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UK SMEs lose £2.2bn as customers fall into administration during lockdown

Stockwood Strategy

SMEs across the UK are counting the cost of the lockdown as they prepare for a testing final quarter of 2020. Risktech business Nimbla , surveyed* 2,000 UK SMEs and found that £2.2bn in revenue (for goods and services provided during lockdown) has been lost because those customers fell into administration. A number that is set to increase dramatically over the course of the next year. More than a third (38%) of SMEs are still waiting to be paid an average of £59,013, for work they completed before the lockdown. Worryingly, a fifth (21%) of these companies believe they will never recover the full amount, losing on average £24,903 because those customers have gone into administration. Looking at the bigger picture, this is worth £2.2bn in revenue across all SMEs (with outstanding payments) that will not be realised. Lost time and revenue Businesses reported, on average, 6 invoices go unpaid every year with half of these worth £41,193 written off due to their customers becoming insolvent. Yet, surprisingly, only 4% of business owners take out trade credit or invoice insurance, which protects the supplier against their customers’ insolvency. Business owners do spend time thinking about a potential insolvency event with their customers. In the event that happened, most of them (83%) would continue trading but the impact on cash flow would lead to changes in asking customers for deposits, requesting shorter payment terms, declining larger projects and fear their credit scores falling. Business owners spend, on average, two weeks chasing an invoice payment which eventually was never paid because the customer became insolvent. Flemming Bengtsen, CEO at Nimbla commented: “The impact the lockdown has had on SMEs, who are the heart and soul of the UK economy, is astonishing. Many have survived several attacks during the pandemic and, now, knowing they won’t get paid for the work they did is another huge body blow. There could be more bad news on the horizon for smaller businesses as high street chains face difficulties and potential insolvencies.” Looking ahead Businesses anticipate making, on average, £263,000 revenue between now and the end of the year. However, as customers seek longer payment terms from 30 to 60 days to settle invoices, three in five (60%) business owners are nervous about not getting paid at all with expectations that one in six customers will become insolvent before the end of the year. This is a major issue as more than a third (36%) of businesses were heavily concentrated, reporting that more than two-thirds of their revenues came from a handful of customers. Overall, business owners reported 61% of their customers said they were doing well in terms of their revenue, going steady with sales and generally content with the business environment. Yet, business owners were sceptical about their buoyant spirit, with only a quarter (26%) believing what they say. Flemming Bengtsen added: “The current uncertain economic environment means doing business isn’t easy, it’s made all the more difficult with SMEs anxious about getting paid. Trading on trust and confidence has deteriorated. It is time, as a collective, to bring this back. Business owners cannot afford to bury their heads in the sand; they should protect themselves and insure against the potential insolvency of their customers.” ENDS Notes to the Editor *Research findings based on a survey of 2,000 UK companies (who are employers with a minimum turnover of £250,000) conducted for Nimbla in September 2020 by LM Research & Marketing Consultancy (Market Research Society approved partner and ESOMAR corporate member). About Nimbla Nimbla makes sure businesses get paid for their hard work, even if a customer becomes insolvent. Founded in 2016, the risktech company is on a mission to give SMEs the confidence to trade with a peace of mind using invoice insurance. Nimbla’s digital insurance platform backed by expert risk analysts, allows businesses to check a buyer’s ability to pay and insure individual invoices against non-payment in a fast and affordable way. This will enable business owners to safeguard against insolvent customers, expand into new and existing markets and secure better borrowing terms. The platform can be accessed directly ( www.nimbla.com ) and through partnerships with Barclays and Starling Bank. Based in London, Nimbla aims to bring the trade credit industry into the 21st century. Challenging traditional insurance models, the cover is flexible and adapts to fit your business — whether it’s a one-off invoice or multiple transactions. Contact Details Bilal Mahmood +44 7714 007257 bilal.mahmood@nimbla.com Company Website https://www.nimbla.com/

October 06, 2020 04:00 AM Eastern Daylight Time

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Construction industry rallies in rebuilding Britain, finds Skrap survey

