How can you score in the 4th quarter?
Know the Score: Examine your 3rd quarter data
Successful HME providers rely on data to make timely, well-informed decisions about their business operations. Look at your latest sales data and profits by product type and referral source to understand what is driving your revenue. By leveraging intuitive dashboards and tracking your metrics against key performance indicators (KPIs), you can make sound decisions and identify workflow bottlenecks to increase efficiency moving forward.
Unfortunately, many HMEs don’t have the tools or support to measure their data to the fullest potential. Investing in a best-in-class software platform offers both an executive dashboard and a business scorecard to achieve your goals.
Executive Dashboard: Provides trending data over an extended period of time – whether it’s a few months or an entire year – which allows you to create a Strategic Business Plan for the remainder of the year.
Business Scorecard: Gives you a snapshot of where the business stands at that moment. This provides visibility into your operations to adjust your formula and sales strategy for the next quarter.
Hunker Down: Collect Your Outstanding A/R
A reliable software platform also offers tools that can help you manage your outstanding A/R. Real-time reports and interactive worklists allow you to distribute tasks among your staff and manage workflows electronically. These tools can help you effectively measure where your money is by payor and time frame, and actively collect your receivables. Plus, HME providers can monitor the effectiveness and productivity of the billing department by employee and make adjustments moving forward.
Run New Plays
Consider implementing a resupply program. If you spend too much time on day-to-day business processes, it’s tough to do things that will really move the business ahead, like managing your resupply program. Leverage technology by upgrading to a solution that will improve your efficiency and profitability. You can achieve a higher percentage of contacts versus manual resupply efforts using phone, email and text messages. With automated, intelligent patient contact campaigns, you can:
- track/reach patients who are eligible for resupply
- increase communication with customers
- improve clinical outcomes
- reduce denials by as much as 50%, and
- see achieve an average $50 uplift per sales order.
Teamwork: Strengthen the relationship with your Referral Sources
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. Referral sources want to hear about the features and benefits of your products, and receive feedback about how well your products are meeting the needs of your patients to prevent readmission. Clinicians want providers who are equipped to accept referrals electronically (e-Referrals), request electronic signatures, and share patient data and outcomes. You need the most advanced technology to meet the expectations of your referral sources. The right technology solution provider can help you achieve these goals.
Don’t wait until the next quarter, invest in your business today and get results.
Brightree can help you unveil the potential growth strategies of your business, and identify new revenue streams. Many organizations rely on Brightree to help them focus on the things that matter most to their business. Take a step forward and join us for the journey toward sustainability and prosperity – your business will thank you.
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