Avoid the A/R black hole
The efficiency of your Business Management software has a critical impact on the financial performance of your business. The HME world is no longer just about posting payments and submitting claims, your revenue cycle encompasses many steps from when an order comes in until the time when there’s no longer a balance on that patient’s account. It also includes front-end tasks like confirming sales orders to insurance eligibility; and back-end tasks like claims submission, denial management, and management of outstanding balances. Your ability to get paid faster and in the full amount will depend on the efficiency of your business management system.
With all of the challenges facing the HME industry today, having the right technology, equipped with the latest features, solutions, and services the software industry has to offer, will get you on the path toward a prosperous and efficient business.
Here’s how Brightree can help you collect what you’ve earned and increase revenue:
Revenue Cycle Workflow: Collect your Outstanding A/R
The extent to which you effectively manage your payment processes and have a handle on collecting past dues payments is an indicator of your business’ financial health. While intuitively this makes sense, you may be using a billing system with limited capabilities to help you stay on top of your outstanding A/R. To collect the maximum amount, you must be able to efficiently monitor the outstanding accounts receivable aging for each insurance company in your payer mix and you need an efficient tool to do so.
Built-into our core solution, Brightree Revenue Cycle Workflow (RCW) focuses on your outstanding A/R, providing 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. Without RCW, providers have to manually work a combination of areas based on job function. With RCW, providers can incorporate these areas into a single function for better visibility, efficiency, and accountability. Providers can auto-prioritize outstanding A/R based on the number of days outstanding, account amount, and then can even schedule follow-ups so their teams can stay on top of the work.
RCW can help providers save time in the management of their outstanding A/R (and time is money!) and help billing & A/R staff become more efficient and productive
Create integrity across your workflows
Having cohesive front and back office billing functions will improve your revenue by creating time efficiencies and appropriate oversight of your billing processes. Brightree’s MyForms document management solution lets you build custom forms and automatically indexes/stores/retrieves documents in your system. MyForms eliminates paper forms and significantly reduces order processing time. Providers can streamline and enforce disciplined documentation collection processes to automatically distribute work to individuals or teams with established step-by-step work paths. Built-in dashboards offer visibility into front-end activities and prioritize a user’s work by revenue and time goals. Embedded intelligence ensures each document is correct and 100% complete before being processed. More complete documentation submitted to payers will increase the likelihood of approved claims and full reimbursement.
Generate consistent cash flow management
Many HME providers struggle with low collection rates and high costs to collect insurance reimbursements. Utilizing the right billing services vendor can help providers increase cash flow, get cash in the door quicker (lowering DSO), improve reimbursement rates through higher claims quality and audit readiness, and allow you to focus internal resources on patient care and company growth. Plus, Outsourcing RCM can improve your management of claims and enhance the speed of your cash collections.
Not only is the U.S. healthcare payment system complex, you may also lack time, expertise or resources to ensure you get paid what you are owed. Brightree’s Revenue Cycle Management (RCM) team can help you grow revenues faster and make your operations run smoother than ever. Pass the burden of hiring, training and managing an internal billing department to a large professional organization. Our experienced billing and regulatory resources will do the work, delivering outstanding A/R and reimbursement rates.
Collect patient payments faster
The other large chunk of accounts receivable for many HME providers stems from balances owed by patients who opted to pay out of pocket. When it comes to collecting payment from your patients, there is a difference between collecting and getting paid. Our Brightree Patient Collections is the only all-in-one, complete solution to not only get providers paid faster, but also to help them develop an upfront policy to get paid, improving efficiency and allowing staff to concentrate on higher payoff activities. The AR Dashboard, integrated with your Brightree system, provides everything you need to manage, monitor and marvel at your shrinking patient A/R.
Leverage the cloud and improve data accessibility and flexibility, all while having seamless integration between multiple branches. Brightree automatically updates your Medicare price tables the first day of each quarter. We maintain and update diagnostic and procedure codes and routinely expire old codes so you don’t have to. Accurate price tables mean that you’re A/R is as precise as possible, while decreasing your labor associated with back-end adjustments. This will help ensure you are as profitable as possible.
Many HME providers lack the ability to calculate the patient’s financial responsibility beyond co-payment. They often find out about insurance eligibility after claims have been submitted and processed. Brightree equips your facility with features like real-time insurance eligibility verification, document management, electronic claim filing and front to back-end tools so you can get paid the money you’ve earned quickly.
Brightree’s robust cloud-based business management software and integrated solutions provide everything you need to generate new cash flows, share data seamlessly with your referral sources, dramatically streamline operations and improve profitability.
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