Your business’ resolution for 2017: become more profitable
What are the New Year’s resolutions for your business? For HME providers, they should include using must-have innovative solutions to improve processes, efficiency and, of course, profitability.
Here are 5 ways to reach your New Year’s goal:
1. Optimize Your A/R Management
Tired of printing reports and using highlighters to find outstanding A/R? It’s time to get digital and automate your data. Use an interactive worklist that can be delivered 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 outstanding or 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. You can 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 up to 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.
KPIs represent a set of measures that focus on aspects of organizational performance that are the most critical for the current and future success of the business. 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 ever 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 helps minimize the cost of chronic disease management with real-time integration, directly from the equipment, improving 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.
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.
4. Out with the Old: Replace Faxes with Electronic Fax
Your business may receive hundreds of referrals, respond to many audits and make countless requests for documentation. Make your process more efficient with Brightree Electronic Fax. The digital solution features paperless fax transmission, saving your agency time, space and audit risk. Integrated with Brightree’s Document Management solution, electronic faxes can be attached to the patient record for easy storage of documents in the patient record.
Brightree’s Electronic Fax allows you to:
- Receive, send and manage faxes
- Customize and assign work status to incoming faxes for your intake workflow
- Easily locate and filter any fax
- Provide automation or manual assignments to fit your workflow
- Make notes, assign, index and file… all right from your inbound fax worklist!
- Audit history for both inbound and outbound faxes
- Work with MyForms and Document Management to store faxes, trigger workflows
- One system … no separate app needed
5. Consider Lean Practices
What does it take to make your billing and management processes more efficient while maintaining the highest quality of service and patient care? The answer is teamwork, commitment and using the right technology tools that will enable lean practices in your facility. The basic principles of lean practices include identifying any wasteful processes and determining which activities or services are offered and provided every day that are of value to your patients and impact your finances directly. Eliminating waste refers to the process of eliminating problems, setbacks and bottlenecks, such as too much inventory, patient wait time for their equipment, extra work for staff that serves no value. Examples include:
- How many times is one sheet of paper passed back and forth for a signature?
- How much inventory is being ordered to meet demand? Too much? Too little?
- Are your patients waiting too long for their delivery?
- Do staff members have to constantly stop what they are doing to solve documentation problems?
Brightree will enable your business with the right tools to become lean and successful. Our business management platform will create optimal workflows and give you the ability to track and measure the actual time spent on each step. These results are made available within Brightree so your staff members can quickly prioritize their work and become more efficient. Adopting the right technology partner will give you the ability to make sound business decisions and identify where workflow bottlenecks exist, enabling them to resolve operational inefficiencies.
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