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Archive for November, 2012

11 November
Comments Off on Financial Data Management Uses MedInformatix to Help Physicians Earn …

Financial Data Management Uses MedInformatix to Help Physicians Earn …

COEUR DALENE, Idaho, Oct. 30, 2012 — /PRNewswire/ — Financial Data Management, Inc. (FDM), a provider of medical billing and practice management services to physician practice groups, is facilitating federal Meaningful Use reimbursement bonuses for filing electronic prescriptions by utilizing the E-Prescribing module of MedInformatix claims processing software. Six ophthalmologists from different practice groups received Meaningful Use bonuses in Medicare and Medicaid reimbursements in 2010 and 2011 by remotely accessing the firms MedInformatix software to transmit electronic prescriptions, for example. The technology also helped the physicians avoid a penalty in 2012 for not filing electronic prescriptions.

Enacted as part of the 2009 American Recovery and Reinvestment Act, the Meaningful Use program aims to improve patient care by encouraging healthcare providers to use certified technology that generates electronic health records MedInformatix E-Prescribing Module, which is fully-integrated with the MedInformatix EHR/PM Version 7.5 base product, and certified through Surescripts, which is#xA0;the nations largest e-prescription network. The system checks prescriptions for drug-to-drug interactions, allergies and adherence to medical data table guidelines set by the National Council for Prescription Drug Programs (NCPDP).

More physicians in FDMs network could qualify for Meaningful Use incentives, as much as $44,000 per eligible provider, if they begin using certified technology to collect and track clinical conditions electronically before 2015.

The incentives provide a strong push for complying with Meaningful Use, especially for older physicians who are comfortable circling patient diagnoses on paper and have little interest in logging in to a computer or mobile device to record the same, said Stacy Alan Ramsey, FDM president.

Using the MedInformatix system, FDM has leveraged advanced capabilities including the ability to scan documents, post explanation of benefits from insurers or electronic remittance advice, and extract data by time period and insurance carrier through robust filters when questions arise about claims.

Among other benefits achieved by FDM through use of MedInformatix:#xA0;

  • Most of the firms practices transmit their superbills directly to the MedInformatix system using remote access, eliminating paper documents and associated overhead costs.
  • FDMs billers, coders and payment posters can handle more work because of MedInformatixs streamlined processes. Today the firm processes more than 10,000 claims monthly and works with more than 1,000 insurance companies, including small entities focused on workers compensation #x2013; all without adding staff from the days when its volume was a fraction of the size.
  • Because the system runs on Microsoft SQL Server, the firm also can access its own raw data to create complementary applications and automate charge entry and other functions. The firms programmers built a document management system and added criteria to run simultaneously with MedInformatixs checklist that flags errors before claims are sent to insurance companies. Other systems lack this customization ability because they have proprietary databases housed on the Web, not with the client.

MedInformatix has supported FDM through its expansion to serve a range of practice specialties including pain management, cornea ophthalmology, retina ophthalmology, anesthesiology, cardiothoracic surgery, radiology and otorhinolaryngology (ENT).

About MedInformatix: MedInformatix, Inc. (www.medinformatix.com) is a leading national provider of fully integrated Electronic Health Records. The products have been built around MedInformatixs 25 years of workflow expertise. MedInformatixs suite of products is designed on a single database using Microsoft SQL. Whether the client is a single physician who went live in 1994, a 13-location cardiology practice, the busiest radiology practice in Manhattan, or one of 15 other serviced specialties, MedInformatix accommodates their needs. MedInformatix can turn the dream of a paperless, integrated practice into a reality.

MedInformatix Version 7.5 is now certified to meet 2011-2012 criteria supporting Stage 1 Meaningful Use requirements under the American Recovery and Reinvestment Act (ARRA) as a Complete EHR by the Drummond Group.

This Complete EHR is 2011/2012 compliant and has been certified by an ONC-ATCB in accordance with the applicable certification criteria adopted by the Secretary of Health and Human Services. This certification does not represent an endorsement by the US Department of Health and Human Services or guarantee the receipt of incentive payments.

