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From Brightree: Avoid the Financial Drain of Outdated Technology

Posted on in Vendor Spotlight, Business Operations

Four Ways Your Antiquated Software Throws a Wrench into Business Growth

HME providers can no longer afford outdated solutions that only provide billing tools without full integration with the rest of the business. Your business may already be experiencing some undetected financial leaks with missing data, decreased revenue, lost referral sources, or even angry patients. Here are four ways your outdated software can spring a leak that holds you back.

  1. Manual efforts frequently fail – In the health care industry, errors are costly. HME organizations waste precious time and money using manual processes for documentation and compliance. HMEs can eliminate missing documents and minimize the use of spreadsheets and sticky notes by leveraging technology with document management and integrated mobile delivery management tools. These solutions  can help you efficiently manage your drivers, maximize productivity in the field, and protect patient information. You could reduce your DSO up to 30-40% and gain quick and intuitive access to electronic documentation, which is critical to the delivery, billing, and auditing aspects of your facility. 
     
  2. Painful inventory – Optimizing inventory management is a reliable way that successful HME businesses maximize profitability. Because inventory contributes largely to the overhead of HME organizations, improper inventory management opens a Pandora’s box to business hardships. Inefficient inventory management can mean you can’t keep track of disappearing inventory, or you hold too much product on hand, or you lack product availability when needed. To achieve efficiency and accuracy, you need to let go of the tedious process of manually performing physical counts or relying on inventory software that does not integrate with the rest of the business. Managing your inventory in a system that is integrated with both the back office and your billing system can help you execute more predictably, replenish inventory more accurately, and minimize labor costs and errors tied to manual reconciliation.

  3. Here comes another spreadsheet – Providers need to track and measure metrics and key performance indicators, but many struggle to do this efficiently. In some cases, you may have plenty of data, but it’s difficult to pull the data into a unified view to see how different aspects of the business work together. Without a more comprehensive business management system that automates and integrates information across the business, it becomes more difficult to manage, measure, and make the right decisions as a business grows. Invest in a solid business intelligence solution that gives you the visibility to oversee every aspect of your business in real time.

  4. Employee turnover is costly – To drive high-quality patient care in a cost-effective manner, HME providers must provide the right technology tools in their work environment to develop efficient employees. The knowledge and skills of your HME staff affect the quality of patient care you can deliver. As a provider, you need to equip your team with advanced technology tools that allow them to excel at their jobs, build motivation, and achieve the organization’s goals.  

When you choose our integrated HME system, you prevent financial leaks as you step up your game by adding a structure of support and protection around your valuable assets: data, revenue, referrals, patients, and time. Find out more.