Reading Time: 5 minutes By Leah Blake, Brightree Pharmacy Product Manager Patient intake is the most time-critical activity impacting the success of your pharmacy home infusion business, and too
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?
Leveraging your strengths and capabilities
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.
Doubling down on 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:
- Rich & longitudinal patient relationships: Every patient is unique; meeting the patient where they are and personalizing their experience with an omni-channel interaction strategy is critical to capture the patient’s loyalty. However, to serve larger populations, the digital transformation should contemplate reducing administrative overhead and employee burn associated with delivering personalized patient experiences. It’s time to up our game on how HMEs interact with their patients by using technology to digitize patient relationships.
- Digital front door capabilities with robust ecommerce platforms: eCommerce needs to be part of the business model and done well. Do not lose your patients’ cash pay business to other providers.
- Improve operational efficiencies through intelligent automation: Implementing data driven workflows that enable you to focus on what is most important while shortening the referral-to-revenue timeline. Outsource functions that are non-core capabilities, difficult to do well and are challenging to staff with the right talent. Free up time and resources to focus on referrals, sales, growing the business and providing great care.
- Becoming predictable and predictive with data capabilities: An HME’s data must be accessible and usable. Reliance on data and analytics is key to accessing operational insights to assess and improve operational efficiency and patient care.
- Standards, tools, and processes to support value-based care models. The tools that demonstrate improved outcomes and value will not only help meet payer demands in the future but the entities providing care coordination.
This is where Brightree comes in.
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.
There are 4 pillars to Brightree’s connected care strategy.
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:
- Create and sustain stickiness and loyalty with patients and referral sources
- Reduce employee burn by making their tasks easier to perform
- Serve larger patient populations by balancing automation with size of workforce
- Facilitate efficient interactions with referral sources, payers, vendors, and partners
- Provide payers the data they the need to approve the care you provide and expedite payment
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.
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