MedInformatix, October 22, 2010, Version 7.5, 1022201024238, Clinical Quality Measures: NQF0013, NQF0421, NQF0041, NQF0024, NQF0028, NQF0038, NQF0059, NQF0061, NQF0064. Additional software used: TrueCrypt v2.0, email software, spreadsheet software.

SOURCE MedInformatix, Inc.

03 November
Comments Off on Damage to the Financial District, as Viewed on Twitter

Damage to the Financial District, as Viewed on Twitter

As Hurricane Sandy paralyzed the financial district on Monday and Tuesday, the mood on social media sites became one of disbelief and concern.

The storm created a nearly unrecognizable scene in Lower Manhattan. Images of severely flooded streets were passed around the Internet, with people expressing shock.

02 November
Comments Off on Financial Sector Shakedown: Buy These Stocks Instead Of GE

Financial Sector Shakedown: Buy These Stocks Instead Of GE

General Electric (GE) is an incredibly complicated conglomerate which is too hard for mere mortals to manage or comprehend. In this sense, it resembles many financial stocks which also lack transparency. It is also like a lot of financial stocks based on its finance unit, creatively named GE Finance.

Investors who are looking to gamble should require that GE trades at valuations as low as equally-puzzling financial stocks. Investors who sagaciously dont want to gamble should look elsewhere for stock investments.

Segment Losses and Cuts

General Electric has been forced to shrink its finance unit as a result of the financial crisis and its roughly $32 billion in credit losses. GEs Chief Executive Officer Jeffery Immelt pledged to shrink GE Capital after Lehman Brothers Holdings collapsed.

GEs quarterly sales and demand have fallen short of the projected and this is expected to reflect in lower than expected full year revenues. The drops are attributed to reduced demand in the aviation and health care sections. The financial crisis has seen airlines overlook non-essential repairs and this has left GE grappling with markets for slow moving products like jet engines and healthcare imaging. The U.S health-care policy discussion has also negatively affected demand of the latter.

Sanford C. Bernsteins analyst Steven Wonker who stated that the drops had been anticipated admitted to uncertainties. According to Wonker, We did expect some messiness to the numbers but we thought GE would find a way to pull out all stops and beat estimates.

As GEs Chief financial Officer Keith Sherin indicated, investors and observers however have no cause to worry. According to Sherin, The lower-than-expected sales and reduced outlook shouldnt obscure GEs strong operating performance.

Bid Rigging at GE Finance and Banks

Three former bankers with General Electric have been sentenced to jail for 3-4 years each on cases of fraud against cities as well as the Internal Revenue Service. The fraud case involves a scheme in bid rigging using municipal bonds. The former General Electric employees, Steve Goldberg, Dominick Carollo, and Peter Grimm were also fined for their involvement in the crime: Carollo and Grimm were each made to pay $50,000, while Goldberg was fined $90,000.

Despite the three bankers plea for leniency, the judge in the case still handed down the prison sentence in addition to the fine. They had already been found guilty of fraud earlier in 2012 upon the decision of a federal jury. The three manipulated auctions for investment contracts for municipal bonds and, according to government record, gave kickbacks to brokers from 1999 to 2006. These brokers had been hired by the local government, and the bid rigging was meant to increase profits for the three, via higher bids and winning auctions.

This case is only one among many other investigations by federal prosecutors into the municipal bond market, now worth an estimated $3.7 trillion. Corporations such as Bank of America (BAC), Wells Fargo (WFC), and JPMorgan Chase (JPM) are already part of the investigation and have together paid over $600 million in penalties.

Another Day, Another Scandal

This should come as no surprise given the various legal struggles which have embroiled financial companies.

The latest tremor to shock financial companies came in the form of a class action lawsuit filed against twelve different banks which allegedly profited by colluding to fix LIBOR. Plaintiffs include the following banks from the United States, Canada, and Europe: JPMorgan Chase, UBS (UBS), Bank of America , Citigroup (C), Barclays Bank (BCS), Royal Bank of Scotland (RBS), HSBC Holdings (HBC), Lloyds Banking Group (LYG), Rabobank, Credit Suisse , Deutsche Bank (DB), and Royal Bank of Canada (RY).