Stockwood Strategy

The construction industry is rallying from the aftermath of the lockdown as builders report steady workflow and recovering revenues, finds a survey* of 2,000 UK construction companies by Skrap , the on-demand construction hire specialist . Almost half of construction businesses (44%) reported that workflow has reached pre-lockdown levels. The bounce is such that almost a quarter (23%) of businesses felt they would hit at least 2019 revenue levels and possibly see a 20% increase. This is despite nearly two-thirds (63%) of businesses still waiting to be paid, on average, £47,784 for work they did pre-lock down. However, this is an improvement from June 2020 when they were waiting for £157,642. Of the work that is being done, building contractors are seeing the greatest demand from residential projects (48%) and public sector work (30%) such as roadworks and in schools. However, of those businesses seeing a partial slowdown in work, they pointed to the uncertain state of the economy which is delaying investment decisions. Construction industry business owner Jamie Herd, MD of Lords builders’ merchants commented: “We’ve seen sales of supplies increase steadily over the past 3 months and orders to the end of 2020 look good especially in London and the home counties. The government’s favourable loan schemes have boosted the cash flow of construction businesses to enable them continue their work and overall, there is a bullish mood that work is returning to normal in the industry”. Hussain Hilli, co-founder at Skrap commented: “Although building activity shrunk during the lockdown, this survey provides a cautious note of optimism for the construction industry. It’s not surprising this wave of optimism comes from residential work as people continue to work from home and consider their new needs. The decision to scrap stamp duty on homes below £500,000 has also got home owners active. Government policies are taking effect and builders are benefiting but a lot will rest on how investors see Brexit playing out on the UK economy”. 2020 expectations Boris Johnson’s ‘Build, Build, Build’ initiative is making a difference. Almost half of builders (46%) said they had benefited from the policy announcement and were expecting more contracts from this in the next few months. However, they do feel that investment in house building developments is being held back. This is chiefly down to investors being vary of valuations given the impact Brexit could have on the economy coupled with the lack of urgency from the government to support this crucial infrastructure need. Looking ahead to the end of the year, builders fear the biggest disruption to business will be a second wave of COVID19 cases leading to another mass lockdown impacting delivery and demand of projects. Brexit The majority of construction businesses are confident that there will be little fallout from a no-deal Brexit. They felt the Government would negotiate a good trade deal in time and it will be business as usual. However, they do feel the greatest concern in the run up to Brexit centres on workforce availability. This is understandable as up to a quarter (25%) of their workforce are non-UK nationals. Ends Notes to the editor * Research findings based on a survey of 2,000 UK construction companies (who are employers with a minimum turnover of £250,000) conducted in September 2020 by LM Research & Marketing Consultancy (Market Research Society approved partner and ESOMAR corporate member). About Skrap Founded in 2017, Skrap offers on-demand services for skip and construction hire resources. Every year almost 100m tonnes of construction waste is collected in the UK and construction businesses spend £5b in collecting this waste, and a further £15b on other hire services. Skrap intends to remove the hassle from ordering a skip and other construction hire needs to make this experience simple and user friendly. Skrap’s strategic ambition is to automate the entire construction hire supply chain across major cities globally over the coming years. Founders Marwan Field, Hussain Hilli and Ahmed Rao came across the problem while running a construction business where logistics were unorganised and fragmented; prices were asymmetric, and the marketplace of suppliers and brokers were doing everything manually. Contact Details Bilal Mahmood +44 7714 007257 bilal@skrap.xyz Company Website https://www.skrap.xyz

October 06, 2020 03:30 AM Eastern Daylight Time

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Convey Services Launches Virtual Event Platform Exclusively for Sales & Annual Conferences

