter, Etsy, and Warby Parker are all B-Corps – companies I know quite well.

Finally, I assumed the certification process would be painful, requiring a lot of time and energy. In fact, the B Labs folks (the people behind the certification process) bend over backwards working with companies to help them through the process. Basically, if you're committed to holding yourself to high standards, the path toward certification is fairly easy. 

Pretty much every negative concern I had about the certification process was eliminated shortly after we began.

How to become a B Corp

So, why get certified? It's good for the company, good for employees and good for the world. The B Corp certification process challenges companies to look at their core principles and methods of operation and to explore how they align with creating positive impact.

You don't need a specific social mission or a drive to help the planet. All that matters is that you care about your employees, your customers and you'd like to make an impact in some way.

Certification isn't a once-and-done sort of thing. The process itself leads companies to identify areas where they are doing well and opportunities for improvement. And it's ongoing. Like all good business practices, you track how you're doing and how you can continually get better.

Once you are certified, it's like a badge of honor. It's a public pledge that you stand for something bigger than maximizing shareholder return. And that certification attracts positive attention from potential new employees, partners and customers.

What a B Corp is and isn't

There's been some confusion as to what a B Corporation actually is. For starters, it's not a legal structure. Your company can be an S-Corporation, LLC, or a traditional C Corporation and obtain B Corp certification. You can also be a Benefit Corporation and become B Corp certified.

B-Corporation is an official certification that your company meets high standards of performance, transparency and accountability for your employees, customers, communities and the environment. It's like a Good Housekeeping seal of approval, but carrying far more societal and interpersonal impact. Generally, if your company achieves B Corp certification, you are doing really good things.

A lot of people confuse B-Corporation (which, again, is a certification) with a benefit corporation (which is a corporate legal structure.) Unlike a traditional C Corporation, with its primary concern of maximizing shareholder return, a benefit corporation is a for-profit entity that also focuses on making a positive impact on society, workers, the community and the environment. So, for example, a Benefit Corporation might make a strategic decision that is good for the environment yet might not be beneficial in the short-term profit interests of the shareholders.

How to certify a startup as a B Corp

One of the requirements for obtaining B Corp certification is that your company must have been in business for at least one year. But for new startups who want to pursue certification as a way to signal to potential investors, employees and customers that they're on track toward certifying as a B Corp, there is what's known as a Pending B Corp.

Pending B Corp is a status you can hold for one year as you build your company and develop your infrastructure toward eventual formal B certification. This is the approach we started with. To achieve pending status, there are four steps:

Step 1: Complete the impact assessment 

The Impact Assessment is a series of questions that you answer across areas such as governance, employees, community and environment. An example question is: "Does the company have a formal process to share financial information (except salary info) with its full-time employees?" 

For many questions, there are typically a list of potential answers, not just a simple "yes" or "no". The nuance helps identify where across a particular spectrum you might stand. Based on each answer, you get a certain score.

For many startups, you may not know the answer to some questions since you haven't been in business long enough. So, you answer them prospectively, as you envision your company to be a year or so from now. 

It takes about thirty minutes to do an initial quick pass through the Impact Assessment. If you want to go deep and spend time digging into each question, it will take a couple hours. You don't have to do it all at once; you can save and come back as often as you'd like. After completing the assessment, your score will show you where you stand toward your goal of achieving B Corp certification. There are a total of 200 points and you need a minimum of 80 to pass.

For the Pending B Corp status, there is no minimum score required. However, knowing where you stand will help you develop your company processes and policies as you work toward formal certification.

Step 2: Amend your legal documents (or company structure)

You can either change your company legal structure to a Benefit Corp or you can keep your existing structure and simply add some language to your operating agreement that clarifies what considering the best interests of the company means. B Labs provides sample wording you can use. We took the B Labs language and inserted it right into our operating agreement in Article 3 (Management of the Company,) in a section called Performance of Duties.

