Efficiencies: Do your tech homework
A. The largest motivation providers should keep in mind when focusing on potential efficiencies is the ability to successfully implement technological advancements into their business. The right technology can help focus employees in needed areas, such as collections, or cutting costs. It can be a challenge to identify products in the market that would best fit your organization. Invest your time in research before investing dollars into a product. The post-acute care market is becoming more robust with options to help your business operate smoother.
These are my three favorites:
• Document management software. Efficiency through a paperless system is often misunderstood. Focus on annual office supply and labor expenses, as well as paperless system cost. Don’t forget that you may need hardware upgrades as well.
• Business intelligence software, though a recent arrival to HME, is a huge advantage to companies that use it wisely. If I was an executive in today’s market, I wouldn’t buy any additions without a complete review and understanding of the dashboards out there in the available options. Whether you’re managing your collections or identifying your most profitable HCPCS codes—there is considerable opportunity here.
• Interactive Voice Response (IVR) offers the most opportunity to affect your bottom line. Most ongoing clinical and revenue cycles are based on consistent contact with our patients. The products available today streamline this process and let us reach more patients.
Consult the experts, as well as references for the service, when selecting technology add-ons to your business. Talk to your networked contacts or bring an industry consultant to your decision table after you’ve spoken with your internal resources.
It’s safe to say that if your organization isn’t looking at operational efficiencies at this point, you could be in trouble near the end of 2013. Now is the time to use the strategies discussed and turn them into logical actions.
Ryan McDevitt is a professional services consultant at Brightree. Reach him at firstname.lastname@example.org or 678-243-1135.