Convey Services

Convey Services , a SaaS solutions company, today expanded its Cloud Conventions product line by launching Cloud Kickoffs™ , an online portal solution exclusively for sales and annual conference management. Cloud Kickoffs brings elements of a live sales kickoff or conference into a virtual environment to promote engagement, make connections and support team interaction. It’s content-rich experience maximizes the effectiveness of virtual events for yearend or sales kickoff programs. “Canceling live annual meetings or sales kickoffs has become a reality, but it doesn’t mean that those events can’t be effectively executed virtually,” said Carolyn Bradfield, CEO of Convey. “In many ways you can achieve better, more focused results without the time and expense of bringing everyone together physically. Using Cloud Kickoffs, the management team can align the organization around a common strategy, allow remote teams to foster relationships and at the same time deliver and reinforce critical training. Cloud Kickoffs helps you deliver the tools needed to succeed and provides access to training and content long after the live event is over.” Cloud Kickoffs manages live and on-demand education, brings teams together for forum and roundtable discussions, promotes one-on-one connections and offers a platform for networking and social interaction. After a Cloud Kickoffs event is over, the portal can retain its structure, extend the life of content and training and easily be repurposed for virtual sales events throughout the year. A virtual kickoff event can be fully managed by Convey or by your sales or marketing team. “Sales staff or association members look forward to annual conferences because they value the insights, connections and opportunity to walk away energized with a clear focus for the coming year,” added Bradfield. “Cloud Kickoffs provides an efficient solution to bring teams together virtually, saving tens of thousands on logistics planning, travel and entertainment.” Cloud Kickoffs comes complete with templates for branding, delivering email messaging, creating attendee dashboards, setting-up live and virtual sessions and gamification while always tracking attendee engagement. It’s designed for the non-technical user and doesn’t require any coding or development. Participating partners and sponsors can have virtual booths that remain intact or can be refreshed for future events. Each portal has online training and a support database to answer frequently asked questions. Sales and event managers can experience Cloud Kickoffs by visiting https://cloudkickoffs.com or explore all of the Cloud Conventions solutions by visiting https://cloudconventions.com or contacting info@cloudconventions.com . About Cloud Conventions Cloud Conventions is a Virtual Trade Show and Conference Platform from Convey Services that brings new capabilities to a marketplace looking for solutions to replace the thousands of live trade shows, annual conferences and association meetings cancelled in the wake of COVID-19. Originally launched as ConveyLive, Cloud Conventions automates exhibitors and virtual booths, attendee registration, speaker sessions and reminders, invitations and email communication, while at the same time producing detailed analytics on attendee, session and exhibitor activity. Trade Associations and event managers can explore all of the Cloud Conventions solutions by visiting https://cloudconventions.com or contacting info@cloudconventions.com or call 888-975-1382. Cloud Conventions™, Cloud Kickoffs™, Conduct™, One-Touch Email Share™, Hub & Spoke™, 360° Virtual Exhibit Hall & Lobby Experience™ and ListLock™ are trademarks of Convey Services LLC Contact Details Bruce Ahern +1 770-580-0810 bahern@conveyservices.com Company Website https://cloudconventions.com

October 01, 2020 11:55 AM Eastern Daylight Time

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Fully Promoted® is Celebrating 20 Years with Nostalgic Business Campaign