Step 3: Sign the term sheet & pay $500 fee

The term sheet specifies the terms under which the pending certification is valid. This includes a limit of twelve months, following which you need to apply for formal certification. And you pay a $500 fee. 

Step 4: Sign the Declaration of Interdependence

The Declaration of Interdependence is a document stating your commitment towards building a purpose-driven company, which essentially is reaffirming your choice to become B Corp certified. Once you do that, you get to use the Certified B Corporation Pending logo throughout your communications.

The benefits of a Pending B Corp

Was it worth getting the pending certification before going through the full, formal B Corp process? We received the pending status in September 2015. We then launched our crowdfunding campaign on Indiegogo one month later. 

Our target was $40,000 in sales for a one-month campaign. We ended up surpassing $300,000. And while there's no way to say for certain how much being a Pending B Corp contributed, it certainly helped lend credibility to our mission to impact the world.

As we recruited software developers and hardware engineers to join the team, we wanted people who were aligned with our mission. Being a Pending B Corporation definitely helped in those efforts. By highlighting our commitment to a particular set of values, we were able to attract people who shared similar beliefs.

Steps for becoming a B Corp

Fast forward one year later.

The formal certification process was pretty much the same. Re-take the Impact Assessment, sign the term sheet and pay the fee, which for us was $1,000 (the annual certification fee is a function of sales.) But for formal B Corp certification, the impact assessment score needs to be at least 80 out of 200. For many companies, the first time they take the assessment their score will be less than 80, as was the case for us.

As I mentioned above, the assessment gets into all areas of the business including:

  • Governance: the way the company is managed
  • Workers: how employees are treated
  • Community impact: job creation, D&I, civic engagement, etc.
  • Environmental impact: the ecological sustainability of the company
  • Impact Business Models: serving in-need populations, giving programs, education, etc. 

So we had work to do looking at where our scores could be improved and what changes we could make in processes and policies that could get us over the finish line.

Our B Corp certification process

One of the many benefits of working with B Labs is not only their passion for improving society but their willingness to work closely with companies to help them through the certification process.

One thing they won't do is simply push companies through the process. But what they will do is help you understand in which areas your scores are low and brainstorm ideas for what you can do to improve.

Once we understood our lower-scoring sections, we created a Google doc containing those questions in order to engage our whole team around ideas for improvement. 

For example, B Labs asked us if we had conducted an employee survey around the Gallup "12 questions" that measure the strength of a workforce, particularly management effectiveness. Those Gallup questions include:

  • Do I know what is expected of me at work?
  • Do I have the materials and the equipment I need to do my work right?
  • At work, do I have the opportunity to do what I do best every day?

We had never done such a survey of our team, so we created a Google form allowing anonymous input and requested everyone to complete it. We captured the results, which we shared with B Labs, and that not only gave us some good ideas for areas we could improve with regard to employee satisfaction but also gave us a higher score in the workers section of our Impact Assessment.

By working with B Labs and focusing on areas we could improve in the company, we were able to get our score over 80 and achieve formal certification. We signed a new Declaration of Interdependence and received a ton of resources from B Labs for official communication, including the Certified B Corporation logo.

The impact of a B Corp certification

Being B Corp certified means that you're doing something that can make a difference in the world. And it helps hold companies accountable for their commitment.

While there is some work involved in achieving certification, the effort is directed toward systems and processes that positively impact lives. 

And when you're committed to making a difference, people notice. Nearly every press article mentioned our B Corp status, which not only put us in a cohort of excellent companies but showcased for the world (and reinforced for us) our commitment to building for the long-term.

I'll close with this quote from Rose Marcario, CEO of Patagonia: "The B Corp movement is one of the most important of our lifetime, built on the simple fact that business impacts and serves more than just shareholders. It has an equal responsibility to the community and to the planet."

If you choose to pursue certification, you'll be in very good company. And I wish you much success on your journey.

 

 
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