Decision making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker. Making a decision implies that there are alternative choices to be considered, and in such a case we want not only to identify as many of these alternatives as possible but to choose the one that (1) has the highest probability of success or effectiveness and (2) best fits with our goals, desires, lifestyle, values, and so on.
Decision making is the process of sufficiently reducing uncertainty and doubt about alternatives to allow a reasonable choice to be made from among them. This definition stresses the information-gathering function of decision making. It should be noted here that uncertainty is reduced rather than eliminated. Very few decisions are made with absolute certainty because complete knowledge about all the alternatives is seldom possible. Thus, every decision involves a certain amount of risk.
Every decision is made within a decision environment, which is defined as the collection of information, alternatives, values, and preferences available at the time of the decision. An ideal decision environment would include all possible information, all of it accurate, and every possible alternative. However, both information and alternatives are constrained because the time and effort to gain information or identify alternatives are limited. The time constraint simply means that a decision must be made by a certain time. The effort constraint reflects the limits of manpower, money, and priorities.
The fact that decisions must be made within a limiting decision environment suggests two things. First, it explains why hindsight is so much more accurate and better at making decisions that foresight. As time passes, the decision environment continues to grow and expand. New information and new alternatives appear--even after the decision must be made. Armed with new information after the fact, the hindsighters can many times look back and make a much better decision than the original maker, because the decision environment has continued to expand.
Monday, May 18, 2009
Medical Billing
In today's healthcare environment, outsourcing has emerged as the most cost-effective solution to manage medical billing functions. We understand that reducing medical billing cost costs and increasing productivity are the keys to producing higher profits for your practice. Our web-based medical billing process provides substantial saving to our clients over other outsourcing options or the cost of in-house billing.
Having a professional medical billing team on your side increases reimbursements leading to an increase in cash flow and minimizes denials of electronic claims. Focuses your medical practice on its core competency. Physicians focus on patient care not cash flow. Our medical billing management team has over 40 years combined experience in the healthcare and technology industries. Our medical billers and coders are highly trained in all the latest industry standards.
By outsourcing medical billing your practice can save money on employee benefits, lost time due to sick pay, workman's compensation insurance, unemployment insurance, capital equipment purchases and maintenance costs. You have worldwide access to your billing information twenty-four hours a day, seven days a week. We provide full visibility to every charge being processed. We believe that you deserve real-time data to what is being processed.
Our web-based medical billing process is 100% HIPAA compliant. State-of-the-art data encryption, monitoring, and anti-virus protection ensures all medical data is secured well beyond HIPAA requirements. Enjoy the peace of mind of knowing all your sensitive data is safe, secure, and perpetually backed up. We can customize our medical billing services to fill all or part of your medical billing needs.
Having a professional medical billing team on your side increases reimbursements leading to an increase in cash flow and minimizes denials of electronic claims. Focuses your medical practice on its core competency. Physicians focus on patient care not cash flow. Our medical billing management team has over 40 years combined experience in the healthcare and technology industries. Our medical billers and coders are highly trained in all the latest industry standards.
By outsourcing medical billing your practice can save money on employee benefits, lost time due to sick pay, workman's compensation insurance, unemployment insurance, capital equipment purchases and maintenance costs. You have worldwide access to your billing information twenty-four hours a day, seven days a week. We provide full visibility to every charge being processed. We believe that you deserve real-time data to what is being processed.
Our web-based medical billing process is 100% HIPAA compliant. State-of-the-art data encryption, monitoring, and anti-virus protection ensures all medical data is secured well beyond HIPAA requirements. Enjoy the peace of mind of knowing all your sensitive data is safe, secure, and perpetually backed up. We can customize our medical billing services to fill all or part of your medical billing needs.
Biotechnology
The Indian biotechnology sector is one of the fastest growing knowledge-based sectors in India and is expected to play a key role in shaping India's rapidly developing economy. Currently, India holds two per cent share of global market. With numerous comparative advantages in terms of R&D facilities, knowledge, skills, and cost effectiveness, the biotechnology industry in India has immense potential to emerge as a global key player.
The Indian biotech market was estimated at US$ 2.80 billion in 2007–08 and is likely grow at a compound annual growth rate (CAGR) of 30 per cent. India became the fourth largest adopter of biotech crop in the world, displacing Canada, in 2008 and planting Bt cotton on 7.6 million hectares (82 per cent of the total cotton are in the country), according to the International Service for the Acquisition of Agri-biotech Applications (ISAAA). A record five million small and resource-poor farmers planted Bt cotton in 2008, significantly up from only 3.8 million farmers in 2007, the ISAAA said.