LIBOR is the London interbank offered rate which is widely used as a benchmark for variable rate lending rates such as variable rate mortgages. Substantial increases from a market value could have increased interest payments due on over $300 trillion of LIBOR-based debt securities like adjustable rate mortgages.

Unpredictable but Par Course

Bank shareholders should have learned by now that news like this will surface over and over again. The likelihood of more allegations and legal issues coming to light is roughly the same as it was before. As an investor, there is no reason to punish financial stocks that got caught in this particular lawsuit since there is no way to know who will get caught in the next lawsuit.

Remember way, way back in ancient history when JPMorgan was considered safe? That was 2012. Today, we think about JPMorgan very differently. The bank is being investigated by a US Senate panel led by Carl Levin regarding its $7 billion trading loss. So far this panel has extensively questioned executives from many banks, including HSBC and Goldman Sachs (GS). Unidentified sources have stated that Levins Permanent Subcommittee on Investigations is looking for testimony from people who worked in JPMorgans investment office. The London branch of this office lost almost $6 billion earlier this year on failed derivative positions, an unexpected loss which shook the markets and caused JPM shares to plunge.

Looking for Cheap Bets

Financial companies are not transparent: they are black boxes with incalculable risks. Mark-to-model accounting and high-failure modification programs cast dispersions on the valuations of bank assets. Similarly, even the smartest investors can become confused by General Electric.

Assuming investors are capable of learning, they can react in one of two ways to the conundrum of investing in financial companies. One defensible way to act on this knowledge is to abstain from investing in financials. Another way is to keep investments in financial companies small, and only when they are trading at compelling discounts which can justify taking on risks.

Consider the following valuations of stocks that are plaintiffs in the LIBOR class action lawsuit and/or implicated in bid-rigging:

02 November
Comments Off on Financial Market Segments Will Reopen Thursday

Financial Market Segments Will Reopen Thursday

U . s . collateral marketplaces will certainly reopen upon Thursday after 2 days regarding closures due to Storm Exotic.

The newest You are able to Stock Exchange (NYSE) and NASDAQ introduced Tuesday which business may come back to typical.

Relationship marketplaces, following the advice of the Investments Industry and also Economic Markets Relationship (SIFMA), have also been shut down because midday about Mon. SIFMA on Tuesday recommended they will reopen upon Wed too.

NEW YORK STOCK EXCHANGE explained that “trading may start around the Lse at nine: 30am below typical beginning methods, and also the NEW YORK STOCK EXCHANGE Euronext building as well as buying and selling floor are usually totally in business. ”

The actual swap also quashed the actual rumours on social media marketing concerning flooding about the trading floor.

“Our creating as well as systems are not broken and also the women and men have already been operating vigilantly to ensure that we certainly have a smooth beginning tomorrow. The prayers and thoughts remain with all the households and towns struggling inside the wake of this horrible organic disaster, inches mentioned Duncan Niederauer, CHIEF EXECUTIVE OFFICER regarding NYSE Euronext.

NASDAQ stated its “decision to open for all the buinessmen about Wed was performed inside appointment together with regulator board, such as Investments as well as Exchange Percentage (SEC), other ALL OF US deals and federal government representatives. Safety, industry continuity and a number of other factors associated with Natural disaster Exotic were cautiously regarded as. ”

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02 November
Comments Off on Ledyard Financial Group Reports Financial Results for the Third Quarter

Ledyard Financial Group Reports Financial Results for the Third Quarter

Ledyard Financial Group Reports Financial Results for the Third Quarter

HANOVER, NH–(BUSINESS WIRE)– Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported its financial results for the third quarter of 2012. Net income for the quarter ended September 30, 2012, was $717,709, or $0.70 per share compared to $576,598 or $0.55 per share for the same period in 2011, an increase of $141,112 or 24.47%. Net income for the nine months ended September 30, 2012, was $2,179,723, or $2.11 per share compared to $1,918,738, or $1.85 per share for the same period in 2011, an increase of $260,985 or 13.60%.

