Planning and system integration can help boost your collection efforts

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.

Mediware Collaborates with Allegiance Group and Rock-Pond Solutions

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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