According to a report by the Confederation of Indian Industry (CII) and consultancy firm KPMG, the Indian biotechnology sector is likely to become a US$ 5 billion industry by 2010. The report stated, "India is ranked among the top 12 biotech destinations in the world and is the third biggest in Asia-Pacific in terms of the number of biotech companies." India is also gaining importance as a clinical trial destination. The global clinical research outsourcing market is projected to touch US$ 23 billion by 2011, with consultancy firm KPMG estimating that India will corner 15 per cent of this in two years.
A growing number of Indian biotechnology firms are now providing research and development (R&D) services to global pharmaceutical companies. The vaccines' market in India will also lead the demand growth in South-East Asian countries as many new vaccines are set to be launched in five years. Global vaccine sales were US$ 21 billion in 2008 while the Indian market was valued at US$ 360 million, thus, creating major opportunities for Indian biotechnology and pharmaceutical companies.
The Indian biotech market was estimated at US$ 2.80 billion in 2007–08 and is likely grow at a compound annual growth rate (CAGR) of 30 per cent. India became the fourth largest adopter of biotech crop in the world, displacing Canada, in 2008 and planting Bt cotton on 7.6 million hectares (82 per cent of the total cotton are in the country), according to the International Service for the Acquisition of Agri-biotech Applications (ISAAA). A record five million small and resource-poor farmers planted Bt cotton in 2008, significantly up from only 3.8 million farmers in 2007, the ISAAA said.
According to a report by the Confederation of Indian Industry (CII) and consultancy firm KPMG, the Indian biotechnology sector is likely to become a US$ 5 billion industry by 2010. The report stated, "India is ranked among the top 12 biotech destinations in the world and is the third biggest in Asia-Pacific in terms of the number of biotech companies." India is also gaining importance as a clinical trial destination. The global clinical research outsourcing market is projected to touch US$ 23 billion by 2011, with consultancy firm KPMG estimating that India will corner 15 per cent of this in two years.
A growing number of Indian biotechnology firms are now providing research and development (R&D) services to global pharmaceutical companies. The vaccines' market in India will also lead the demand growth in South-East Asian countries as many new vaccines are set to be launched in five years. Global vaccine sales were US$ 21 billion in 2008 while the Indian market was valued at US$ 360 million, thus, creating major opportunities for Indian biotechnology and pharmaceutical companies.
Pharmaceuticals
The Indian pharmaceutical industry is driving product development and breaking new grounds in medicine research worldwide. The Indian domestic pharmaceutical market is estimated to be US$ 10.76 billion in 2008 and is expected to grow at a high compound annual growth rate (CAGR) of 9.9 per cent till 2010 and thereafter at a CAGR of 9.5 per cent till 2015. Currently, the Indian pharmaceutical industry is one of the world's largest and most developed, ranking 4th in volume terms and 13th in value terms.
The country accounted for 8 per cent of global production and 2 per cent of world markets in pharmaceuticals. The Indian pharmaceutical offshoring industry is slated to become a US$ 2.5 billion opportunity by 2012, thanks to lower R&D costs and a high-talent pool in India. India exported drugs worth US$ 7.2 billion in 2007-08 to the US and Europe, followed by Central and Eastern Europe, Latin America and Africa.
A report by industry research firm, RNCOS forecasts that pharmaceutical exports will grow at a CAGR of 18.5 per cent between 2007-08 and 2011-12. This growth will be fuelled by multi-billion dollar patent expirations and growth in the global generics market. Pharmaceuticals exports (valued in US dollar terms) registered an impressive growth rate at 30.7 per cent during April-October 2008 compared to the corresponding period last year.
Government has offered tax-breaks to the pharmaceutical sector. Units are eligible for weighted tax deduction at 150 per cent for the R&D expenditure incurred. Steps have been taken to streamline procedures covering development of new drug molecules, clinical research etc. Government has launched two new schemes—New Millennium Indian Technology Leadership Initiative and the Drugs and Pharmaceuticals Research Programme—specially targeted at drugs and pharmaceutical research.
The country accounted for 8 per cent of global production and 2 per cent of world markets in pharmaceuticals. The Indian pharmaceutical offshoring industry is slated to become a US$ 2.5 billion opportunity by 2012, thanks to lower R&D costs and a high-talent pool in India. India exported drugs worth US$ 7.2 billion in 2007-08 to the US and Europe, followed by Central and Eastern Europe, Latin America and Africa.
A report by industry research firm, RNCOS forecasts that pharmaceutical exports will grow at a CAGR of 18.5 per cent between 2007-08 and 2011-12. This growth will be fuelled by multi-billion dollar patent expirations and growth in the global generics market. Pharmaceuticals exports (valued in US dollar terms) registered an impressive growth rate at 30.7 per cent during April-October 2008 compared to the corresponding period last year.