Fully Promoted

Fully Promoted ®, the world’s largest branded products and marketing services franchise, is celebrating 20 years in business. The brand launched as EmbroidMe in 2000 as a small, family-owned business known for quality embroidered apparel and branded products. The brand was quickly recognized as the pioneer in the promotional products franchise. In 2017, after years of requests to provide more products and services to help businesses grow and get more customers, the brand became Fully Promoted powered by EmbroidMe. Fully Promoted is a one-stop destination for small and medium sized businesses looking for promotional products and branded apparel. While the brand always provided a wide range of products and services, specifically known for delivering “Cool Stuff and Awesome Results,” with the name change came additional custom apparel and promotional products to printing services, making the brand stronger than ever. Today, the brand has grown to over 300 franchise locations in more than 11 countries worldwide and has attracted some of the brightest and creative minds in the business. Each Fully Promoted location is independently owned and operated with knowledgeable individuals who will put together the best and most effective promotional products and marketing campaigns that have reached over a million customers over its 20 years. “I have been with the brand since inception and it’s been amazing to see how it’s evolved over the years. We truly have become the experts in branding and using promotional products in thoughtful and effective ways that benefit our clients,” said Mike Brugger, Fully Promoted brand President. “With decades of combined experience and global coverage, we have people all of all over the world helping businesses with quality promotional products, marketing ideas and embroidered apparel across every industry.” In 2019, the brand expanded further with the introduction Fully Promoted Office, providing customers more access and a host of quality services backed by the Fully Promoted name making it more convenient for customers. “With hundreds of locations in the United States and 20 years of experience, we are well positioned to meet customer demand for quality promotions and decorated apparel. The fact we embroider or print at many of our locations continues our 20-year trend of industry leading service,” added Brugger. Most recently, the brand launched its upgraded website to meet increased customer demand. The site allows customers to view products sold nationwide and pick them up at one of the local Fully Promoted locations. “We have a promotional product consultant available at all of our locations and chances are there is a location near you” said Brugger. As the site grows monthly, the Fully Promoted shopping platform will feature additional promotional products, and marketing ideas for businesses and organizations. A member of the United Franchise Group, Fully Promoted can access more than half a million promotional products . The company was formed by father and son team Roy and Ray Titus. To this day, Ray Titus continues the family legacy by holding the CEO position of United Franchise Group and consistently leading the company to reach new heights. Fully Promoted is currently seeking to partner with passionate entrepreneurs to become single or multi-unit franchisees. With a total investment as low as $85,000, Fully Promoted is a true turnkey investment with a well-developed business model. For more information on becoming a Fully Promoted franchise, visit FullyPromotedFranchise.com . About Fully Promoted Fully Promoted has 300 franchise locations across the globe. The brand operates a full-service branded products and marketing service business and is the place to attract customers. From promotional products and embroidery to expert printing services, Fully Promoted can help take businesses to the next level. Fully Promoted also offers an office-based model allowing franchisees to operate their business using a developed network of resources. To find the Fully Promoted nearest you, visit http://www.FullyPromoted.com . About United Franchise Group Led by Founder and CEO Ray Titus, United Franchise Group is home to an affiliated family of brands, including Signarama, Fully Promoted, Experimax, Jon Smith Subs, SuperGreen Solutions, Transworld Business Advisors, Accurate Franchising, Venture X, The Great Greek Mediterranean Grill, Network Lead Exchange and Resource Operations International (ROI). With over three decades in the franchising industry and more than 1,600 franchisees throughout the world, United Franchise Group offers unprecedented leadership and solid business opportunities for entrepreneurs. This advertisement is not an offer to sell a franchise. Any offer to sell this franchise will be made by a Franchisor Disclosure Document and only following registration by Embroidme.com Inc dba Fully Promoted in any state requiring registration prior to sale. In New York: This advertisement is not an offering. An offering can only be made by prospectus filed first with the Department of Law of the State of New York. Such filing does not constitute approval by the Department of Law. In California: These franchises have been registered under franchise investment law of the State of California. Such registration does not constitute approval, recommendation or endorsement by the Commissioner of business oversight nor a finding by the commissioner that the information provided herein is true, complete and not misleading. Contact Details Brittny Fuchs +1 561-812-6032 bfuchs@ufgcorp.com Company Website https://fullypromoted.com/

September 28, 2020 05:01 PM Eastern Daylight Time

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Steve N. Economou Joins G-Squared Partners to Launch Investment Banking Practice

G-Squared Partners, LLC

G-Squared Partners, LLC announced today that Steve Economou has joined the firm as a Managing Director, M&A to establish an investment banking practice. The new practice – a natural extension of G-Squared’s outsourced CFO, finance, and accounting work – is dedicated to offering skilled investment banking services to middle market companies that are often underserved by national investment banking practices. The effort will focus on M&A advisory services, capital raising, recapitalizations, and evaluating strategic alternatives for these businesses. Steve brings more than 35 years of corporate finance experience to G-Squared, including investment banking, venture capital, private equity, capital raising, and mergers and acquisitions. He began his career with one of the leading investment banking boutiques in Philadelphia and subsequently worked in the investment banking subsidiaries of a global commercial bank and two large CPA firms. Steve has advised on more than $2 billion of transaction value and completed more than 100 board and strategic advisory engagements. With his expertise, G-Squared is now capable of advising firms throughout the entire financial lifecycle from start-up to exit. This includes outsource CFO, capital formation, recapitalization, efforts, preparing for a sale, assessing buyout offers, and initiating a sales process. Gene S. Godick, CEO of G-Squared, said, “Steve is a great fit for G-Squared, our team, and our clients. We have been receiving more requests from clients to assist them with M&A and raising capital. Adding Steve to the team to spearhead our investment banking practice complements our work in accounting, finance, and operations. We now are able to offer a full array of services that provide family-owned and entrepreneur-owned businesses with strategic financial expertise. Said Steve: “I am excited to join a rapidly growing entrepreneurial firm truly dedicated to supporting entrepreneurs and investors. Gene and I have known each other for twenty years, and I could not pass up the opportunity to join the team at G-Squared.” G-Squared Partners is a leading outsourced CFO, finance, and accounting team. G-Squared has been a member of the INC 5000 company list for the past four years. The firm provides strategic financial, accounting, operational, and investment banking expertise to CEOs and investors who recognize that an outsourced finance team can accelerate their success. G-Squared has a demonstrated track record of success in improving financial reporting, enhancing profitability and working capital, securing funding, and supporting transactions. G Squared clients are national and focused in SaaS, technology enabled services, professional services, and growing consumer products companies. Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400, W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC . G-Squared Partners, LLC and BA Securities, LLC are separate, unaffiliated entities. Contact Details Gene Godick +1 215-284-4903 ggodick@gsquaredcfo.com Company Website https://www.gsquaredcfo.com/

