5 Key strategies to drive company growth
Many HME providers know technology can help their business. What you might be missing is finding new, fast-evolving technologies that can boost your revenues, grow your business and improve your stream of referrals. The latest innovations do all this by focusing on improving business efficiency and expanding operations – areas that many HMEs struggle with to achieve success.
What can the most advanced technology do to help your business grow?
Here are 5 things you can do with the latest innovations.
1. 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 patient. 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 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.
2. Collect What You’ve Earned
Take advantage of tools that help you manage your outstanding A/R with real-time reports and interactive worklists. These tools enable you to distribute tasks among your staff and manage workflows electronically. They can help you effectively measure where your money is by payor and timeframe, and actively collect your receivables before the end of the year. HME providers like you can also monitor the effectiveness and productivity of the billing department by employee and take measures based on their results.
3. Be Audit Ready
HME businesses face increasing numbers of pre- and post-payment audits, which can be very stressful and costly. Without a sound strategy and technology platform for maintaining accurate and retrievable documentation, an audit request can disrupt operations and put your organization at financial risk. An advanced software solution should automatically find the correct documents and add them to each claim, as well as send audit responses using the latest esMD (Electronic Submission of Medical Documentation) protocols. Beyond improving efficiency, the right technology can help providers maintain a strong cash flow by resolving audits quickly and accurately.
4. Build Stronger Relationships
Referrals are the heart of any HME business. It is hard work to establish productive relationships with referral sources and keep them engaged with you long term. More and more referral sources are embracing the transmission of electronic referrals through their EHR system. In the near future, physicians may opt to only send referrals to providers who are equipped to accept e-Referrals, request eSignatures, and automatically share patient data and outcomes easily. HME providers that implement a strong technology platform will be most prepared to succeed in this new interconnected world.
5. Technology That Does the Work for You
If you have a resupply program, technology can help you upgrade 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 that are eligible for resupply by launching automated patient contact campaigns
- 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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