More than half of home medical equipment providers are using partners for collections, deliveries, insurance billing and compliance to take advantage of automation and scale to improve their operational efficiency rates. If you are not asking yourself “What can I automate” on a regular basis, you may be falling behind.
Asses what you do well within your organization and determine where you may not have the expertise or resources to accomplish critical operational functions efficiently.
Bruce explains five questions to ask to ensure you are maximizing your resources.
Outsourcing has become a key business strategy for both small and large businesses. Why? Because it allows companies to focus on performing the tasks they do best. You may want to consider what can I automate and outsourcing as you create your budgets and goals for 2020!
Reprint from HomeCare Magazine, November 2019, Bruce Gehring
Technology has made it is easier than ever to connect with family, friends, co-workers and business associates. Many business executives have taken advantage of this connectivity to build strategic partnerships with other companies to help grow their businesses. Bruce Gehring discusses 4 compelling reasons to create partnerships with other organizations. By partnering with another organization, you may take advantage of opportunities that will strengthen your business. Opportunities include sharing product development risks, technology and a range of resources. Overall, the right partner will spur growth and gain attention for your business.
Reprint from HomeCare Magazine, October 2019
Allegiance Group provides turn-key solutions to automate the collection of outstanding balances for healthcare providers. In this article, HME Business mentions Allegiance Group as a provider that can help optimize your revenue cycle management. (The following excerpts are from the article printed by HME Business in June 2019.)
How should RCM work in the world of HME and how can providers use IT to optimize their entire revenue performance?
This acronym-heavy HME industry, you might have come across yet another three-letter abbreviation, RCM. It stands for revenue cycle management, and it could change your business.
Don’t confuse RCM with billing. Billing is the process of filing claims with reimbursement sources such as Medicare or private payer plans. Then it follows up with those funding sources to ensure the claims get reimbursed. RCM is broader than that. RCM encompasses billing and claims management, but it also optimizes how claims denial is handled, how patient co-pays are collected, and how much staff time is expended on claims. Revenue Cycle Management tracks the revenues and costs related to a patient’s interaction with a healthcare provider from the beginning and end of the process. RCM is the umbrella under which all revenues are managed and maximized.
And now, RCM has come to the HME industry. In fact, in some ways, it has been here, thanks to the software systems and services that have proliferated in the HME industry. However, HME software makers have started working with providers in earnest to start defining how RCM should work in the HME industry to help providers overhaul their entire revenue performance — not just refine their billing.
Outsourcing (to optimize your revenue cycle management)
In addition to implementing new software solutions, another option is to outsource parts of the RCM process to third parties. Various third-party companies serving the HME industry specialize in particular elements of billing and claims processing. For instance, one outsourcer, Allegiance Group, specializes in patient pay and another, Prochant, focuses on insurance.
To learn more about how to optimize your revenue cycle management, read the full article in HME Business.
We were pleased to host the COLLECTPlus Advisory Board meeting for the mutual clients of our partner Allegiance Group (AG) in December, 2018.
The AG team created an environment of open and honest feedback that made for some amazing troubleshooting and enhancement ideas. Seasoned users from Hart Medical, Carelinc and Sobaks Home Medical took the time to step through questions at each level of the collections process. In addition, clients like SuperCare, connecting from the west coast, offered up powerful integration design ideas.
Of the 52 meetings I attended in December, this was by far the most collaborative and actionable! Be sure to attend the next one at the 2019 Users Conference in September!
Lisa Anderson, Universal Software Solutions
Today, there is an urgency to improve patient collections. You have thoughtfully created your collection policy and procedures to meet your goals. Now what? The two keys to success that cannot be found in a written policy are your staff and your company culture. Learn how your culture impacts collection results.
Assume you have the best employees. Culture can be the X-Factor that accelerates collections. Culture is the beliefs, assumptions and attitudes that guide what’s acceptable behavior and what’s not. When you hear, “That’s how we we’ve always done it,” that’s your culture talking. When you create a culture that supports your policy and procedures, you will optimize staff efficiency and recovery results.
Here are five best practices to help introduce your new culture:
- Continuously communicate your collection policy and procedures. Your employees must understand what you are trying to accomplish. This understanding will help establish accountability at every level.
- Realize that culture has a huge impact on results. It impacts your employee’s attitude, effort and engagement at work.
- Include your staff in the planning. If you do, it will be easier for them to help implement the changes in your culture and support your goals. Culture change is time-consuming, but well worth the effort. What actions should stop, what actions should start and what actions should be continued to reach your goals? Also, focus on attitude and personal-interaction protocols, which can make a huge difference in fostering a cohesive team and positive company representatives.
- List and prioritize the changes and train your staff on how to implement them.
- Monitor, measure and encourage. Offer positive reinforcement, such as “Caught in the Act” recognition. Create short-term wins. Review each employee’s adherence and contribution to the culture during your regular one-on-one meetings.
When completed, employees should be able to explain, “My job is to do X and here’s how I do it.” This helps demonstrate how individual daily actions help achieve the company’s bottom line.
By Anne Orrick, COO, Allegiance Group
As seen in HME News, December 21, 2018