Want to reach your end game more quickly? Make sure to add data and technology to your playbook. HME providers who manage their businesses using data operate more efficiently and profitably than those who don’t. In fact, two recent IBM studies show that enterprises that apply an advanced analytics solution have 33 percent more revenue growth and 12 times more profit growth. These enterprises are also more than twice as likely to outperform their peers.
By following these four revenue cycle management best practices, you’ll have new ways to capture missed revenue, grow your patient base, and take your business to a whole new level.
- Implement clean intake management. What if you could have your sales order creation all on a single page? You can. Using a system like Brightree, intake is consolidated into one form that includes:
- Patient demographics
- Diagnostic data
- Qualification questions
- Contextual information
- Recommended actions
What’s more, your software should let you customize screens so that employees only access the sections they’re responsible for. Users should also be able to add brief notes to different fields to share organizational knowledge. This intake format simplifies the training process for new employees and others using the platform.
A clean, paper-free intake process allows you to collect insurance information and the right documentation such as a CMN or prior authorization upfront. As orders come in, you get paid the very first time the claim goes out the door.
- Go beyond the basics. Find innovative ways to solve your revenue cycle woes by using technology to drive your business. For instance, with Brightree you can take advantage of the built-in functionality, Revenue Cycle Worklist (RCW), to focus on your outstanding AR. This functionality provides a dynamic way to split up and manage AR work without relying solely on fixed AR reports.
Using a dynamic revenue worklist takes AR management from static spreadsheets to real-time, interactive worklists. It produces better visibility, efficiency, and accountability. You can auto-prioritize outstanding AR based on the number of days outstanding and account amount, and then schedule follow-ups so your teams stay on top of the work. On average, Brightree customers increase their net revenue collection ratio by 24% and reduce their DSO by 50%.
- Don’t leave money at the table. Many HME providers struggle with low collection rates and high costs to collect insurance reimbursements. Using Brightree for your business management software and insurance and patient billing services gives you the unique advantage of obtaining billing data, processing claims, managing A/R, and obtaining and reviewing documentation in an integrated, secure environment. All of this leads to:
- Increased cash flow and quicker payments (lowering DSO)
- Improved reimbursement rates through higher claims quality and audit readiness
- Scaled resources as business grows
It’s a win-win approach that allows you to focus internal resources on patient care and company growth. Plus, advanced analytics dashboards can give you the insight you need to address issues such as:
- Unconfirmed orders and backlog
- Non-billable revenue that is held up in your system
- Payer denials
You’ll be better equipped to prevent write-offs and credit adjustments in the future, and find hidden money.
- Harness the power of data. Don’t waste time manually running reports to analyze your data. Advanced Analytics does it for you. It’s a comprehensive platform that will help you make smarter business decisions.
Let’s say you have a high amount of accounts receivable. Data can tell you, for example, if the root cause is a CSR issue or if your sales order team is confirming orders without the proper QA requirements. That’s more cost efficient than adding staff to follow up and process denials.
Your secret weapon to clean claims
“The more that you push the accounts receivable in your 90 plus bucket, the better resolution that you’re going to get in those claims.”- Brightree’s senior director of operations Ashley Brown
Revenue cycle analytics may seem like a big expense. It’s best to think of it as an investment toward the health of your business. Strengthen your ability to compete by tapping into Brightree Revenue Cycle Analytics.
As the future of revenue cycle management and analytics continues to evolve, will you evolve with it? Team up with a provider who can put you on the front end of technology benefits so you can reach your end game more quickly. Whether you’re ready to make a move now or you’ve just started to contemplate your next steps, we’re here to help.
A smarter planet is built on smarter analytics – IBM