Government has offered tax-breaks to the pharmaceutical sector. Units are eligible for weighted tax deduction at 150 per cent for the R&D expenditure incurred. Steps have been taken to streamline procedures covering development of new drug molecules, clinical research etc. Government has launched two new schemes—New Millennium Indian Technology Leadership Initiative and the Drugs and Pharmaceuticals Research Programme—specially targeted at drugs and pharmaceutical research.
Banking
Banking industry in India has evolved lately under the impact of the stimulus packages announced by the Government. According to the Annual Policy 2008-09 of the Reserve Bank of India (RBI), the central bank, key monetary aggregates have witnessed some growth in 2008-09. This is reflected in the changing liquidity positions arising from domestic and global financial conditions and the policy initiatives taken by the government. Also, reserve money variations during 2008-09 have largely reflected an increase in currency in circulation and reduction in the cash reserve ratio (CRR) of banks.
According to a study by Dun & Bradstreet (an international research body)—"India's Top Banks 2008"—there has been a significant growth in the banking infrastructure. Taking into account all banks in India, there are overall 56,640 branches or offices, 893,356 employees and 27,088 ATMs. Public sector banks made up a large chunk of the infrastructure, with 87.7 per cent of all offices, 82 per cent of staff and 60.3 per cent of all automated teller machines (ATMs).
Deposits as on January 2, 2009 for public sector banks stood at 24.2 per cent, scheduled commercial banks (SCBs) including the regional rural banks (RRBs) at 21.2 per cent, foreign banks at 12.1 per cent and private sector banks at 13.4 per cent, according to the Annual Policy for 2008-09 of the Reserve Bank of India. The prime lending rates of public sector banks stood at 12 to 12.5 per cent, private sector banks at 14.75 to 16.75 per cent and foreign banks 14.25 to 15.50 per cent as on January 2009.
Bank loans rose 18.1 per cent on year-on-year basis as on March 13, the RBI has said in its Weekly Statistical Supplement released on March 27, 2009. Outstanding loans rose to US$ 541.82 billion in the two weeks to March 13. The non-food credit rose to US$ 530.19 billion in the two weeks, while food credit stood at US$ 9.61 billion in the same period. Bank loans rose 18.1 per cent on year-on-year basis as on March 13, the RBI has said in its Weekly Statistical Supplement released on March 27, 2009. Outstanding loans rose to US$ 541.82 billion in the two weeks to March 13. The non-food credit rose to US$ 530.19 billion in the two weeks, while food credit stood at US$ 9.61 billion in the same period.
According to a study by Dun & Bradstreet (an international research body)—"India's Top Banks 2008"—there has been a significant growth in the banking infrastructure. Taking into account all banks in India, there are overall 56,640 branches or offices, 893,356 employees and 27,088 ATMs. Public sector banks made up a large chunk of the infrastructure, with 87.7 per cent of all offices, 82 per cent of staff and 60.3 per cent of all automated teller machines (ATMs).
Deposits as on January 2, 2009 for public sector banks stood at 24.2 per cent, scheduled commercial banks (SCBs) including the regional rural banks (RRBs) at 21.2 per cent, foreign banks at 12.1 per cent and private sector banks at 13.4 per cent, according to the Annual Policy for 2008-09 of the Reserve Bank of India. The prime lending rates of public sector banks stood at 12 to 12.5 per cent, private sector banks at 14.75 to 16.75 per cent and foreign banks 14.25 to 15.50 per cent as on January 2009.
Bank loans rose 18.1 per cent on year-on-year basis as on March 13, the RBI has said in its Weekly Statistical Supplement released on March 27, 2009. Outstanding loans rose to US$ 541.82 billion in the two weeks to March 13. The non-food credit rose to US$ 530.19 billion in the two weeks, while food credit stood at US$ 9.61 billion in the same period. Bank loans rose 18.1 per cent on year-on-year basis as on March 13, the RBI has said in its Weekly Statistical Supplement released on March 27, 2009. Outstanding loans rose to US$ 541.82 billion in the two weeks to March 13. The non-food credit rose to US$ 530.19 billion in the two weeks, while food credit stood at US$ 9.61 billion in the same period.
Automobiles
The growth of the Indian middle class along with the growth of the economy over the past few years has attracted global auto majors to the Indian market. Moreover, India provides trained manpower at competitive costs making India a favoured global manufacturing hub. The attractiveness of the Indian markets on one hand and the stagnation of the auto sector in markets such as Europe, US and Japan on the other have resulted in shifting of new capacities and flow of capital to the Indian automobile industry.
The Indian auto industry has been growing at the rate of 15-27 per cent over the past five years. According to the International Yearbook of Industrial Statistics 2008 released by United Nations Industrial Development Organisation's (UNIDO), India ranks 12th in the list of the world's top 15 automakers. Moreover, Indian car makers are earning acclaim worldwide. The home-grown automaker, Maruti Suzuki India Ltd (MSIL) has emerged as the fourth most reputed auto company in the world, even ahead of its parent Suzuki Motor Co of Japan, according to the Global 200: The World's Best Corporate Reputations list, compiled by US-based Reputation Institute.
