4 Strategies to become a financial guru
Are stricter regulations, interoperability mandates and more competition keeping you from generating greater profits? Brightree offers the most advanced tools and solutions for HME providers to improve profitability and generate positive cash flows.
Here are four strategies to help Become a Financial Guru and generate more profit:
1. Reduce the burdens of outstanding A/R
Brightree Revenue Cycle Workflow (RCW), built into the Brightree solution, provides a dynamic way to split up and manage A/R work without relying solely on fixed A/R Reports. RCW takes A/R management from static spreadsheets to real-time, interactive worklists. You can incorporate these areas into a single function for better visibility, efficiency and accountability, and auto-prioritize outstanding A/R based on the number of days outstanding and account amount. You can even schedueling follow-ups, so your team stays on top of the work.
2. Get it right from the start
Audits require the proper documentation, the right documents to the right claims and electronic audit responses that lead to improved cash flow.
Successful HME providers rely on Brightree’s Electronic Audit Response to achieve all these requirements. As part of the Brightree Document Management module, users can collect and submit documentation electronically in response to CMS audits, and track each audit through a safe and secure application. Providers can reduce the time spent chasing down documents by half and submitting paper-based responses to CMS. Many HME providers have reduced the amount of time spent searching for documents by 80% with Brightree’s Electronic Audit Response.
3. Automate your claims
Brightree simplifies electronic claims submission to Medicare, Medicaid, and 3,000+ commercial payers. You’ll never again deal with batching up claims, managing modems, rekeying data into third-party websites or resolving clearinghouse issues. Once an order is confirmed, Brightree takes over and does the work.
Brightree’s Claim Automation feature eliminates the need to batch claims and automatically files electronic claims for you, dramatically increasing the efficiency and accuracy of your billing process. Brightree also provides real-time eligibility verification and automates CMN submissions, payment posting and more. Brightree equips your organization with all the technology required to transmit your claims electronically, and retrieve and post all remittance information.
4. Collect the money you’ve earned
For many HME providers, the other large chunk of accounts receivables stems from balances owed by patients who opted to pay out-of-pocket. When it comes to collecting patient payments, there is a difference between collecting and getting paid.
Brightree Patient Collections is the only all-in-one, complete solution that gets providers paid and helps them develop an upfront policy to get paid faster, improving efficiency and allowing staff to concentrate on higher payoff activities.
Brightree has identified all the reasons patients don’t pay and developed automation tools to solve them. The A/R Dashboard integrates with the Brightree System to provide you with everything you need to manage, monitor and marvel at your shrinking patient A/R.
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