This is the second part of our two-part blog on new business trends for HMEs in 2022 and beyond. Missed the first part? Read it here.
There are a variety of market forces at work – competitive threats from non-traditional consumer savvy market disrupters, the changing expectations of the patient, and the focus on coordination of care in the home. How does an HME protect its patient base, its referral sources and its market share?
HMEs need to take stock and leverage what they do well already. They own the physician and hospital discharge relationship and are trusted. HMEs need to leverage their experience caring for patients in the home. Dropping a package off at the door is easy. Making sure the patient is successful with their care in the home is a different story requiring entering the home, assessing the environment, checking equipment, and educating the patient and caregivers to ensure the care will be effective. HME staff have the clinical expertise, product knowledge and experience navigating the payer landscape. The advantage offered by leveraging these capabilities will be short lived. HMEs need to embrace digital transformation.
Moving forward, growth will be predicated on lowering costs and improving margins to permit investment in change. Having a broader impact on a larger community versus doing more things to the same number of people will become the epicenter focus of in-home providers. Removing friction in the system is the primary path to lowering cost. This friction will likely increase with the patient’s home becoming the center of care combined with virtual care delivery expectations.
As technology gets smarter and as the financial pressures increase, technological innovation & adoption will be the primary pathway to technology-enabled value-based care. This will allow for better managing populations at the most appropriate site of care. Digital transformation to drive better care experiences, drive instantaneous and digital(omni-channel) interactions and to use data/AI/ML to automate, predict and tailor business processes is becoming critical to the growth of the HME industry. We need to solve for these:
Reducing administrative burden can be achieved with a digitally efficient, clean & qualified order, optimized supply and equipment delivery, automated reimbursement experience, reduced reliance on employees and easier onboarding, and using data/AI/ML to maximize the volume of patients served and referral sources connected. Brightree is delivering the solutions to navigate these industry dynamics and capitalize on the resulting big opportunities which will support HMEs’ financial health, patient care and sustainability. Our connected care strategy is how we are delivering these solutions – digitally connecting HMEs to their stakeholders while keeping the patient experience at the center of our solutions. And by stakeholders, I am referring to patients, referral sources, family members, payers, care coordinators, vendors, and partners – digitally connecting HME’s to these stakeholders.
Patient Centricity. Innovating on tools to provide a comprehensive digital patient experience. Improving the patient experience in existing Brightree solutions. Offering capabilities for collecting the data necessary for the feedback loop to continually improve patient experience which leads to referral satisfaction and market share protection.
Efficiency. We are investing in better integration of our solutions, user experience, automation, data driven workflows with the goal of increasing productivity.
Data. We are providing solutions to unlock your data, making it available for actionable insights and supporting other initiatives such as digital patient experience and data driven workflows. We offer DaaS solutions and analytic tools to facilitate operational improvements, benchmarking, and other actionable insights.
Leveraging the Brightree ecosystem. We will continue to expand the Brightree ecosystem with new partners and expand integration opportunities to provide HMEs access to complementary and innovative capabilities.
This interconnectedness of Brightree solutions will:
Connected care helps build the moat around the things you do well. Leveraging our solutions to power your digital transformation will benefit your patients, your staff, your referral sources, partners, and the overall health of your organization.
Let us be your partner in this journey.
This is the second part of our two-part blog on new business trends for HMEs in 2022 and beyond. Missed the first part? Read it here.
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