What is your business game plan?
Throughout 2016, HME providers faced a volatile market that was turned upside down with competitive bidding, lower reimbursement rates and audits. The Cures Act will provide temporary relief but a longer-term strategy is needed. Brightree software solutions for HME can help. What are you doing differently for the second quarter of the year and beyond to drive growth and profitability in the ever-changing HME market?
Here are some ways to help you maximize profit, create efficiency and find new revenue streams.
1. Optimize Your A/R Management
Tired of printing reports and using highlighters to find outstanding A/R? Go digital and automate your data. Use an interactive worklist that can be sent to your team, customize alerts and define your workflow based on your organization’s priorities with Brightree’s Revenue Cycle Workflow. On average, Brightree customers increase their net revenue collection ratio by 24% and reduce their DSO by 50%.
Don’t forget about your held A/R. Excessive held A/R could mean you have a front-end documentation process problem, such as not getting a complete or accurate Certificate of Medical Necessity (CMN) during the intake process. A document management solution can auto-generate and complete all required forms based on HCPCS, payer, and diagnosis codes from your Brightree sales order. Build custom forms and automatically index/store/retrieve documents in your system with Brightree’s MyForms. The more thorough the documentation is that you submit to payers, the greater the chance of an approved claim and full reimbursement. Plus, reduce order processing time by 20 minutes.
2. Become Data-Driven
Brightree‘s billing software not only connects you to your data, it enables you to see all areas of your operation in one place. Real-time visibility into your business performance provides a deeper insight into your business, helps increase efficiency and maximizes your ROI. Monitor and measure the success of your products, your team’s productivity and sales with Brightree‘s state-of-the-art dashboards and key performance indicators (KPIs) that will lead to smart and timely decision making. A dashboard provides an easily digestible representation of how a business is performing at a given time, using KPIs to identify successes or potential gaps that need to be addressed.
What are the essential KPIs for your HME?
- Days Sales Outstanding (DSO) – The average time to collect revenue.
- Sales Revenue – The amount of money the business takes in.
- Held A/R – How much of a company’s accounts receivables is comprised of invoices on hold.
- Percentage of Denials – What percentage of claims or invoices have been denied for payment.
- Revenue per Employee – A company’s billing volume as a ratio of dollars per full-time equivalent (FTE).
- Asset Utilization – How often the company’s serialized items are being used or rented.
- Unconfirmed Sales Orders – The money that’s not yet in A/R and can’t be billed until documentation is complete.
3. Improve Compliance, Earn New Referrals
Have you waited 90 days to prove compliant use through patient follow-up? That is 2 months longer than many HME providers! Brightree’s Sleep Therapy compliance and patient education help minimize the cost of chronic disease management with real-time integration, directly from the equipment. This improves compliance and documenting what you need for billing in 30 days.
Faster and more accurate documentation can mean patients receive better care because non-compliance can be determined earlier, so you know which patients need assistance with compliance. This also helps you deliver meaningful information to your acute-care referral sources and avoid readmissions since you’re helping more of their patients comply with home therapy care protocols.
Plus, you keep referral sources informed about the ever-changing requirements of Medicare and private insurance. Capture the attention of new referrals by letting them know how you leverage technology and best-in-class workflows to ensure that you take stellar care of their patients; and moreover, that you will make sure they are protected against any regulatory or reimbursement surprises. Effective communications will reassure your referral sources of your commitment to meeting their needs and caring for their patients.
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