video interview with Brightree CEO Dave Cormack just posted by HME News
TV provides some valuable insight to providers considering critical
steps in 2012.
Modernize to battle the effects of reduced reimbursement
Facing reduced reimbursements, including the widespread
market-changing effects of Competitive Bidding Round 2, providers must
use modern technology to counter the impact. While Competitive Bidding
will bring market-wide reimbursement reductions of 25%, Dave points out
that providers moving from outdated legacy software can get back at
least 15-20% through the efficiencies enabled by a modern business
platform. And that’s only the beginning: Providers typically increase
revenue through better decision-making supported by Brightree’s
reporting capabilities, and now they can grow resupply revenue from
chronic care patients with the new Brightree Interactive Voice solution.
Manage by the numbers - product profitability and more
To thrive in the future, you need to know your business, Dave
cautions. Especially in the era of Competitive Bidding – you can’t
properly bid, accept a contract, or operate without knowing your product
profitability, patient base, daily financial performance metrics, and
more. Bringing his years of experience in Business Intelligence software
to the HME market, Dave knows that you need to be able to get the data
you need out of your system for regular analysis and continuous
improvement. There’s more valuable info on this subject in a recent
recorded webinar on Competitive Bidding featuring Miriam Lieber – watch it now.
Get ready for consolidation
While there will be a healthy market for independent providers, Dave
foresees provider consolidation on the horizon. 7500 independent
providers today will be down to perhaps 4000 within five years. The best
run companies will have a place in the Competitive Bidding era, but
they will have to operate at peak efficiency. Much of this will shake
out beginning in 2012, as Competitive Bidding Round 2 awardees will
capture market share in 91 more metro areas, leaving non-awardees to
search for new business models. (Again, see the Miriam Lieber webinar for more info).
Over a third of all independent providers have moved to a modern
business platform – Brightree – in recent years, and these companies are
best positioned for successful bids and thriving operations in 2012 and
To learn more and see Dave’s full interview, go to http://bit.ly/cormackvideo.