Invest in the health of your business today and get the ROI in 2017
This year you are probably investing in eating healthier, getting more exercise and taking better care of your finances to reap the benefits and achieve an overall good lifestyle. Use the same thought process with your HME business. Invest in enhancing and growing areas of your business to achieve profitability and get your ROI.
With all the challenges associated with running an HME business in such a volatile environment, it’s important to step back and assess the health of your business. Evaluate whether your current technology investment is generating an ROI and the impact it has on your referral sources, customers, and suppliers.
One exercise you should consider to evaluate the health of your business is conducting a SWOT analysis. Take a look at your internal strengths and weaknesses, and external opportunities and threats, then determine which areas you need to improve. If possible, look at what other HME industry leaders are doing and build those strategies into your business plan. Other strategies could include meeting with your referral sources and evaluating what areas you need to grow and improve in order to keep receiving referrals from them. Gaining a better understanding of your referral sources’ needs will help you decide which areas you need to invest in and improve.
When investing in software, it should not only be based on industry standards but on the value the investment in those features will generate, both tangible and intangible. When it comes to your business management software, here are some key areas you should be investing in:
Need a revenue boost? Consider patient resupply. Brightree® Connect lets providers launch automated, intelligent, patient contact campaigns to reach the right patient at the right time with the right products. Other benefits include:
- track patients who are eligible for resupply
- increase communication with customers
- improve clinical outcomes
- capture appropriate reimbursement
- drive long-term compliance
Family Medical Supply in Dunn, N.C., has seen tremendous success in using Brightree® Connect for its resupply business. In addition to saving more time per order and increasing communication with its customers, Family Medical increased profits by thousands of dollars per month as a result of automating its resupply program. With a precise list of eligible patients, automated calls and auto-generated sales orders, the Family Medical team slashed order processing times by 25% and increased revenue by 15%.
“If the system is continually calling patients for you, that’s the greatest return on investment.” – Brad Heath, Vice President of Family Medical Supply
Sleep Therapy Compliance
As CMS continues to enforce better patient outcomes as a measure for reimbursements, what matters most is improving the condition of the patient and limiting acute-care readmission. Sleep therapy compliance and patient education help meet these goals and minimize the cost of chronic disease management. Why wait 90 days to prove compliant use through patient follow-up when real-time integration, directly from the equipment, can help you prove compliance and document what you need for billing in 30 days?
Patients receive better care because non-compliance can be determined earlier, so you know which patients you need to assist 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.
“50% of our revenue is sleep therapy, and Brightree enables us to excel, drive high patient value and provide outcome data to our physician partners.” – Gary Sheehan, President and CEO of Cape Medical Supply
Real-time visibility into your business performance provides a deeper insight into your business, helps increase efficiency and maximizes your ROI. Brightree‘s billing software not only connects you to your data, but it also enables you to see all areas of your operation in one place. Monitor and measure the success of your products, your team’s productivity and sales with state-of-the-art dashboards and key performance indicators (KPIs) that will lead to smart and timely decision making.
“By utilizing reports from Brightree we collected on average $50,000 more per month or $600,000 for the year!” – David Baxter, President of Medical Necessities and Services
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. 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-in to 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.
“With Brightree we’ve greatly improved our efficiency with time management and claim denials, as well as collecting on our outstanding A/R. The enhancements that they’ve provided for us, the ease with which we can use the system, and the Revenue Cycle Worklist have made working our aging A/R much more productive. With Brightree, we’ve been able to reduce our days in A/R by 30 days.” – Cynthia Walters, Billing Supervisor at Sanford HME
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. 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 A/R Dashboard, integrated with your Brightree system, provides everything you need to manage, monitor and marvel at your shrinking patient A/R.
“I’m a numbers guy. So, when I see the ROI is 1,884%, well there’s really not a whole lot more to be said.” – Brandon Beard, Corporate Accounts Receivable Manager of Advanced Medical DME
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