According to the organizers of Medtrade Spring, the industry outlook is moving from cautious optimism to optimism. As we were talking to attendees, we could hear the optimism in their voices.
We know the HME/DME industry is continuing to change. Today, HME/DME is a $46.5 billion industry. It is projected to grow to more than $60 billion by 2020 according to Harris Williams & Co. In 2010, one in ten companies only offered High Deductible Health Plans (HDHPs) to employees, Last year, one out of three only offered HDHP plans. This means private pay portion in the HME industry will continue to rise. By 2020, the industry expects to nearly 37% of the industry’s A/R to come through private pay. Business owners need to be prepared for this change. We were happy to demonstrate how technology and automation can help them incorporate best practices in their private pay collection process.
Medtrade provided many opportunities for attendees to learn about new products and ideas–the exhibits, the panels, the discussions. We heard both presenters and attendees enjoyed the new panel format for some of the educational sessions. The interaction of the panelists brought a new dimension to the session. Allegiance Group was proud to sponsor Andrea Stark, one of the panel presenters at two of the educational sessions.
We want to thank Medtrade for providing us the opportunity to meet with so many HME providers at this conference.
We look forward to Atlanta!
Your participation in Medtrade 2016 has been greatly appreciated. We have received very positive feedback from attendees and they greatly value the knowledge and product offerings received from your participation. We value your support and look forward to continuing to work together to connect and provide solutions to the ever-evolving HME industry.
What exhibitors are saying
We’ve spoken to quite a few of you already and here is what some have been saying about the show so far:
“We had a lot of good traffic, good contacts, and good conversations. We had some strong and interested prospects, which really made the show. It’s what you do to prepare to do business at Medtrade. At Medtrade, people from all over the country can see you at one time. It’s just more efficient.”
Erin Tyler and Bruce Gehrig
The Allegiance Group
OVERLAND PARK, Kan. (September 23, 2016)—The team at Allegiance Group knew their clients were looking to create more sustainable business practices for the health of their patients and their organizations. The private-pay patient billing and collections company went to work to complete interviews, surveys and focus groups to take a look at their own practices. They believe their new branding effort paid off in their re-commitment to focus on purpose.
“We knew we needed to take a hard look at our self as well,” said Bruce Gehring, senior vice president, Allegiance Group. “Offering an all-in solution for collecting private pay revenue didn’t mean enough. We are unlike other private-pay billing and collection alternatives. Like our clients, it wasn’t just the bottom line we cared about. Our partners wanted to spend more of their time making a difference in the lives of the patients they serve. And we feel the same way.”
As a result, A/R Allegiance Group created an enhanced brand anthem and brand purpose. The branding is reflected in their new logo.
About the logo
Besides being the universal symbol for healthcare, the plus or cross symbol represents the abstract spark that ignites possibilities for our clients. It is the source of ignition, uniting the blue and red colors in the logo, and completing the shape of the lower case “a”. The gap in the lower case “a” provides the opening for the spark detailed in our brand anthem/purpose. It also represents our openness in helping our clients make a difference in the lives of their patients. Our colors are also significant. The blue is indicative of our position as a trusted, secure and dependable partner; red is indicative of excitement, boldness and warmth; these colors nod to our Brand Anthem and together represent the colors of an igniting spark! The cool calm shade of the blue complements the warm rich red in the remainder of the logo, making the logo appealing to the viewer’s eye.
Visit allegiance-group.com for more information.
The ACA outlines a three-part goal of achieving better health care for patients, improving community health outcomes and lowering health care costs, and HME services will play an expanded role in achieving this goal. However, equally important to ensuring the outcome of lower health care costs is making sure providers, and HME businesses in particular, are able to recoup payment for services as quickly as possible. By increasing the speed at which co-pay collections are made and patient billing is processed, health care providers are able to increase efficiency, increase their bottom lines and pass on savings to patients. Your organization’s ability to collect payment for service may mean the difference between thriving and just surviving.
Receivables performance tops list
In CFO’s 2012 “Cash & Liquidity Management” report, results from a survey of CFOs and other financial professionals pointed to accounts receivable improvements as a key area for managing working capital. When asked to rank from most important to least important the main dimensions of working capital, the respondents ranked “receivables performance” first, above “inventory management” (second) and “payables performance” (third).
When asked what changes would most contribute to cash flow management, respondents again pointed to receivables performance and collection, ranking “motivating account relationship holders to support collections activity” and “delivering better reports on account delinquencies across the company” as two of the top three influential changes. This is without a doubt the most important time in the history of the HME industry to have a comprehensive strategy for obtaining cash from patients. Providers have no options other than to adapt with the changing environment.
Delivering a Comprehensive Patient Pay Solution for CPR+ Customers
LENEXA, KS, July 6, 2015 –Mediware Information Systems, Inc., a provider of comprehensive post-acute care healthcare software announces the immediate availability of an integrated patient pay solution for users of their CPR+ pharmacy software. By leveraging the strengths of two of their strategic business partners, Allegiance Group and Rock-Pond Solutions, the revenue cycle management features of CPR+ are extended to include the patient billing and collection services of Allegiance Group.
The integration is based on the Rock-Pond proprietary data transfer technology that defines,schedules, and automates secure data transfers between systems. “This allows Rock-Pond reports and CPR+ Analytics to work in conjunction with Allegiance Group’s private pay billing and collection process, and provides an efficient way to deal with the growing challenge of patient pay collections,” said Pete Tanguay, President of Rock-Pond Solutions. “The automated transfer of data provides an immediate solution to the patient pay challenge without any loss of visibility to patient responsibility activity while performing collections for patient insurance and other accounts receivable management functions,” Tanguay continued.
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