September 28, 2020 07:03 AM Eastern Daylight Time

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Venture X® Expands its Presence in the Dallas Market

Venture X

Venture X , will be opening its newest location in the Dallas-Fort Worth market in early 2021 at Braniff Centre. This location will join the other nine locations already open in the Dallas metro area, continuing the growth of Venture X in this pivotal market. Venture X Dallas – Braniff Centre will be just over 22,000 square feet and be located at 7701 Lemmon Ave, Suite 260 in Dallas. The Braniff Centre at Love Field is a redevelopment project that has resulted in 200,000 square feet of space comprised of retail, restaurants, offices, entertainment and hospitality facilities and an auto dealer showroom. The restoration and expansion taking place is making this area a destination for surrounding neighborhoods while keeping the spirit of the original Braniff Airlines Operation and Maintenance Base. "Coworking continues to grow, particularly with many companies now offering remote working options," said Todd Nelson, Owner/Operator. “Venture X Dallas-Braniff Centre’s flexible workspace offerings will be ideal for those working in the surrounding neighborhoods as well as travelers who need meeting room or office space while visiting.” Venture X’s flexible workspace offerings range from private offices for teams and individuals to dedicated desks to virtual offices. The goal is to fill the workspace need now and in the future for members. In addition, each Venture X location has several well-appointed, various sized conference rooms for members and non-members to utilize by the hour. The open community space also likens itself to professional events. “Our growth in general and specifically in the Dallas market has been explosive over the last few years and we are thrilled to welcome Dallas - Braniff Centre to our Venture X family,” said Jason Anderson , president of Venture X. “Providing the community with flexible workspace options, in this unique setting, is a win-win and we look forward to the success of this location as it opens in 2021.” Tom Sutherland, Ryan Hoopes and Sarah Savage of Cushman & Wakefield represented Venture X in their lease negotiations for this property. The landlord is CLT Commercial Partner, LP, a Texas limited partnership. Additional details on Venture X’s workspace options and services are available at https://venturex.com/memberships/ . About Venture X Venture X is a shared workspace and community that is a blend of boutique hotel and modern office styles, with a high level of design that feels professional and welcoming. We are designing beautiful spaces and developing an environment and community that people love coming to work every day. Venture X is part of a successful group of affiliated companies and brands under the United Franchise Group (UFG) and has been recognized by Inc. as one of the best co-working spaces in the United States. For more information about locations visit  www.VentureX.com  and for information about franchise opportunities visit  www.venturexfranchise.com .  About United Franchise Group Led by Founder and CEO Ray Titus, United Franchise Group is home to an affiliated family of brands, including Signarama, Fully Promoted, Experimax, Jon Smith Subs, SuperGreen Solutions, Transworld Business Advisors, Accurate Franchising, Venture X, The Great Greek Mediterranean Grill, Network Lead Exchange and Resource Operations International (ROI). With over three decades in the franchising industry and more than 1,600 franchisees throughout the world, United Franchise Group offers unprecedented leadership and solid business opportunities for entrepreneurs. Contact Details Brittny Fuchs +1 561-812-6032 bfuchs@ufgcorp.com Company Website https://venturex.com/

September 21, 2020 09:03 AM Eastern Daylight Time

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Network Lead Exchange Launches Monthly Expert Panel Series

