1st Quarter check-in
Spring is here which means we are almost a quarter of the way through 2017. It also means it’s time to look at your 1st quarter numbers and set goals for the 2nd quarter. Is your HME business on the right track for the second quarter?
Drive growth, profitability and create efficiency with these strategies that will help you stay on top of your goals for 2017.
Examine your 1st Quarter data
Successful HME providers rely on data to make timely, well-informed decisions about their business operations. Look at your 1st Quarter sales data and profits by product type and referral source to understand what drove your revenues. Leveraging intuitive dashboards and tracking your metrics against key performance indicators (KPIs) needed to make sound business decisions and identify workflow bottlenecks, in order to increase efficiency moving forward.
For optimal visibility, you should invest in a best-in-class software platform that offers both an executive dashboard and a business scorecard. An executive dashboard provides trending data over an extended period of time – whether it’s a few months or an entire year — enabling you to create a Strategic Business Plan for the remainder of the year. A business scorecard provides a snapshot of where the business stands at that moment in time. Giving you the opportunity to adjust your formula and sales strategy moving into the next quarter.
Leave no stone unturned- Collect your outstanding A/R
Take advantage of tools that can help you manage your outstanding A/R with real-time reports and interactive worklists that enable you to distribute tasks among your staff and manage workflows electronically. These tools should help you effectively measure where your money is by payer and time frame, and actively collect your receivables before the beginning of the 2nd quarter. HME providers can also monitor the effectiveness and productivity of the billing department by employee and make adjustments moving forward.
Didn’t meet your Revenue Goals?
Consider implementing a resupply program. When you spend too much time on day-to-day business processes, it’s tough to carve out the time and resources to do things that will really move the business ahead, like handling your resupply department. Leverage the power of technology by upgrading to a program that will improve your business efficiency and profitability by achieving a higher percentage of contacts versus manual resupply efforts using phone, email and text messages. Best-in-class technology enables providers to track patients who may be eligible for resupply by launching automated, intelligent patient contact campaigns to reach patients.
- track patients that are eligible for resupply
- increase communication with customers
- improve clinical outcomes
- reduce denials by as much as 50%, and
- even see an average $50 uplift per sales order.
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