Survival kit for HME providers
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. Take advantage of features like Brightree’s RCW (Revenue Cycle Workflow) that will allow you to deliver interactive work list to your team, customize alerts and define your workflow based on your organization’s priorities. On average, Brightree® customers increase their net revenue collection ratio by 24% and reduce their DSO by 50%.
In addition, your 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. You need 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. You know that the more thorough your documentation that you submit to payers is, the greater the chance of an approved claim and full reimbursement. By taking advantage of these solutions, you may be able to reduce order processing times by up to 20 minutes.
2. Become Data Driven
Brightree‘s billing software not only connects you to your data, it allows you to see all areas of your operation in one place. That means you can get real-time visibility into your business performance, 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. Dashboards provide easily digestible representations of how a business is performing at a given time, using KPIs to identify successes or gaps that need to be addressed.
KPIs are measurements 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 collects.
- Held A/R – How much of a company’s accounts receivables is comprised of invoices on hold.
- Percentage of Denials – The 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 Sleep therapy compliance automates patient compliance management via real-time integration with leading sleep therapy manufacturers. Deliver meaningful information to your post-acute referral sources because you can access compliance and therapy reports directly from your system. That means you can deliver reliable, accurate documentation to your post-acute referral sources and help patient receive better care because non-compliance can be determined earlier. Having faster and more accurate documentation also means you will have what you need for billing in 30 days.
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. This digital solution features paperless fax transmission, saving your agency time and space and facilitating audit readiness. 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… right from your inbound fax worklist
- Store audit history for both inbound and outbound faxes
- Work with MyForms and Document Management to store faxes, trigger workflows
- Maintain 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? 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 impacts your finances directly. Eliminating waste refers to the process of eliminating problems, setbacks and bottlenecks, such as holding too much inventory, making patients wait too long for their equipment, requiring extra work for your staff. 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.
Back to resources