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M&A: Be forthright and professional

Q. Some of my employees heard a rumor that we may sell our company. How do I deal with these rumors and what and when should I tell them?
 - 
05/29/2018

A. The era of competitive bidding has caused 40% of HME businesses to close or merge over the past decade. Sometimes a sale or merger is the only option for a business owner to scale for survival and realize a return on a lifetime of work.

Patient Collections: Don’t bet against the house

Q. Why should I implement a ‘card on file’ payment method for my business?
 - 
05/29/2018

A. Did you know that 60% of the amount owed by patients is never collected, and that 30% of patients have a past due balance of 60 or more days?

Online learning: Go out and create

Q. Where do I start when looking to build clinical online learning?
 - 
05/29/2018

A. It can be overwhelming to figure out where to start. Here are some basic first steps to get you moving in the right direction.

Billing: Get back to basics

Q. The industry focus has changed due to lower reimbursements, stringent documentation requirements, and working with a leaner staff making intake key. Can we go back to the basics of reviewing the intake process?
 - 
05/29/2018

A. Your intake team is responsible for collecting the order, medical records and supporting documentation. If any required information is missing or inaccurate, the team must go back to the referral source to obtain the correct information and explain why it is needed.

Engaged Technology: Connect the circle

Q. What are care circles?
 - 
04/23/2018

A. As we live longer, it is normal to experience mild memory loss, and to be aware of the unfortunate consequence of cognitive decline and diagnosis of dementia and Alzheimer’s disease.

Rehab sales: No margin, no mission

Q. I seem to be making more choices about money than about clinical excellence. What should I do?
 - 
04/23/2018

A. We’ve seen reimbursement become tougher and tougher over the years and your employers have become more and more squeezed for profit. When I was in the hospital contract management business, CEO Sister Mary Jane Beth Sue said to me, “Sonny, no margin no mission!”.

Legal: Tread lightly with telehealth prescriptions

Q. Can my patients obtain a prescription based on a phone call with a prescribing practitioner that my company or a third-party marketing company pays for?
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04/23/2018

A.  There is a good chance the prescription issued will not be valid, and the payment for the telehealth encounter could be problematic under an anti-kickback statute.     

Revenue Cycle: Avoid pitfalls, reap rewards

Q. What are the top three pitfalls of RCM that I should avoid?
 - 
04/23/2018

The revenue cycle is a complex process with many moving parts. Those “parts” are better known as people and processes, and they need to work harmoniously in order for your company to achieve bottom-line results.

Legal: Don’t run afoul of statute

Q. My patients need a qualifying test and a physician interpretation of that test in order to obtain a prescription for an item. Can I pay for all or part of the cost of the test or the interpretation?
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04/23/2018

A.  It depends on how the item will be paid for and where the patient lives, but for most patients this would not be acceptable.

Revenue Cycle: Establish KPI goals

Q. What KPIs show I have strong revenue cycle management practices?
 - 
04/23/2018

A. Industry experts suggest that every team member have performance goals, engage in monthly feedback sessions with their team and manager, and receive incentives for performance improvements.

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