Our total revenue for the quarter ended September 30, 2012, was $4,986,368, compared to $4,864,858 for the same period in 2011, for an increase of $121,511 or 2.50%. Total revenue for the nine months ended September 30, 2012, was $15,100,130 compared to $15,344,526, a decrease of $244,396 or 1.59%. Net interest income for the quarter ended September 30, 2012, was $2,777,062, compared to $2,801,685 for the same period in 2011, for a decrease of $24,622 or 0.88%. Net interest income for the nine months ended September 30, 2012, was $8,208,867 compared to $8,640,086 for the same period in 2011, for a decrease of $431,219 or 4.99%. The increase in revenue for the third quarter when compared to the prior year is due to the increase in lending.

No funds have been added to the Allowance during 2012 compared to $575,000 for the same period in 2011. Net charge-offs for the nine months ending September 30, 2012, were $51,486, compared to net charge-offs of $1,286,670 for the comparable period in 2011. The total Allowance was $5.7 million at September 30, 2012, compared to $5.6 million for the same period in 2011. Total non-performing assets were $2.6 million at September 30, 2012, compared to $5 million for the same period in 2011.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended September 30, 2012, of $1,725,165, compared to $1,706,978 for the same period in 2011, an increase of $18,187 or 1.07%. Revenue for the nine months ended September 30, 2012, was $5,219,469, compared to $5,134,355 for the same period in 2011, for an increase of $85,114 or 1.66%. Assets under management and custody at Ledyard Financial Advisors totaled $957 million as of quarter end, an increase of $118 million over the prior year.

Non-interest expense for the quarter ended September 30, 2012, was $4,003,259, compared to $3,935,360 for the same period in 2011, for an increase of $67,899 or 1.73%. Non-interest expense for the nine months ended September 30, 2012, was $12,159,557 compared to $12,169,588 for the same period in 2011, for a decrease of $10,031 or 0.08%.

At September 30, 2012, the Companys shareholders equity stood at $38.1 million, compared to $36.6 million for the same period in 2011. All of the Companys capital ratios are well in excess of the amount required by the Federal Reserve for a bank holding company to be considered well capitalized. At September 30, 2012, the Companys book value per share stood at $36.65 compared to $35.49 for the same period in 2011.

Loans, net of the allowance for loan losses at September 30, 2012, were $222 million, compared to $203.8 million for the same period last year, for an increase of $18.1 million or 8.89%. Total deposits at September 30, 2012 were $327 million, an increase of $24.6 million from the same period last year. Total assets of the Company were $401.9 million at September 30, 2012, an increase of $22.7 million over the prior year. Advances from the Federal Home Loan Bank decreased by $2.8 million from $19.9 million at September 30, 2011, to $17.1 million at September 30, 2012.

Due to its strong financial position, the Company has been able to maintain or increase its quarterly dividend since first declaring a dividend in 1995. On October 26, 2012, the Company announced a quarterly dividend of $0.33 per common share dividend payable December 7, 2012 to shareholders of record as of November 9, 2012. Stock activity information can be found in the Investor Relations section of our website, which includes a wealth of other information that Ledyard shareholders and prospective shareholders may find of interest.

Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire, is the holding company for Ledyard National Bank. Ledyard National Bank, founded in 1991, is a full service community bank offering a broad range of banking, investment, tax and wealth management services in the Dartmouth-Lake Sunapee Region. Ledyard National Bank has eight offices with locations in Hanover, Lebanon, Lyme, New London, and West Lebanon, New Hampshire and in Norwich, Vermont.

Ledyard Financial Group, Inc. shares can be bought and sold through the NASD sanctioned OTC Markets under the trading symbol LFGP. Shares may be traded through an individuals broker. For more information, please refer to the Investor Relations section of the banks website at www.ledyardbank.com or contact the Companys Chief Financial Officer, Gregory D. Steverson.