Network Lead Exchange

Network Lead Exchange is a business networking and referral group that makes networking simple with its custom-built technology platform. Today, Network Lead Exchange announced the launch of its Expert Panel Series. Hosted by Austin Titus , Network Lead Exchange Brand President, the virtual series will feature leading industry professionals covering various business-related topics. The monthly, one-hour panel series was established to provide valuable information to like-minded professionals. The first event featured guest speaker, Dale Dupree, Leader of The Sales Rebellion. Dupree covered the topic: “The Evolution of Sales and Negotiation in 2020,” where he discussed how the sales process has changed in 2020, how to negotiate leases and contracts during this time and other tools to assist business owners in pivoting as times change. “We created the Expert Panel Series to provide added resources to current and future owners and members to help them improve their business across all areas,” said Titus. “While the Network Lead Exchange Expert Panel is available to the public right now, we will eventually limit the access to our members only as an added benefit.” Looking ahead, the Expert Panel Series will cover topics including finance, referrals, motivational leadership, strategic planning, technology, navigating the post-COVID world, and more. Network Lead Exchange provides an easy-to-use online platform to exchange qualified referrals in real-time to fellow members. The centralized platform, which contains a virtual wallet, makes the overall experience easy to share, collect, and monitor leads and funds within the network. Network Lead Exchange has 30 established Chapters across the United States, with plans to have at least 50 chapters open by year’s end. To learn more about the Expert panel series or to reserve your spot for a future event, visit NetworkLeadExchange.com/Events . For more information about Network Lead Exchange, visit NetworkLeadExchange.com . About Network Lead Exchange Network Lead Exchange is backed by franchising powerhouse United Franchise Group, comprised of several affiliated companies and brands with over 1,600 franchisees in over 80 countries. With the intent of promoting new business referrals within each chapter, Network Lead Exchange brings networking online, allowing members to pass and receive leads virtually. Network Lead Exchange puts convenience and results into networking, without the traditional demanding requirements and meetings. With a state-of-the-art platform, organized by chapters, members exchange leads and ideas, share promotions and events, learn from pros and access a network of service providers that provide specific incentives to all members across Network Lead Exchange. To learn more about Network Lead Exchange and available franchise opportunities, visit networkleadexchange.com . Contact Details Brittny Fuchs +1 561-812-6032 bfuchs@ufgcorp.com Company Website https://www.networkleadexchange.com/

September 17, 2020 01:04 PM Eastern Daylight Time

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US companies spending billions each month to return staff back to work

Huma

Getting businesses back up and running and employees back to work is critical to the US economic recovery. However, there’s confusion between employers and anxiety for workers returning to work. Digital health and therapeutics company Huma asked 5,000 US employees and 2,000 US employers about their views on returning to work. Only one in five businesses feel suitably informed on the specific policies/procedures they need to ensure a safe working environment for their employees. Yet employers are spending loads of money to reopen workplaces safely. Employers estimate that they will spend $3.4 billion per month overall, and $61.23 per employee each month to ensure employee health and safety. Nearly 9 in 10 employers (86%) have instituted new hygiene protocols, updated workplace layouts, and have a smaller workforce. While employers are readying the workplace, they have not planned for managing COVID-19 cases. Few employers have made accommodations for managing COVID-19 exposure. Only one-fifth of employers have updated sick leave policies (22%) or communications policies for exposure (19%). Economic realities are scaring employees more than health and safety risks Shockingly, two-thirds of employees believe their health and safety could be compromised in the workplace. Despite these fears, most employees are eager to get back to work, with over half of workers (52%) ready to get back to work today. Of those employees who have already returned to their workplace, only one in four (27%) employees are confident in the measures in place to ensure their safety and wellbeing. What’s driving employees’ concerns are interactions with other people, with respondents citing their co-workers’ hygiene (17%) and commuters (25%) as two of the three factors they were worried about, along with the workplace environment (21%). What causes the greatest fear for nearly three-quarters (72%) of employees is their coworker’s hygiene, which they rank as the single most significant factor in COVID-19 transmission at the workplace. Managing employee health for a safe workplace Employers have invested in the physical workplace, but have not put systems in place to manage employee health and COVID-19 case communications to ensure safer workplaces. Overwhelmingly, two-thirds (67%) of employees would be willing to do a daily symptom check-in with their employers, and the majority (75%) would be comfortable with employers tracking their symptoms. Moreover, nine in ten businesses (87%) are comfortable monitoring their employees' symptoms. This research shows that there’s a willingness on both sides to manage employee health, yet few are doing so. Dan Vahdat, founder and CEO of Huma, commented : “What this research identifies are the concerns of employers and employees in managing health and safety at the workplace during the COVID-19 era. Employers are spending millions to create a safe work environment, but not on solutions to manage employee health.” “Employers need new solutions and guidance on how to manage their health and wellbeing of their employees and provide assurance that they are prepared for COVID-19. Without new solutions to help manage workplace safety, businesses and the economy are going to take longer to recover.” Digital health and therapeutics company Huma is helping businesses and employees return to work safely. Huma Health Shield gives employees an easy-to-use mobile app to confidentially self-report their symptoms, track vital signs, and see their exposure risk. Employers have access to a secure web-based portal to see their workforce’s overall health while still protecting employee privacy. Ends Notes the editor Research findings based on a survey of 5,000 US employees and 2,000 US companies conducted in September 2020. About Huma Huma partners with scientists, technologists, and healthcare professionals to understand, treat, and ultimately prevent ill health. Giving knowledge and power to those with medical conditions, while saving clinicians time, energy, and valuable resources. Because, by collectively benefiting from the data we individually generate, we can all live our longest, fullest lives. www.huma.com Contact Details Bilal Mahmood +44 7714 007257 bilal.mahmood@huma.com Company Website https://huma.com/