Indian original equipment manufacturers (OEMs) are making their mark today with Tata and Mahindra & Mahindra as leading Indian OEMs emerging on the global scene. With increasing competition from the global players, Indian OEMs have upgraded their technology and are manufacturing superior-designed vehicles. 'Frugal Engineering' has become the hallmark of the Indian automotive industry, with Indian OEMs leveraging the Indian lead in cost-effectiveness and a highly-skilled human resource pool to bring down the product development cost.
Additionally, competencies of their suppliers have also helped to lessen costs and manufacturing time. In fact, global OEMs are now looking at benefiting from the India advantage by using India-based design and development centres. Tata Ace, Indica and Nano, and Mahindra's Scorpio are examples of products developed by Indian OEMs after painstaking market research about the specific needs of the Indian consumer.
The Indian auto industry has been growing at the rate of 15-27 per cent over the past five years. According to the International Yearbook of Industrial Statistics 2008 released by United Nations Industrial Development Organisation's (UNIDO), India ranks 12th in the list of the world's top 15 automakers. Moreover, Indian car makers are earning acclaim worldwide. The home-grown automaker, Maruti Suzuki India Ltd (MSIL) has emerged as the fourth most reputed auto company in the world, even ahead of its parent Suzuki Motor Co of Japan, according to the Global 200: The World's Best Corporate Reputations list, compiled by US-based Reputation Institute.
Indian original equipment manufacturers (OEMs) are making their mark today with Tata and Mahindra & Mahindra as leading Indian OEMs emerging on the global scene. With increasing competition from the global players, Indian OEMs have upgraded their technology and are manufacturing superior-designed vehicles. 'Frugal Engineering' has become the hallmark of the Indian automotive industry, with Indian OEMs leveraging the Indian lead in cost-effectiveness and a highly-skilled human resource pool to bring down the product development cost.
Additionally, competencies of their suppliers have also helped to lessen costs and manufacturing time. In fact, global OEMs are now looking at benefiting from the India advantage by using India-based design and development centres. Tata Ace, Indica and Nano, and Mahindra's Scorpio are examples of products developed by Indian OEMs after painstaking market research about the specific needs of the Indian consumer.
Retail Market
The Indian retail market, which is the fifth largest retail destination globally, was ranked second after Vietnam as the most attractive emerging market for investment in the retail sector by AT Kearney's seventh annual Global Retail Development Index (GRDI), in 2008. The share of retail trade in the country's gross domestic product (GDP) was between 8–10 per cent in 2007. It is currently around 12 per cent, and is likely to reach 22 per cent by 2010.
Commercial real estate services company, CB Richard Ellis' findings state that India's retail market is currently valued at US$ 511 billion, and is poised to grow to US$ 833 billion by 2013. The report further stated that organised retail that currently accounts for less than 5 per cent of the total retail market is expected to register a compound annual growth rate (CAGR) of 40 per cent and swell to US$ 107 billion by 2013.
A report by global consultancy firm, AT Kearney said "The consumer spending in India has increased by an impressive 75 per cent in the last four years and will quadruple in the next 20 years." Moreover, India recently topped the Nielsen Global Consumer Confidence study, conducted by Nielsen, a market research company. The biannual report revealed that Indians are "the most optimistic lot globally who think that their country will be out of the economic recession in the next twelve months."
According to the recent report by McKinsey & Company titled 'The Great Indian Bazaar, Organized Retail Comes of Age in India', India's overall retail sector is likely to grow to US$ 450 billion by 2015. Another McKinsey report 'The rise of Indian Consumer Market', estimates that the Indian consumer market is likely to grow four times by 2025.
Commercial real estate services company, CB Richard Ellis' findings state that India's retail market is currently valued at US$ 511 billion, and is poised to grow to US$ 833 billion by 2013. The report further stated that organised retail that currently accounts for less than 5 per cent of the total retail market is expected to register a compound annual growth rate (CAGR) of 40 per cent and swell to US$ 107 billion by 2013.
A report by global consultancy firm, AT Kearney said "The consumer spending in India has increased by an impressive 75 per cent in the last four years and will quadruple in the next 20 years." Moreover, India recently topped the Nielsen Global Consumer Confidence study, conducted by Nielsen, a market research company. The biannual report revealed that Indians are "the most optimistic lot globally who think that their country will be out of the economic recession in the next twelve months."
According to the recent report by McKinsey & Company titled 'The Great Indian Bazaar, Organized Retail Comes of Age in India', India's overall retail sector is likely to grow to US$ 450 billion by 2015. Another McKinsey report 'The rise of Indian Consumer Market', estimates that the Indian consumer market is likely to grow four times by 2025.
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