4 Strategies to manage your billing and sales data to increase profits
Is it hard to gather and interpret raw data and reports for your business? You’re not alone. Many HME providers don’t have an easy solution to analyze their data to make informed and timely decisions. Understanding your data can lead to seeing where your money is coming from, finding new cash flow and even plugging problems before they become a headache.
Brightree‘s solutions not only connect you to your data, they enable you to see all areas of your operation in one place through advanced analytics and reporting. Real-time visibility into your operations provides a deeper insight into your business, helps increase efficiency and maximizes your ROI.
What else can you do by effectively managing your data with Brightree? Here are some strategies to generate revenue and improve operations:
Identify Which of Your Products Are Winners
Tracking historical data of sales and profit by product type allows you to know, with real-time regulatory changes, which products are driving profits to your bottom line. Fully integrated billing software tracks and measures the effects of changing reimbursements on your products without using spreadsheets and tools, or employing a costly consultant. You can identify a problem with a specific product line the minute it dips, and use your sales data to instantly calculate gross and net profit for all payors or selected payors – giving you the opportunity to adjust your formula and sales strategy. Make it your business to not only project, but measure the actual profit by product.
Don’t Wait, Drive Your Receivables!
With long billing cycles and denials, it is critical to automate your cash flow and intelligently forecast 30, 60, and 90 days out. Monitor trends like DSO, revenue billed versus collected, revenue held for pending documentation, new sales orders versus confirmed sales orders and more with a state-of-the-art dashboard. Take advantage of tools that can help you manage your outstanding A/R, with products like Brightree’s RCW (Revenue Cycle Worklist). Use fixed reports and real-time interactive worklists that you can distribute electronically among your staff. These strategies will help you effectively measure where your money is by payor and timeframe, and actively collect your receivables.
Forecasting Sales that Improve Patient Health is a Recipe for Success
Many HME businesses offer a combination of equipment sales and rentals for a wide array of products focused on patient care. Different revenue streams provide different profit margins that may even vary by provider, and what the insurance company is willing to cover. Forecasting strong and diverse revenue streams is as critical to the success of your business as the patient care itself. Revenue projections that break your income down into profit margin by product are a recipe for success. Sales forecasting goes hand in hand with your cash flow management so you know what you have coming in now and are pursuing what you really need in the future. Match your forecasts against patient compliance and therapy reports to drive sales with products that have the greatest effect on the health of your patients.
Harness the Power of Information
Information is the best resource available in the healthcare industry. With the right tools, you can harness the power of information and find solutions to the difficult answers that help your business and needs of your patients. For optimal visibility, invest in a best-in-class software platform that offers both an executive dashboard and a business scorecard:
- Executive Dashboard: Provides trending data over an extended period of time – whether it’s a few months or an entire year — which enables you to adjust your strategic plan.
- Business Scorecard: Provides a snapshot of where the business stands at that moment in time and allows you to adjust your formula and sales strategy.
Leveraging intuitive dashboards and tracking your metrics against k=Key Performance Indicators (KPIs) helps you gain the visibility needed to make sound business decisions and identify workflow bottlenecks, in order to increase efficiency moving forward.
Back to resources