September 16, 2020 09:30 AM Eastern Daylight Time

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SullivanCotter Launches New Physician Needs Assessment Application to Support Critical Staffing and Service Line Requirements

SullivanCotter

SullivanCotter, the nation’s leading independent consulting firm in the assessment and development of rewards programs and workforce solutions for the health care industry and not-for-profit sector, announces the launch of its new Physician Needs Assessment (PNA). SullivanCotter’s PNA is an interactive, cloud-based application that delivers actionable, data-driven insight into physician supply and demand to help organizations identify, monitor and respond to changing service line needs and physician workforce staffing requirements. By leveraging real-time market intelligence, custom analyses and tailored forecasting scenarios, this innovative new PNA application enables organizations to dynamically address emerging market trends, changing population demographics and evolving physician practice patterns. Using proprietary benchmark data from over 1,500 organizations and 400,000 physicians, SullivanCotter’s advanced methodology analyzes more than 1 billion unique claims annually to accurately calculate the physician surplus or deficit within a specific area by determining supply, forecasting wRVU utilization and adjusting to various market-specific demographics – including geography, economic factors, age/gender, payment types and managed care – to calculate subsequent demand projections. “In today’s increasingly uncertain marketplace, health care organizations remain acutely focused on recovery and what lies ahead in a post-COVID-19 operating environment. As hospitals and health systems look for better ways to support financial sustainability, assess clinical optimization opportunities, drive performance, and manage physician resources and service line needs, organizations must determine the right amount and type of physician specialties to operate effectively in the markets they serve ,” said Ted Chien, President and Chief Executive Officer, SullivanCotter. Additional features and functionality include: A rigorously researched, call-verified and editable physician and APP supply roster based on multiple data sources that includes tracking of employment and affiliations Interactive mapping tool with the ability to select specific zip codes for strategic consideration and to account for any shifts in demographic mix Predictive modeling to assess the impact of virtual care, urgent care, retail health and more Advanced Practice Provider calculator to measure the impact of this workforce across specialties and their corresponding effect on physician supply and demand Comprehensive, customizable reports with 5-year rolling projections and automatic annual updates to demand defined by demographic and geographic data Archived reports providing strategic service area information and annual Stark compliance insights for measuring community need and assessing fair market value and commercial reasonableness considerations Designed with the unique needs of leadership, physician and administrative stakeholders in mind, SullivanCotter’s PNA combines data-driven technology, industry-leading benchmark data and years of physician workforce consulting experience to provide organizations with the information and insights they need to inform key service line, practice and payer strategies in an evolving health care environment. To learn more, request a demo, or view a full list of features and functionality, visit sullivancotter.com/PNA or call 888.739.7039. About SullivanCotter SullivanCotter partners with health care and other not-for-profit organizations to understand what drives performance and improve outcomes through the development and implementation of integrated workforce strategies. Using our time-tested methodologies and industry-leading research and information, we provide data-driven insights and expertise to help organizations align business strategy and performance objectives – enabling our clients to deliver on their mission, vision and values. Contact Details Becky Lorentz +1 314-414-3719 beckylorentz@sullivancotter.com Company Website https://sullivancotter.com/

September 15, 2020 01:00 PM Eastern Daylight Time

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